“The natural resources of the country belong to its people. Mining sector has seen maximum reforms and paradigm shift in the last six years. Shifting from nomination to transparent bidding and using the surplus for regional development is the basis of the new policy regime,” said Pradhan while addressing the National Mining Summit organised by PHD Chamber of Commerce via video conferencing.
The Minister also spoke about policy reforms driving mining sector to new heights and called for greater value addition to drive self-reliance in the sector.
“Our vision of Aatmanirbhar Bharat is not only about fulfilling domestic requirement but also to make India a global manufacturing hub. Policy certainty backed with cost-efficiency will ensure value out of our natural resources will be realised optimally with sustainability,” said the Union Minister.
“Supreme court had decided that ownership of the natural resources of the country lies with the people of the country and called for a new procedure for exploitation of natural resources. Following this, the Government moved in this direction, and the change from nomination to bidding process for resource allocation was started. The States, where these resources lay, have become the major beneficiaries in the revenue thus generated,” added Pradhan.
The Minister also called for greater infusion of technology, digitalisation, new business models and greater efficiency in all activities from inventory management to raw material procurement and value addition.
“The country is bestowed with the natural resources, along with a large market, and India is poised to make a seamless mining ecosystem and become self-reliant in the sector,” said Pradhan.