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India has invited foreign funds in mining and the government has said that it would soon introduce a legislation to make the sector more investment-friendly
India has invited foreign funds in mining and said that it would soon introduce a legislation to make the sector more investment-friendly, reports PTI.
"India provides the best opportunity and ideal conditions for foreign investors to invest in the country at minimum risk," ministry of mines special secretary S Vijay Kumar said at the Prospectors and Developers Association of Canada (PDAC) convention in Toronto.
The proposed Bill, which is likely to become operational by the end of this year, would address concerns expressed by foreign investors, said Mr Kumar, who is heading an Indian delegation to the PDAC convention in Toronto.
The new mining Bill will align Indian laws with the best international practices, Mr Kumar said.
On requests from some Canadian companies that India should open exploration and exploitation of atomic minerals for foreign investors, Mr Kumar said that the government would consider their request.
More than 22,000 delegates from over 100 countries, including 45 from India, are participating in the four-day convention.