Union Cabinet has cleared a proposal for amendment of Second Schedule of the Mines and Minerals (Development and Regulation) Act, 1957 for specifying the rate of royalty in respect of Glauconite, Potash, Emerald, Platinum Group of Metals, Andalusite, Sillimanite, and Molybdenum.
It will ensure auction of mineral blocks in respect of Glauconite, Potash, Emerald, Platinum Group of Metals, Andalusite, and Molybdenum thereby reducing the import of these minerals. The approval will lead to import substitution in respect of many important minerals for the economy of the country thereby saving valuable forex reserves.
It will reduce country’s foreign dependency through the local production of minerals. The approval will also ensure auction of mineral blocks of Glauconite, Potash, Emerald, Platinum Group of metals, Andalusite and Molybdenum for the first time in the country.
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