New policy to boost mining sector investments

The revised mining policy would aim at sustainable development of mineral industry, with a view to achieve desired growth rate, minister of mines and minister of development of North Eastern Region BK Handique said today.

"We are conscious that policy initiatives and legislative measures need to be evolved constantly with the changing needs, the minister said while delivering the inaugural address at the 43rd annual general meeting of the Federation of Indian Minerals Industries (FIMI) in New Delhi.

He said his ministry's 100 days agenda included framing of new legislation to give effect to the National Mineral Policy 2008, which is intended to bring transparency and seamlessness in the concession regime in a sustainable development framework.

The government is looking at policy changes in its efforts to improve the investment climate in the country's mining sector, the minister said.

"The draft legislation is being finalised and will be brought before Parliament in the ensuing winter session," he said.

The minister also gave away the awards for environment, social awareness and excellence for the year 2008-09.