FICCI : Industry's Voice for Policy Change

“Hon’ble Minister for Steel & Mines and Works, GoO Sh. PK Mallik along with senior officers from the Govt. of Odisha and Govt. of India addressed the queries of industry leaders from the mining and metal sector at the ‘FICCI Policy round table with Govt. of Odisha’,” Invest Odisha tweeted @InvestInOdisha.

Prafulla Kumar Mallik, Odisha Minister for Steel & Mines and Works, invited the Mining and Metals industry to participate in greater volumes in the state. He also said that Odisha offers immense opportunities for the industry with a flexible and supporting administration. Addressing the virtual session on FICCI Policy Round Table with the Government of Odisha, Mr Mallik said that the Odisha has attracted one of the highest investments in many sectors during the pandemic. Odisha has successfully auctioned 31 mineral blocks including, iron ore, manganese, graphite, limestone within the stipulated timeframe. “I urge the industry to explore opportunities in the Odisha. The state has a flexible and supporting administration with skilled man-power and vast reserves of natural resources,” he said. The state also has excellent transportation and communication network, along with adequate power supply and investor-friendly environment, he added.

Mallik also urged the existing companies to further expand their investments in the state. The mining and minerals industry can further aim to increase their capacity utilization by setting up the ancillary industries, he added.He also assured industry for all the support from the state government. “The government is working to boost infrastructure, logistics and improve the investment climate in the state. The Mining & Metals sector will have a significant role to play towards the growth of the state GDP and employment opportunities,” emphasized Mr Mallik.

He further said that the mining industry has a significant multiplier effect in the economy along with employment generation. While we have come a long way in terms of our technology, there is scope for further modernization in this sector. “Mining activities are bound to progress further. Our government is working to enhance and optimise the logistic issue between the mines and plants along with ports. We are also working to ensure the required infrastructure, transportation and support are in place,” noted Mallik.

Dr Nitin Jawale, Special Secretary, Industries Department, Govt of Odisha and Managing Director, IPICOL highlighted upon the Vision 2030 of the state government. “The opportunity it provides to the investors in the state is immense and it will benefit the sectors from needle to aerospace and defence. Mining and metals are going to be at the centre stage of the plan. We will provide all necessary support to solve the industry issues,” he added.

Satya Priya Rath, Joint Secretary, Department of Finance, Govt of Odisha said that for sustainable growth of the sector there is a need for setting up of more large-scale industries and related downstream industries. The state has put in place an industrial-friendly MSME policy to attract investments in the state with incentives. “We have land bank facility; single-window clearance mechanism and availability of power is also not an issue in the state. The mining sector has a huge potential for growth and employment generation,” he added.

Subhrakant Panda, Vice President, FICCI and Managing Director, Indian Metals & Ferro Alloys Ltd said that Odisha has been at the forefront of reforms. “Odisha has transformed into a manufacturing hub under Shri Naveen Patnaik’s leadership. His govt’s focus on value addition has changed the state’s skyline. Proactive steps to smoothen the transition of legacy mines through auctions speaks of efficiency and inherent capability of State’s administrative machinery,” he added.

Sandeep Sharma, Senior AIG (Forest), MoEF&CC, Govt of India highlighted upon the support extended to the industry post auctioning of mines in 2020 and the various enabling steps taken for the continuity of mining operations.

V R Sharma, Co-Chair, FICCI Steel Committee and MD, Jindal Steel & Power Ltd said that we need to look at how we can speed up logistics in favour of the industry. Harmit Singh Sethi, Co-Chair, FICCI Cement Committee and ED & Group Head, Corporate Affairs & Incubation, Dalmia Bharat Group stressed on the need to fast track the land acquisition process that will help the industry.

Rahul Sharma, Co-Chair, FICCI Mining Committee and CEO, Aluminium & Power, Vedanta Ltd said that mining and manufacturing are key pillars of Odisha’s economy. The growth of Odisha is a testimony of state govt’s support towards sustainable development. Monica Nayyar Patnaik, Chairperson, Odisha State Council, FICCI and Managing Director, Sambad Group said that the state is rich in natural resources and it is the best time to make use of these and find best ways to tape these opportunities.

