As per the reports in the media, Niti Aayog has put across an idea for liberalizing the mining sector in the country. As per the proposal , Niti Aayog has floated the idea to double the area under exploration in the country from the current 10 per cent to 20 per cent.
As per the reports, this will create employment for 15 million people directly and indirectly bu 2022-23 and will also attract increased private sector investment in the sector.
The plan – currently being referred to as ‘Explore in India’, also aims to reduce dependence on imports and tap on to mineral wealth of the country.
Niti Aayog has suggested changes in the current exploration and licensing policy to create level playing field among the public sector and private sector companies, with regards to mining concessions and tax structure.
Currently, taxes and royalties in India are high compared to the global standards. Capping it would make the mining industry in India more compeitive as help in boosting exports and reducing import dependence. As per the reports, the proposal is currently under consideration at the mines ministry.