The Union Cabinet has approved the proposal of the Ministry of Mines for amendment of Second Schedule of the Mines and Minerals (Development and Regulation) Act, 1957 (hereinafter referred to as ‘the Act’) for specifying the rate of royalty in respect of Glauconite, Potash, Emerald, Platinum Group of Metals (PGM), Andalusite, Sillimanite and Molybdenum.
- The approval would ensure auction of mineral blocks in respect of Glauconite, Potash, Emerald, Platinum Group of Metals, Andalusite and Molybdenum.
- It will reduce import of these minerals, generating empowerment opportunity in the mining sector as well as manufacturing sector which will help in ensuring inclusive growth of a large section of the society.
- Rate of royalty for Andalusite, Sillimanite and Kyanite which are mineral polymorphs are kept at the same level.
- The approval will lead to import substitution in respect of many important minerals for the economy of the country thereby saving valuable forex reserves.
- It will reduce country’s foreign dependency through the local production of minerals.
- The approval would ensure auction of mineral blocks in respect of Glauconite, Potash, Emerald, Platinum Group of metals, Andalusite and Molybdenum for the first time in the country.
- Minerals like Glauconite and Potash are used as fertilizer in agriculture. Platinum Group of Metals (PGM) are high value metal used in various industries and new innovative applications. Minerals like Andalusite, molybdenum are vital minerals used in industrial applications.
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