Since Government of India allows 100% FDI in the mining sector, Australia has expressed interest in investing in this sector very soon. They are hoping the new ‘MoDified’ India will get rid of various issues that the sector presently faces in India, after which they will happily invest. The new government is promising other nations the hope of getting a good deal with investments in our country.
The mining scene India however is presently at a standstill. The mines in Goa are shut from 2012. So are the mining activities in Odisha and Karnataka. The beach mineral mining in Tamil Nadu also stands shut because of the illegal sand mining allegations on some private companies. Companies alleged in the mining scam like VV Minerals, India, owned by Mr. S. Vaikundarajan have been given the clean chit by the central government, yet the investigation processes are not over. This delay in the uplifting the ban is affecting the state economy as well as causing wastage of minerals as the constant wave action is leading to these minerals being washed away to other nations like Sri Lanka.