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India may attract more FDI in mining
March 23, 2008: India is expected to attract foreign direct investment of Rs.1,00,000 crore per annum in mining exploration of gold and diamond in the country.
The new mining policy National Mineral Policy 2008 is expected to go through in Parliament session next month, the concern ministry is expecting a boost in the FDI inflow into the sector. Under the new policy, entrepreneurs who invest heavy risk capital will automatically get the mining lease. This will enable and protect their capital because to achieve the exploration of minerals we need heavy money. After a delay of nearly two years, the policy was kicked off with the approval from the Union Cabinet recently.
Under the new guidelines, foreign and domestic firms should find it easier to invest in the exploration and mining of gold, diamonds and metals like copper and zinc, and prospecting companies will automatically obtain a mining licence.
Source: Economic Times