The Indian mining sector plays a pivotal role in the country's infrastructure and economy. Globally, India ranks 2nd in Chromite, 3rd in Coal & Lignite and Bauxite, 4th in Iron ore and 5th in Manganese. The future of the mining sector lies in laying emphasis on scientific mining so that state of the art technology is used for exploration, efficiencies are realized, clean technologies and safe mining practices are adopted with adequate supporting infrastructure.
India was estimated to have spent $14 billion on coal imports last fiscal year and that figure is likely to rise to $25 billion by 2016/17. This combined with factors like the widening Current Account Deficit, depreciation of the Indian currency , and need for enhancing infrastructure for bringing back growth in the economy has made sure that the Government has introduced a slew of measures to facilitate / enhance mining in India. These are Easing environmental clearance norms for expanding coal mines to help the crippling fuel scarcity in the power sector.Coal blocks auctionCabinet Committee on Investment to fast track project clearances.Inviting Private sector participation in Coal India Limited for developing 13 greenfield projects with a 65 million tonne annual capacity.