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India has been among the world's leading mining nations, and is endowed with vast mineral wealth. As a part of the Gondwana geological
landmass, India has a strong natural potential for coal, iron ore and bauxite. Accounting for about 6% of the global endowments, current estimates
mark India's iron ore reserves at 23bn tonnes. The grade and quality of coal available in India may not be top notch, but the nation ranks fourth
worldwide, [link widoczny dla zalogowanych] with reserves estimated at around 253.3bn tonnes.
[link widoczny dla zalogowanych] However, much of India's mining potential has not been attained due to outmoded legislation and government apathy in the past. Stringent
regulations, both to control as well as protect the industry, have cumulatively countervailed most of the growth potential so far. For instance, with
[link widoczny dla zalogowanych] the objective of supplying coal at [link widoczny dla zalogowanych] reasonable rates to strategic industries such as cement, power and steel, the government implemented the Coal
Mines Nationalisation Act in 1973. Apart from creating serious inefficiencies, this legislation led to an insulated market translating into little scope for
overseas investment.
Post [link widoczny dla zalogowanych] reforms, the government is now striving to rationalise the high-risk investment environment faced by [link widoczny dla zalogowanych] mining players. Policy recommendations by
the Hoda Committee need to be implemented in order to achieve [link widoczny dla zalogowanych] the overall investment target of US$22.37bn for the 2007-2009 period. Meanwhile,
endemic [link widoczny dla zalogowanych] problems such as delays in [link widoczny dla zalogowanych] the [link widoczny dla zalogowanych] issue of licences, infrastructural limitations, stringent investment regulations and the prevailing low levels of
mining royalties continue to hound the industry.
The decision-making [link widoczny dla zalogowanych] powers of many Indian states, which hold the sole licensing authority for a number of minerals, have caused unrest among
investors. This is in spite of efforts to maintain a degree of uniformity in the licensing norms. States [link widoczny dla zalogowanych] create their own [link widoczny dla zalogowanych] qualifying stipulations, often
requiring companies to invest in other development projects in [link widoczny dla zalogowanych] their domains. This acts as a disincentive for the global investor, more so, in
situations where there is uncertainty of tenure
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Contact us: Bharat Book Bureau 207, Hermes Atrium, Sector 11, PO Box.54, CBD Belapur, Navi Mumbai - 400 614, India. Phone : +91 [link widoczny dla zalogowanych] 22 2757 8668 / 2757 9438 Fax : +91 22 2757 9131 E-mail : [link widoczny dla zalogowanych] Website :