English Release 21-December 2014
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Cabinet13-March, 2008 20:58 IST
|National Mineral Policy, 2008|
|The Union Cabinet today gave its approval to the new National Mineral Policy, 2008, in principle, recommended by the High Level Committee together with the modifications on the basis of consultations with State Governments, inter-ministerial consultations and in line with the recommendations of the GOM and also gave its approval for setting up an independent dispute resolution mechanism, namely Mining Administrative Appellate Tribunal (MAAT).
The implementation of the new National Mineral Policy, 2008 would likely to attract FDI to the value of US$ 250 million per annum in the mining sector by the end of five year.
An amendment Bill will be introduced during Budget Session for bringing about suitable amendments in the Mines and Minerals (Development and Regulation) Act, 1957, the MCR Rules, 1960 and MCDR, 1988 to give effect to the new National Mineral Policy, 2008.
MATT will be made fully operational within six months.
(Release ID :36463)