Mines and Mineral Development and Regulation Amendment Act
- The Mines and Mineral Development and Regulation (Amendment) Act, 2015 was passed by Parliament during the recently concluded Budget Session.
- The Mines and Minerals (Development and Regulation) Act, 1957, regulates the mining industry in India and specifies the requirement for obtaining and granting mining leases for mining operations.
- The amended Act seeks to introduce greater transparency in the allotment of the mining leases by resorting to the auction route for minerals.
- India has abundant mineral wealth with the 3rd largest global coal and lignite deposits, 4th largest bauxite deposits, and substantial deposits of iron ore, copper, mica; still dependent on import of important minerals.
- Reforms such as the MMDR Amendment Act, 2015 have the potential to unlock the potential of the mining sector, increasing its contribution to India’s GDP as well as bringing in more revenue to the states apart from creating livelihood opportunities.