Mint Explainer: How will changes to the law affect India's mining sector?
- Currently around only 1% of the global exploration budget is spent in India despite the country’s vast resource base
The government has decided to increase private participation in mining with the goal of attracting technology and capital to the sector. It made amendments to the Mines and Minerals (Development and Regulation) Act, 1957 during the recently concluded monsoon session of Parliament to allow the private sector to participate in the exploration and mining of critical resources such as lithium. Mint looks at how the changes could affect the sector.