The Lok Sabha on Friday passed a bill to amend the Mines & Mineral  - Development and Regulation -   Act.  The Lower House passed the Mines and Minerals Development (Amendment) Bill, 2021.

Union minister Pralhad Joshi says the changes will help create employment opportunities and allow private sector with enhanced technology in mining activities. "The reform in the mining sector would generate 55 lakh direct and indirect employment. To enhance mining activity, we will allow private sector with enhanced technology in mineral exploration," Joshi said.

"The reform in the mining sector would generate 55 lakh direct and indirect employment. To enhance mining activity, we will allow private sector with enhanced technology in mineral exploration," the minister said. According to the minister, India produces 95 minerals and has same potential like South Africa and Australia but still import minerals like gold and coal.

The mining sector currently contributes 1.75% to the country's GDP and through the reforms proposed in the bill the contribution will rise to 2.5% and strengthen the economy.

The bill seeks to amend the Mines and Mineral (Development and Regulation) Act, 1957, and would bring in mega reforms in the sector with resolution in legacy issues, thereby making a large number of mines available for auctions. It will help strengthen the auction-only regime and boost transparency in the system.

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