Resources
Directory Slideshow
Guided Tour FAQs
Sipcot Maps  
Welcome to SIPCOT It's new and improved website

We have revamped and provided more information for investor. If you feel we need to add some additional information please let us know. State Industries Promotion Corporation of Tamil Nadu (SIPCOT) Limited, a fully government owned premier institution, established in the year 1972, has been a catalyst in development of small, medium and large scale industries in Tamil Nadu.

National Mineral Policy
 
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:
 
To explore for identification of mineral wealth in the land and in off-shore areas;
 
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;
 
To promote necessary linkages for smooth and uninterrupted development of the mineral industry to meet the needs of the country
 
To promote research and development in minerals;
 
To ensure establishment of appropriate educational and training facilities for human resources development to meet the manpower requirements of the mineral industry
 
To minimise adverse effects of mineral development on the forest, environment and ecology through appropriate protective measures; and
 
To ensure conduct of mining operations with due regard to safety and health of all concerned.
  Fiscal Policy And Taxation
 
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.
 
Custom duty rates have been substantially reduced on plant & equipments, as well as on raw materials and intermediates, especially for export production.
 
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.
 
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.
 
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.
  Regulation of Minerals
 
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.
   
Strategy to be adopted for Mineral Development include:
   
Conservation and Mineral
 
Scientific Methods of Exploitation
 
Productivity Norms to be fixed for men, machine and material
 
Mineral Processing and Beneficiation
 
Recycling of Metallic Scrap and Mineral Wastes
 
Mining Equipment and Machinery
 
Manpower Development
 
Linkages Dissemination of Information on Technological Changes
 
Infrastructural Facilities & Regional Development
 
Financial Support for Mining
 
Small Deposits
 
Mineral Development & Protection of Environment
 
Mines Safety
 
Rehabilitation of Mines Closures
 
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
Policies
India
Tamil Nadu
Subscribe Newsletter
Industrial Complexes
To ensure a good impact with the available limited resources, SIPCOT has created Industrial Complexes and Parks, strategically located in seventeen places, which occupy a place of pride in the State's industrial map.
 
 
 
 

 

© Copyright 2011 State Industries Promotion Corporation of Tamil Nadu , All rights reserved.