Pankaj Satija, Co-Chair, FICCI Mining Committee and Chief Regulatory Affairs, Tata Steel Ltd, Ms Rita Singh, Chairman & Managing Director, MESCO Steel, Mr Rajesh Gupta, Cluster Head (Sambalpur), Hindalco Industries Ltd, Shashi Bhushan Upadhyay, Resident Director (Odisha), Jindal Stainless Ltd, Baswaraj Dalgade, Assistant General Manager, JSW Steel Ltd and Rajib Maitra, Director (Mining, Metals & Industrial), Deloitte Consulting also shared their perspectives on the opportunities and challenges for the mining and metals industries in the state of Odisha.

Orissa Diary | Dec 18, 2020

Mining & Metals industry should invest more & tap opportunities in Odisha: Steel & Mines Minister, Prafulla Kumar Mallik

Mr Prafulla Kumar Mallik, Minister for Steel & Mines and Works, Govt of Odisha today invited the Mining and Metals industry to participate in greater volumes in the state. He also said that Odisha offers immense opportunities for the industry with a flexible and supporting administration.

Addressing the virtual session on FICCI Policy Round Table with the Government of Odisha, Mr Mallik said that the Odisha has attracted one of the highest investments in many sectors during the pandemic. Odisha has successfully auctioned 31 mineral blocks including, iron ore, manganese, graphite, limestone within the stipulated timeframe. “I urge the industry to explore opportunities in the Odisha. The state has a flexible and supporting administration with skilled man-power and vast reserves of natural resources,” he said. The state also has excellent transportation and communication network, along with adequate power supply and investor-friendly environment, he added.

Mr Mallik also urged the existing companies to further expand their investments in the state. The mining and minerals industry can further aim to increase their capacity utilization by setting up the ancillary industries, he added.

He also assured industry for all the support from the state government. “The government is working to boost infrastructure, logistics and improve the investment climate in the state. The Mining & Metals sector will have a significant role to play towards the growth of the state GDP and employment opportunities,” emphasized Mr Mallik.

He further said that the mining industry has a significant multiplier effect in the economy along with employment generation. While we have come a long way in terms of our technology, there is scope for further modernization in this sector. “Mining activities are bound to progress further. Our government is working to enhance and optimise the logistic issue between the mines and plants along with ports. We are also working to ensure the required infrastructure, transportation and support are in place,” noted Mr Mallik.

Dr Nitin Jawale, Special Secretary, Industries Department, Govt of Odisha and Managing Director, IPICOL highlighted upon the Vision 2030 of the state government. “The opportunity it provides to the investors in the state is immense and it will benefit the sectors from needle to aerospace and defence. Mining and metals are going to be at the centre stage of the plan. We will provide all necessary support to solve the industry issues,” he added.

Mr Satya Priya Rath, Joint Secretary, Department of Finance, Govt of Odisha said that for sustainable growth of the sector there is a need for setting up of more large-scale industries and related downstream industries. The state has put in place an industrial-friendly MSME policy to attract investments in the state with incentives. “We have land bank facility; single-window clearance mechanism and availability of power is also not an issue in the state. The mining sector has a huge potential for growth and employment generation,” he added.

Mr Subhrakant Panda, Vice President, FICCI and Managing Director, Indian Metals & Ferro Alloys Ltd said that Odisha has been at the forefront of reforms. “Odisha has transformed into a manufacturing hub under Shri Naveen Patnaik’s leadership. His govt’s focus on value addition has changed the state’s skyline. Proactive steps to smoothen the transition of legacy mines through auctions speaks of efficiency and inherent capability of State’s administrative machinery,” he added.

Mr Sandeep Sharma, Senior AIG (Forest), MoEF&CC, Govt of India highlighted upon the support extended to the industry post auctioning of mines in 2020 and the various enabling steps taken for the continuity of mining operations.

Mr Rahul Sharma, Co-Chair, FICCI Mining Committee and CEO, Aluminium & Power, Vedanta Ltd said that mining and manufacturing are key pillars of Odisha’s economy. The growth of Odisha is a testimony of state govt’s support towards sustainable development.

Ms Monica Nayyar Patnaik, Chairperson, Odisha State Council, FICCI and Managing Director, Sambad Group said that the state is rich in natural resources and it is the best time to make use of these and find best ways to tape these opportunities.

Mr V R Sharma, Co-Chair, FICCI Steel Committee and MD, Jindal Steel & Power Ltd said that we need to look at how we can speed up logistics in favour of the industry.

Mr Harmit Singh Sethi, Co-Chair, FICCI Cement Committee and ED & Group Head, Corporate Affairs & Incubation, Dalmia Bharat Group stressed on the need to fast track the land acquisition process that will help the industry.

