The Union Cabinet chaired by Prime Minister Narendra Modi on 28 February 2019 approved National Mineral Policy 2019. The New National Mineral Policy will ensure more effective regulation and will lead to sustainable mining sector development in future while addressing the issues of project affected persons especially those residing in tribal areas.
1. The 2019 policy proposes to grant the status of the industry to mining activity to boost the financing of mining for the private sector and for acquisitions of mineral assets in other countries by the private sector.
2. The new policy also mentions rationalize reserved areas given to PSUs which have not been used and to put these areas to auction, which will give more opportunity to the private sector for participation.
3. It also mentions that long term import-export policy for minerals will help the private sector in better planning and stability in business.
4. It also mentions making efforts to harmonise taxes, levies, and royalty with world benchmarks to help the private sector.
The National Mineral Policy, 2019 will focus on the make in India initiative and gender sensitivity in terms of the vision. As far as the regulation in Minerals is concerned, E-Governance, IT-enabled systems, awareness and Information campaigns have been incorporated.
Besides, regarding the role of the state in mineral development online public portal with provision for generating triggers at a higher level in the event of delay of clearances has been put in place.