Govt Must Rescue And Revive Mining Sector To Boost Economic Recovery; Here’s What Needs To Be Done

The mining sector is a core driver of a nation’s economic development. The sector is a significant contributor to GDP, a major source of employment, and a catalyst of growth in other vital industries.

The mining sector is a core driver of a nation’s economic development. The sector is a significant contributor to GDP, a major source of employment, and a catalyst of growth in other vital industries (such as power, steel, cement, etc.) that are, in turn, critical for overall economic development. As aptly stated in the National Mineral Policy, 2019 (‘NMP’): “Minerals are a valuable natural resource being the vital raw material for the core sectors of the economy. Exploration, extraction and management of minerals have to be guided by national goals and perspectives, to be integrated into the overall strategy of the country’s economic development. Endeavour shall be to promote domestic industry, reduce import dependency, and feed into Make in India initiative.”

India is richly endowed with metallic and non-metallic mineral resources – the country produces as many as 95 minerals, which includes 4 fuel, 10 metallic, 23 non-metallic, 3 atomic and 55 minor minerals. Considering this abundance of minerals in India, the mining sector has huge economic potential. However, this potential is yet to be fully realised.

Source: Financial Express

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