Mr Pankaj Satija, Co-Chair, FICCI Mining Committee and Chief Regulatory Affairs, Tata Steel Ltd, Ms Rita Singh, Chairman & Managing Director, MESCO Steel, Mr Rajesh Gupta, Cluster Head (Sambalpur), Hindalco Industries Ltd, Mr Shashi Bhushan Upadhyay, Resident Director (Odisha), Jindal Stainless Ltd, Mr Baswaraj Dalgade, Assistant General Manager, JSW Steel Ltd and Mr Rajib Maitra, Director (Mining, Metals & Industrial), Deloitte Consulting also shared their perspectives on the opportunities and challenges for the mining and metals industries in the state of Odisha.

Odisha Expo | Dec 18, 2020

Mining & Metals industry should invest more & tap opportunities in Odisha: Steel & Mines Minister, Prafulla Kumar Mallik

Mr Prafulla Kumar Mallik, Minister for Metal & Mines and Works, Govt of Odisha right this moment invited the Mining and Metals trade to take part in higher volumes within the state. He additionally mentioned that Odisha provides immense alternatives for the trade with a versatile and supporting administration.

Addressing the digital session on FICCI Coverage Spherical Desk with the Authorities of Odisha, Mr Mallik mentioned that the Odisha has attracted one of many highest investments in lots of sectors through the pandemic. Odisha has efficiently auctioned 31 mineral blocks together with, iron ore, manganese, graphite, limestone inside the stipulated timeframe. “I urge the trade to discover alternatives within the Odisha. The state has a versatile and supporting administration with expert man-power and huge reserves of pure sources,” he mentioned. The state additionally has wonderful transportation and communication community, together with sufficient energy provide and investor-friendly atmosphere, he added.

Mr Mallik additionally urged the prevailing corporations to additional broaden their investments within the state. The mining and minerals trade can additional purpose to extend their capability utilization by establishing the ancillary industries, he added.

He additionally assured trade for all of the help from the state authorities. “The federal government is working to spice up infrastructure, logistics and enhance the funding local weather within the state. The Mining & Metals sector could have a major function to play in direction of the expansion of the state GDP and employment alternatives,” emphasised Mr Mallik.

He additional mentioned that the mining trade has a major multiplier impact within the economic system together with employment era. Whereas we now have come a good distance by way of our know-how, there may be scope for additional modernization on this sector. “Mining actions are certain to progress additional. Our authorities is working to reinforce and optimise the logistic situation between the mines and crops together with ports. We’re additionally working to make sure the required infrastructure, transportation and help are in place,” famous Mr Mallik.

Dr Nitin Jawale, Particular Secretary, Industries Division, Govt of Odisha and Managing Director, IPICOL highlighted upon the Imaginative and prescient 2030 of the state authorities. “The chance it gives to the traders within the state is immense and it’ll profit the sectors from needle to aerospace and defence. Mining and metals are going to be on the centre stage of the plan. We are going to present all mandatory help to unravel the trade points,” he added.

Mr Satya Priya Rath, Joint Secretary, Division of Finance, Govt of Odisha mentioned that for sustainable progress of the sector there’s a want for establishing of extra large-scale industries and associated downstream industries. The state has put in place an industrial-friendly MSME coverage to draw investments within the state with incentives. “We have now land financial institution facility; single-window clearance mechanism and availability of energy can also be not a difficulty within the state. The mining sector has an enormous potential for progress and employment era,” he added.

Mr Subhrakant Panda, Vice President, FICCI and Managing Director, Indian Metals & Ferro Alloys Ltd mentioned that Odisha has been on the forefront of reforms. “Odisha has reworked into a producing hub underneath Shri Naveen Patnaik’s management. His govt’s concentrate on worth addition has modified the state’s skyline. Proactive steps to smoothen the transition of legacy mines by means of auctions speaks of effectivity and inherent functionality of State’s administrative equipment,” he added.

Mr Sandeep Sharma, Senior AIG (Forest), MoEF&CC, Govt of India highlighted upon the help prolonged to the trade put up auctioning of mines in 2020 and the assorted enabling steps taken for the continuity of mining operations.

Mr Rahul Sharma, Co-Chair, FICCI Mining Committee and CEO, Aluminium & Energy, Vedanta Ltd mentioned that mining and manufacturing are key pillars of Odisha’s economic system. The expansion of Odisha is a sworn statement of state govt’s help in direction of sustainable growth.

