What is Mines and Minerals Development and Regulation Amendment Bill 2021?

The Mines and Minerals (Development and Regulation) Amendment Bill, 2021 was introduced in Lok Sabha on March 15, 2021. The Bill amends the Mines and Minerals (Development and Regulation) Act, 1957. The Act regulates the mining sector in India. The Bill provides that no mine will be reserved for particular end-use.

What was the objective of the first mineral related law enacted after independence?

In order to bring growth, to be cable to fight the upcoming challenges of economy and develop the countries per capita income all this rules and regulations were introduced. This helped in regulating the mineral outsourcing and excess wastage also.

What is Mmdr Amendment Bill?

In March, Lok Sabha passed the Mines and Minerals (Development and Regulation) Amendment Bill, 2021, which proposes to remove curbs of end-use for future auctions of mineral mining rights, allowing operators of existing captive mines to sell up to 50\% of minerals extracted in a year.

Who regulates major minerals in India?

The central government has the power under entry 54 of the Union List to regulate mines and mineral development to the extent that such a regulation is declared by the Parliament to be in public interest.

How minerals are regulated in India?

The Mines and Minerals (Regulation and Development) Act (1957) is an Act of the Parliament of India enacted to regulate the mining sector in India. It was amended in 2015 and 2016. This act forms the basic framework of mining regulation in India. Mining minor minerals comes under the purview of state governments.

What are major minerals in India?

India’s major mineral resources include Coal (4th largest reserves in the world), Iron ore, Manganese ore (7th largest reserve in the world as in 2013), Mica, Bauxite (5th largest reserve in the world as in 2013), Chromite, Natural gas, Diamonds, Limestone and Thorium.

How are minerals important to India?

The country produces and works with roughly 100 minerals, which are an important source for earning foreign exchange as well as satisfying domestic needs. India also exports iron ore, titanium, manganese, bauxite, granite, and imports cobalt, mercury, graphite etc.

Which act and rules are applicable to Mines and govern?

Mines & Minerals (Development and Regulation) Act, 1957 (“MMDR Act”) – A principal legislation for the development and regulation of mines and minerals in India. Following are rules framed by Central Government under MMDR Act: Mineral Concession Rules, 1960 (“MCR”)

How are minerals regulated?

(1) The Central Government, with a view to conserving any mineral and after consultation with the State Government, may reserve any area not already held under any prospecting licence or mining lease and, where it proposes to do so, it shall, by notification in the Official Gazette, specify the boundaries of such area …

What are the challenges faced by mineral based industries?

One of the major challenges facing the mining industry today is that there are fewer high-quality ore deposits left to develop. New deposits exist mostly in remote and difficult-to-access areas. Consequently, the costs, lead times and risks associated with developing and operating new mines are increasing.