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India passes new mining bill in boost to reform by gov't

Xinhua, March 20, 2015 Adjust font size:

India's Upper House of Parliament Friday passed a new bill for development of mines and minerals, in an apparent boost to the reform measures sought by the government of Prime Minister Narendra Modi, said officials.

The bill will bring a regime of auctioning blocks for prospecting licenses, like for coal blocks, for 50 years as against 30 now. The government has already identified 199 mines for auction.

Once the bill gets presidential consent, the new legislation will replace an old mines and minerals ordinance and come into effect.

Officials said mining contributes over two percent to the GDP and is one of the biggest employers, so a revival will help create many jobs.

The government said mining sector has been in decline for years. The iron ore production declined to 152 million tons in 2013-14 fiscal year from 218 million toes in 2009-10 fiscal, due to legal restraints. Endi