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National Mineral Policy 2019
Why is it in the news ?
- The Union Cabinet approved the National Mineral Policy 2019 with an aim to ensure more a sustainable mining sector.
- Its objectives also includes more effective regulation and to encourage private sector in the field.
More in the news
- The policy is aimed at bringing about more sustainable approach while addressing the issues of those affected by mining.
- National Mineral Policy 2019 replaces the extant National Mineral Policy 2008 ("NMP 2008") which was announced in 2008.
- The policy includes following features:(1) Introduction of the right of first refusal for the reconnaissance permit (RP) and prospecting license holders.(2) Encouraging the private sector to take up exploration and the auctioning of virgin areas on a revenue- sharing basis.(3) Encouragement of merger and acquisition of mining entities and transfer of mining leases.
- It also mentions that long-term import export policy for mineral will help private sector in better planning and stability in business.
- The policy mentions to make efforts to harmonise taxes, levies & royalty with world benchmarks to help private sector.
- Changes introduced in the new policy include focus on Make-in-India initiative and gender sensitivity in terms of the vision.
Source
The Hindu