National Mineral Policy 2019

National Mineral Policy 2019
National Mineral Policy 2019 replaces the extant National Mineral Policy 2008.
Objective :
The aim of the policy is to have a more effective, meaningful and implementable policy that brings in further transparency, better regulation and enforcement, balanced social and economic growth as well as sustainable mining practices.
Bringing about more effective regulation to the sector and more sustainable approach while addressing the issues of those affected by mining.
Provisions which will give boost to mining sector :
Introduction of Right of First Refusal for the reconnaissance permit (RP) and prospecting license (PL) holders,
Encouraging the private sector to take up exploration,
Auctioning in virgin areas on revenue share basis,
Encouragement of merger and acquisition of mining entities and
Transfer of mining leases and creation of dedicated mineral corridors to boost private sector mining areas.
The policy proposes to grant status of industry to mining activity, it will boost financing of mining for private sector and for acquisitions of mineral assets in other countries by private sector.
Long term import export policy for mineral will help private sector in better planning and stability in business.
The Policy also mentions rationalize reserved areas given to PSUs and putting these areas to auction, will give more opportunity to private sector for participation.
The Policy also mentions to make efforts to harmonize taxes, levies & royalty with world benchmarks to help private sector.
Other Important Features:
Changes introduced in the new policy include focus on Make-in-India initiative and gender sensitivity in terms of the vision.
It also introduces the concept of inter-generational equity that deals with the well-being not only of the present generation but also of the generations to come.
It also proposes to constitute an inter-ministerial body to institutionalise the mechanism for ensuring sustainable development in mining
The policy proposes utilization of the district mineral fund for equitable development of project affected persons and areas