Way Cleared for Major Reforms in Metals &Minerals Sector

The passage of the Mines and Minerals (Development and Regulation) Amendment Bill, 2021, by Parliament’s upper house, Rajya Sabha, is expected to clear the way for long-pending structural reforms in the mining sector to ensure the “mineral security” of the nation. This amends the Mines and Minerals (Development and Regulation) Act, 1957. The Bill was earlier passed by the lower house, Lok Sabha, on March 19. The Bill effectively quashes the distinction between captive and non-captive mines to allow the sale of up to 50 per cent of the minerals excavated during the current year from the former. Its provisions are also going to result in more mines being offered for auctions.