Latest news with #MinesandMinerals(Development&Regulation)Act
Hans India
2 days ago
- Business
- Hans India
Lok Sabha passes key amendments to MMDR Act to boost mining sector
Hyderabad / New Delhi: In a significant move aimed at revitalizing India's mining sector, the Lok Sabha on Tuesday approved six amendments to the Mines and Minerals (Development & Regulation) Act (MMDR Act). The bill was introduced by Union Minister for Coal and Mines, G. Kishan Reddy. The Minister emphasized the transformation of the mining sector since 2014, contrasting it with the opaque practices of earlier regimes. 'Before 2014, mine allocations were done through slips of paper. Under Prime Minister Narendra Modi Ji's leadership, we introduced reforms to ensure complete transparency, with all allocations now conducted through auctions,' he stated. The amendments are designed to support the recently approved National Critical Minerals Mission, which aims to secure essential resources for India's growing technological and energy needs. 'The demand for critical minerals is rising rapidly. These minerals are vital for renewable energy, electric mobility, and advanced technologies,' Reddy said, citing India's current dependence on imports. To address this, the government is actively engaging with mineral-rich nations such as Zambia and Argentina to secure lithium and other strategic resources. Through the PSU KABIL, India is forging international partnerships to strengthen its supply chain. Reddy also highlighted the role of the District Mineral Foundation (DMF), introduced by Prime Minister Modi to ensure the development of mining-affected areas. 'Earlier, mining leases were exploited by political families. Now, DMF is implemented under the supervision of district collectors, in coordination with MPs, MLAs, and public representatives,' he said, underscoring the government's commitment to transparency and public welfare. The National Mineral Exploration Trust (NMET) is also being leveraged to support exploration activities across the country. Despite the bill's developmental focus, Reddy expressed disappointment over the Opposition's lack of support. 'Some leaders continue to distrust our institutions and obstruct national progress,' he remarked, urging Parliament to unite behind reforms that benefit the economy and citizens. The passage of these amendments marks another milestone in the Modi government's ongoing efforts to modernize India's mining framework, reduce import dependency, and ensure equitable development in resource-rich regions, he added.
Hindustan Times
2 days ago
- Business
- Hindustan Times
Lok Sabha passes Mines and Minerals Amendment Bill
The Lok Sabha passed the key amendments to the Mines and Minerals (Development & Regulation) Act on Tuesday. Lok Sabha passes Mines and Minerals Amendment Bill The amendments make way for widening the scope and territorial domain of the National Mineral Exploration Trust (NMET) to enable use of the funds accrued to the Trust within India, including the offshore areas, and outside India for the purposes of exploration and development of mines and minerals, ministry officials said. HT had reported on July 18, the Mines and Minerals (Development and Regulation) Amendment Bill, 2025, which is expected to be tabled during the upcoming monsoon session of Parliament will help fast-track mining of critical minerals and operationalise the National Critical Mineral Mission (NCMM). The bill renames the NMET as the National Mineral Exploration and Development Trust to reflect its enlarged scope and increase the amount of payment to the Trust by the lessees from present 2% of the royalty payable to 3%. It enables the inclusion of any new mineral in a mining lease subject to the conditions prescribed by the Central Government. Further it also enables a one-time extension of the area under a mining lease or composite licence to include therein a contiguous area not exceeding 10% or 30% respectively, of the existing area under the lease or licence subject to such terms and conditions and additional payment as may be prescribed in rules by the Centre. 'This will promote optimal mining of deep-seated minerals which are locked up in contiguous areas and may not be economically viable to be extracted under a separate lease or licence,' officials said. 'The mining sector is a key driver of the nation's progress, with critical minerals playing an essential role in renewable energy, electric mobility, and cutting-edge technologies. However, India's domestic production of these critical minerals is limited, leaving us heavily dependent on imports,' said G Kishan Reddy, Union minister of coal and mines. 'From solar panels to wind turbines, agriculture to medical equipment, electronics to electricity, cell phones to aircraft, and defence to sports, critical minerals play a significant role across every sector,' he added.