Ms Monica Nayyar Patnaik, Chairperson, Odisha State Council, FICCI and Managing Director, Sambad Group mentioned that the state is wealthy in pure sources and it’s the greatest time to make use of those and discover greatest methods to tape these alternatives.

Mr V R Sharma, Co-Chair, FICCI Metal Committee and MD, Jindal Metal & Energy Ltd mentioned that we have to have a look at how we will velocity up logistics in favour of the trade.

Mr Harmit Singh Sethi, Co-Chair, FICCI Cement Committee and ED & Group Head, Company Affairs & Incubation, Dalmia Bharat Group burdened on the necessity to quick monitor the land acquisition course of that may assist the trade.

Mr Pankaj Satija, Co-Chair, FICCI Mining Committee and Chief Regulatory Affairs, Tata Metal Ltd, Ms Rita Singh, Chairman & Managing Director, MESCO Metal, Mr Rajesh Gupta, Cluster Head (Sambalpur), Hindalco Industries Ltd, Mr Shashi Bhushan Upadhyay, Resident Director (Odisha), Jindal Stainless Ltd, Mr Baswaraj Dalgade, Assistant Basic Supervisor, JSW Metal Ltd and Mr Rajib Maitra, Director (Mining, Metals & Industrial), Deloitte Consulting additionally shared their views on the alternatives and challenges for the mining and metals industries within the state of Odisha.

Energy Infra Post | Aug 13, 2020

More industry-friendly reforms in mining sector very shortly: Pralhad Joshi

Mines Minister Pralhad Joshi on Tuesday said the government will come out with more industry-friendly reforms in the mining sector very shortly. “More industry-friendly, productive friendly reforms will be brought to the mining sector very shortly,” Joshi said during a webinar on “Indian Mining Industry: Contribution Towards Aatmanirbhar Bharat” organised by FICCI.

“At this juncture I would also like to urge the industry stalwarts and stakeholders to share their insights as to how collectively we can collaborate and innovate to make this sector self reliant,” he said.

The minister also invited investors, explorers and miners to come and explore the huge opportunities that the Indian mining sector offers.

The minister said that other issues like illegal mining, environment clearance and forest clearance will be deliberated and suitable action as per the law will be taken in the due course of time.

Business Standard | Aug 12, 2020

India needs to leverages its intrinsic strength in mineral resources

Pralhad Joshi, Minister for Mines, Coal & Parliamentary Affairs, has said that government has introduced industry-friendly and productive reforms in order to bring competitiveness and transparency in the mining sector. Addressing webinar on 'Indian Mining Industry: Contribution Towards Atmanirbhar Bharat', organized by FICCI, Joshi said that it is time that India leverages its intrinsic strength in mineral resources and capitalizes on the potential to facilitate India's growth towards becoming Atmanirbhar Bharat and a US$ 5 Trillion Economy.

He further said that to facilitate this ambitious target, concerted efforts need to be taken by both the government and the industry stakeholders. Joshi highlighted that the ministry has introduced Seamless Composite Exploration-cum-Mining-cum-Production. He said that such proactive measures would go a long way in enhancing the sector's contribution to the Indian GDP and reduce import dependency.

The Pioneer | Aug 12, 2020

More industry-friendly reforms in mining sector very shortly: Pralhad Joshi

Mines Minister Pralhad Joshi on Tuesday said the Government will come out with more industry-friendly reforms in the mining sector very shortly. “More industry-friendly, productive friendly reforms will be brought to the mining sector very shortly,” Joshi said during a webinar on “Indian Mining Industry: Contribution Towards Aatmanirbhar Bharat” organised by FICCI. “At this juncture I would also like to urge the industry stalwarts and stakeholders to share their insights as to how collectively we can collaborate and innovate to make this sector self reliant,” he said. The minister also invited investors, explorers and miners to come and explore the huge opportunities that the Indian mining sector offers. The minister said that other issues like illegal mining, environment clearance and forest clearance will be deliberated and suitable action as per the law will be taken in the due course of time.

The Indian Telegraph | Aug 11, 2020

To come out with industry-friendly reforms in mining soon: Pralhad Joshi

Mines Minister Pralhad Joshi on Tuesday said the government will come out with more industry-friendly reforms in the mining sector very shortly.

“More industry-friendly, productive friendly reforms will be brought to the mining sector very shortly,” Joshi said during a webinar on “Indian Mining Industry: Contribution Towards Aatmanirbhar Bharat” organised by FICCI.

