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Mining reforms will pave the way for economic growth: Director General, Geological Survey of India

The process of commercialization would increase competition and addition and adoption of state-of-art technologies would become the order of the day in the mining sector.

, ET Bureau|
Last Updated: May 17, 2020, 06.47 PM IST
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Reuters
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KOLKATA: The finance minister's announcement on mining sector reforms is expected to foster a new ecosystem which would have a transformative impact on the growth of the economy, employment generation and equipment manufacturing under the 'Make In India' initiative, Ranjit Rath, Director General, Geological Survey of India (GSI) has said.

"The announcements will have a multifold impact," Rath who is also chairman of MECL said in an official statement on Sunday. Commenting specially on the announcement of joint auction of bauxite and coal blocks, he said power is the most important requirement for producing aluminium and constitutes 30-40% of all the components. Hence joint auction of bauxite and coal is a significant step.

He said the move to incentivise production is also a significant step taken by the government.

This commercialization process would increase competition and addition and adoption of state-of-art technologies would become the order of the day in the mining sector. "This will create an ecosystem for optimum utilization of natural resources," Rath added.

"It would be interesting to see the kind of incentives or opportunities that are going to be created for newer territories like Coal Gasification, Coal Liquification which will cater to our gas economy," he said adding, it will supplement and reduce the industry’s dependency on crude oil imports and boost "Make In India" in terms of mechanization of mines.

"This is going to revolutionize the entire mining sector," he felt.
(Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.)

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