Mining industry seeks regulatory flexibility to increase contribution to GDP

| | Kolkata
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Mining industry seeks regulatory flexibility to increase contribution to GDP

Wednesday, 16 November 2022 | PTI | Kolkata

The mining industry seeks flexibility in the regulations if India aims for a high contribution from this sector to its growth trajectory, a senior official from Vedanta said.

The Centre was planning to increase the contribution of the mines and minerals sector towards the country's GDP to 2.5 per cent by 2030 by enhancing the ease of doing business. Now, other than coal and petroleum, the share is just 0.9 per cent.

"India is not at the top in the concentration of natural resources of the world. If the country is thinking about becoming a factory of the world, then it has to be flexible in its regulations and should take merit-based decisions," Vedanta group CEO Sunil Duggal said.

Addressing the curtain raiser for the CII organised 16th edition of the Global Mining Summit (GMS) and International Mining Machinery Exhibition (IMME), Duggal stated that in some cases land which has turned "arid" is still marked as forest and a lot of time is consumed in that process.

He also suggested that the government must encourage more startups in the exploration and related activities for minerals.

Duggal also indicated that the government must look at the risk and rewards in this sector more liberally to attract private investments.

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