“At this juncture I would also like to urge the industry stalwarts and stakeholders to share their insights as to how collectively we can collaborate and innovate to make this sector self reliant,” he said.

The minister also invited investors, explorers and miners to come and explore the huge opportunities that the Indian mining sector offers.

The minister said that other issues like illegal mining, environment clearance and forest clearance will be deliberated and suitable action as per the law will be taken in the due course of time.

The minister further said that 500 mining blocks would be offered through the open and transparent auction process.

Mining as a sector creates wealth and employment and strengthens the nation from within, Joshi said.

The sector, he said, contributed Rs 4.1 trillon to India’s GDP in the last financial year by employing about 1.1 crore people.

Yearly, 55 million people depend upon the sector for their livelihood.

India is a mineral rich country producing 95 different minerals, including metallic and non-metallic and minor, he said adding the mineral sector therefore is the backbone of the country’s economy.

Stating that commercial coal mining is the biggest reform in the coal sector the country has ever seen, Joshi said in coming times the reform will boost the production by introducing competition, transparency and private sector participation.

Orissa Diary | Aug 11, 2020

Industry should share insights to collaborate, innovate in making the sector self-reliant: Pralhad Joshi

Mr Pralhad Joshi, Minister for Mines, Coal & Parliamentary Affairs, today said that government has introduced industry-friendly and productive reforms in order to bring competitiveness and transparency in the mining sector.

Addressing webinar on ‘Indian Mining Industry: Contribution Towards Atmanirbhar Bharat’, organized by FICCI, Mr Joshi said that it is time that India leverages its intrinsic strength in mineral resources and capitalizes on the potential to facilitate India’s growth towards becoming Atmanirbhar Bharat and a US$ 5 Trillion Economy.

He further said that to facilitate this ambitious target, concerted efforts need to be taken by both the government and the industry stakeholders. “We not only need structural reforms in the sectors but also a greater participation of the industry and the manufacturers to accelerate the growth momentum,” added Mr Joshi.

Inviting industry to invest in the sector, Mr Joshi said, “I invite foreign investors, explorers, and miners to come and explore huge opportunities that the Indian mining sector offers.”

Talking about the webinar, Mr Joshi later posted on a social media platform “Emphasised on working collectively to achieve PM Shri Narendra Modi ji’s vision of a self-reliant India, while scaling greater heights in terms of mineral exploration and production.”

Mr Joshi highlighted that the ministry has introduced Seamless Composite Exploration-cum-Mining-cum-Production. He said that such proactive measures would go a long way in enhancing the sector’s contribution to the Indian GDP and reduce import dependency.

Calling the mining sector, the backbone of the nation’s economy, the minister further said that the government is committed to taking dedicated initiatives and support the industry.

Mr Tuhin Mukherjee, Chair, FICCI Mining Committee and Managing Director, Essel Mining & Industries Ltd., said, “The industry feels that there is a need to pay more focus to exploration along with mining activities. Globally, exploration is much high and there is a need to invest in exploration in India. We also have to regulate and optimize the mine size and productivity.”

Mr Rahul Sharma, Co-Chair, FICCI Mining Committee and CEO (Alumina Business), Vedanta Ltd., said that while mining contributes 3.8 per cent of the nation’s GDP, which is close to $ 100 billion, the industry hopes to raise the contribution to 10 per cent of the GDP, thereby taking the amount to $ 300 billion. “We need to take 360-degree turn from being net importer to net exporter. The mining & metal sector will play a crucial role,” he said.

He added that while the world average of exploration stood at 80 per cent, India’s exploration stood at only at 10 per cent of the OGP area. Mr Sharma said, “We welcome the government’s transparent National Coal Index that will bring a uniform benchmark and can be extended to other minerals as well.”

Mr Sumit Deb, Co-Chair, FICCI Mining Committee and CMD, NMDC Ltd said, “For the mining sector to contribute significantly to the economy, it is imperative to convert the abundant mineral resources into mineral reserves and boost production.”

Mr Pankaj Satija, Co-Chair, FICCI Mining Committee and Chief Regulatory Affairs, Tata Steel Ltd., highlighted the role of start-ups and the need to increase investments in the exploration process. He said that there is a need for global reporting standards to help increase FDI in the sector.

Dr Aruna Sharma, Former Secretary, Government of India emphasized on the vast potential that the mining sector has to serve the requirements of the end use industries.

