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Minerals
are valuable natural resources being finite
and non-renewable. They constitute the vital
raw materials for many basic industries and
are a major resource for development. The country
is not endowed with all the requisite mineral
resources. It is, therefore, imperative to achieve
the best use of available mineral resources
through scientific methods of mining, beneficiation
and economic utilisation. National Mineral Policy
aims at achieving these objectives.The basic
objectives of the mineral policy in respect
of minerals are: |
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To explore for identification of mineral wealth
in the land and in off-shore areas; |
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To develop mineral resources taking into account
the national and strategic considerations and
to ensure their adequate supply and best use
keeping in view the present needs and future
requirements; |
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To promote necessary linkages for smooth and
uninterrupted development of the mineral industry
to meet the needs of the country |
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To promote research and development in minerals; |
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To ensure establishment of appropriate educational
and training facilities for human resources
development to meet the manpower requirements
of the mineral industry |
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To minimise adverse effects of mineral development
on the forest, environment and ecology through
appropriate protective measures; and |
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To ensure conduct of mining operations with
due regard to safety and health of all concerned. |
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Fiscal
Policy And Taxation |
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Wide ranging fiscal policy changes have been
introduced progressively. Excise & Import duty
rates have been reduced substantially. Many
processed food items are totally exempt from
excise duty. |
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Custom duty rates have been substantially reduced
on plant & equipments, as well as on raw materials
and intermediates, especially for export production. |
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Corporate taxes have been reduced and there
is a shift towards market related interest rates.
There are tax incentives for new manufacturing
units for certain years, except for industries
like : beer, wine , aerated water using flavouring
concentrates, confectionery & chocolates etc. |
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Indian currency (rupee) is now fully convertible
on current account and convertibility on capital
account with unified exchange rate mechanism
is foreseen in coming years. |
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Repatriation of profits is freely permitted
in many industries except for some, where there
is an additional requirement of balancing the
dividend payments through export earnings. |
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Regulation
of Minerals |
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The Mines and Minerals (Regulation and Development)
Act, 1957 lays down the legal frame-work for
the regulation of mines and development of all
minerals other than petroleum and natural gas.
The Central Government have framed the Mineral
Concession Rules 1960 for regulating grant of
prospecting licences and mining leases in respect
of all minerals other than atomic minerals and
minor minerals. The State Governments have framed
the rules in regard to minor minerals. The Central
Government have also framed the Mineral Conservation
and Development Rules, 1988 for conservation
and systematic development of minerals. These
are applicable to all minerals except coal,
atomic minerals and minor minerals.The Geological
Survey of India is the principal agency for
geological mapping and regional mineral resources
assessment of the country and its exclusive
economic zone and shall be responsible for drawing
up action oriented plans in close co-operation
with all other agencies engaged in this task.
The Department of Ocean Development and its
agencies are entrusted with the task of sea-bed
exploration, exploitation, mining and processing.
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Strategy to be adopted for Mineral Development
include: |
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Conservation and Mineral |
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Scientific Methods of Exploitation |
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Productivity Norms to be fixed for men, machine
and material |
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Mineral Processing and Beneficiation |
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Recycling of Metallic Scrap and Mineral Wastes |
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Mining Equipment and Machinery |
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Manpower Development |
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Linkages Dissemination of Information on Technological
Changes |
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Infrastructural Facilities & Regional Development |
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Financial Support for Mining |
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Small Deposits |
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Mineral Development & Protection of Environment |
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Mines Safety |
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Rehabilitation of Mines Closures |
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Rehabilitation
of Displaced Persons National Mineral Policy,
1993 provides induction of foreign technology
and foreign participation in exploration and
mining for high value and scarce minerals. The
Policy encourages Foreign equity investment
in joint ventures in mining promoted by Indian
Companies.Foreign investment in equity would
normally be limited to 50%, this limitation
would not apply to captive mines of any mineral
processing industry. Enhanced equity holding
will also be considered on case to case basis.
For detailed National Mineral Policy :-
http://www.nic.in/mines/nmp.html |