Taking the ordinance route again, the government on Monday gave its approval to auction iron ore and other minerals.
“The Cabinet has approved promulgating an ordinance to auction iron ore and other minerals,” sources said after the Cabinet meeting chaired by Prime Minister Narendra Modi here.
The Cabinet also approved setting up a district mineral foundation in every district affected by mining to earmark funds for the benefit of the people and for rebuilding infrastructure.
The ordinance came after the Ministry of Mines could not table a bill to amend Mines and Minerals (Development and Regulation) Act, 1957, in the winter session of Parliament due to logjam.
Those opposing the government’s move say that it is difficult to gauge the amount of minerals present in a mine at the time of auction.
Industry body Federation of Indian Mineral Industries, too, has opposed the move, saying that it would sound the “death knell” for the industry and might lead to cartelisation
and waste.
Source: Deccan Herald
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