CII, an industry body released a comprehensive report “Mining Opportunities – Realising Potential” about the mining industry in India. The report predicts a tremendous potential of the industry and also highlights the hindrances that are being faced by the companies.
As mentioned in the report, a vibrant mining sector has the capacity to spur growth and add up to $70 billion to the country’s economy as well as generate 60-70 lakh jobs. The mining sector has the potential to propel economic growth not just through its contribution to GDP but also through its forward and backward linkages, stated the report.
The report stressed that the current clearance procedures aren’t up to the mark and that they “still remain an impediment for a smooth transition from auction stage to implementation stage”.
“The report has just re-emphasized what the industry players have been complaining about for the past few years. All the clearance processes of the trade can be improvised for faster and efficient turnaround,” said a staff at V. V. Minerals India, largest beach and sand mining company in the country. Vaikundarajan, MD and CEO of VV Minerals said, “This is positive news as this report can be a strong base to support the industry’s arguments. The rest of the mining industry seems to echo the same.”