Parliament passes Mines and Minerals Amendment Bill
domestic production of minerals
crucial for national security and economic growth, reports PTI.
The Bill, which seeks to modernise the foundational 1957 Act, was approved by the Rajya Sabha with a voice vote on Tuesday evening. It was passed by the Lok Sabha on August 12.
Union Minister of Coal and Mines, G Kishan Reddy said, 'The reforms were essential for reducing the nation's dependence on imports'.
'In critical minerals, the country is dependent on imports due to less reserves in India. With demand for critical minerals expected to rise further, the government is focusing on enhancing domestic production and exploring overseas markets to secure the supplies,' Reddy added.
A central feature of the amendment is the expansion of the
National Mineral Exploration Trust
. It will be renamed the National
Mineral Exploration and Development
Trust, and its mandate will be broadened to fund mineral exploration and development projects not only within India but also internationally.
'This Bill is not just about minerals, it is about securing India's economic security, future and ensuring development in a more transparent and sustainable way,' said BJP leader Kiran Choudhary.
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