India to introduce new law to attract investments in mining

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.

 

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    COMMENTS

    Shadi Katyal

    1 decade ago

    After almost 60 years the clock turns back and when we needed investments, we closed the doors. Now how long it will take to get a bill passed.Above all an investor must think if such mines can be operated as we have many bleeding hearts for the poor. who for their own fame fight for poor to keep them poor for ever.
    What about fake environmentalist.?
    Can India provide safety and Law and Order for such investments??
    Sorry to sound negative but we must creat first climate of investment and not this patch work.
    Abolish the ministries as we dont need them. those are the leftover of raj days and most of the Ministers donot have knowledge of such post .
    India needs pragmatic thinking and must shed Gandhian and Nehrvaina policies for ever.

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