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Potential of Indian Mineral Sector

Government has prepared a strategic plan document Unlocking the potential of the Indian Mineral Sector. The Strategy Paper has identified that the mining sector has the potential to contribute around Rs. 945 to Rs. 1,125 thousand crore to the GDP and create 13 to 15 million jobs through direct and indirect contribution by 2025.

In the State of Jharkhand, the Mining Sector (including metallic and non metallic minerals, but excluding mineral oil) has contributed 9.1% to State GDP in 2009 and expects this to touch 14.1% of State GDP in 2025. It is also indicated that 3.2 lakh persons are employed in Mining Sector (including metallic and non metallic minerals, but excluding mineral oil) in 2009 which is expected to increase to about 5.6 lakh persons in 2025. The Strategy Paper also expects Royalty collection in Jharkhand to increase from Rs. 1800 crore in 2009 to about Rs. 8800 crore in 2025.

The Strategy Paper has been prepared taking into account the vision emanating from the National Mineral Policy, 2008. Mineral being a major resource for development, the extraction and management of minerals has to be integrated into the overall strategy of the country™s economic development. The exploitation of minerals is guided by long term national goals and perspectives. In order to achieve this , the Strategy Paper has identified six key priorities which include enhancing resource and reserve base through exploration and international acquisition; reducing permit delays; putting in place core enablers (infrastructure, human capital, technology); ensuring sustainable mining and sustainable development around mining; creating an information, education and communication strategy; and undertaking measures to ensure implementation; taking into account the vision emanating from the NMP 2008.

This information was given by the Minister of Mines, Shri Dinsha Patel in a written reply to a question in Rajya Sabha today.

Tags: BusinessGDPGross domestic productJharkhandMineralMiningMinister of MinesRajya Sabha

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