Devdiscourse | Aug 11, 2020

More industry-friendly reforms in mining sector very shortly: Pralhad Joshi

Mines Minister Pralhad Joshi on Tuesday said the government will come out with more industry-friendly reforms in the mining sector very shortly. "More industry-friendly, productive friendly reforms will be brought to the mining sector very shortly," Joshi said during a webinar on "Indian Mining Industry: Contribution Towards Aatmanirbhar Bharat" organized by FICCI.

"At this juncture, I would also like to urge the industry stalwarts and stakeholders to share their insights as to how collectively we can collaborate and innovate to make this sector self-reliant," he said. The minister also invited investors, explorers, and miners to come and explore the huge opportunities that the Indian mining sector offers.

The minister said that other issues like illegal mining, environment clearance, and forest clearance will be deliberated and suitable action as per the law will be taken in the due course of time. The minister further said that 500 mining blocks would be offered through the open and transparent auction process.

Mining as a sector creates wealth and employment and strengthens the nation from within, Joshi said. The sector, he said, contributed Rs 4.1 lakh crore to India's GDP in the last financial year by employing about 1.1 crore people.

Yearly, 5.5 crore people depend upon the sector for their livelihood. India is a mineral-rich country producing 95 different minerals, including metallic and non-metallic and minor, he said adding the mineral sector, therefore, is the backbone of the country's economy.

Stating that commercial coal mining is the biggest reform in the coal sector the country has ever seen, Joshi said in the coming times the reform will boost the production by introducing competition, transparency, and private sector participation.

Yahoo News | Aug 11, 2020

More industry-friendly reforms in mining sector very shortly: Pralhad Joshi

Mines Minister Pralhad Joshi on Tuesday said the government will come out with more industry-friendly reforms in the mining sector very shortly.

'More industry-friendly, productive friendly reforms will be brought to the mining sector very shortly,' Joshi said during a webinar on 'Indian Mining Industry: Contribution Towards Aatmanirbhar Bharat' organised by FICCI.

'At this juncture I would also like to urge the industry stalwarts and stakeholders to share their insights as to how collectively we can collaborate and innovate to make this sector self reliant,' he said.

The minister also invited investors, explorers and miners to come and explore the huge opportunities that the Indian mining sector offers.

The minister said that other issues like illegal mining, environment clearance and forest clearance will be deliberated and suitable action as per the law will be taken in the due course of time.

The minister further said that 500 mining blocks would be offered through the open and transparent auction process.

Mining as a sector creates wealth and employment and strengthens the nation from within, Joshi said.

The sector, he said, contributed Rs 4.1 lakh crore to India's GDP in the last financial year by employing about 1.1 crore people.

Yearly, 5.5 crore people depend upon the sector for their livelihood.

India is a mineral rich country producing 95 different minerals, including metallic and non-metallic and minor, he said adding the mineral sector therefore is the backbone of the country's economy.

Stating that commercial coal mining is the biggest reform in the coal sector the country has ever seen, Joshi said in coming times the reform will boost the production by introducing competition, transparency and private sector participation.

Business Standard | Aug 11, 2020

To come out with industry-friendly reforms in mining soon: Pralhad Joshi

Mines Minister Pralhad Joshi on Tuesday said the government will come out with more industry-friendly reforms in the mining sector very shortly.

"More industry-friendly, productive friendly reforms will be brought to the mining sector very shortly," Joshi said during a webinar on "Indian Mining Industry: Contribution Towards Aatmanirbhar Bharat" organised by FICCI.

"At this juncture I would also like to urge the industry stalwarts and stakeholders to share their insights as to how collectively we can collaborate and innovate to make this sector self reliant," he said.

The minister also invited investors, explorers and miners to come and explore the huge opportunities that the Indian mining sector offers.

The minister said that other issues like illegal mining, environment clearance and forest clearance will be deliberated and suitable action as per the law will be taken in the due course of time.

The minister further said that 500 mining blocks would be offered through the open and transparent auction process.

Mining as a sector creates wealth and employment and strengthens the nation from within, Joshi said.

The sector, he said, contributed Rs 4.1 trillon to India's GDP in the last financial year by employing about 1.1 crore people.

Yearly, 55 million people depend upon the sector for their livelihood.

India is a mineral rich country producing 95 different minerals, including metallic and non-metallic and minor, he said adding the mineral sector therefore is the backbone of the country's economy.

Stating that commercial coal mining is the biggest reform in the coal sector the country has ever seen, Joshi said in coming times the reform will boost the production by introducing competition, transparency and private sector participation.

Outlook | Aug 11, 2020