Unlocking Huge Potential of Mineral Exploration

Unlocking Huge Potential of Mineral Exploration

Part of: GS-3: Infrastructure: Energy

In News: The Geological Survey of India has delineated 100 geologically potential mineral blocks for auction. 

• Handing over of these 100 Reports to the State Governments will ensure continuous supply of minerals in the country and more revenue to the State Governments by bringing more number of mineral blocks under auction.

The MMDR Amendment Act, 2021

• The MMDR Amendment Act, 2015 ushered in transparency in the allocation of mineral concessions in terms of Prospecting License and Mining Lease. 
• In this continuous endeavour, the Mines and Minerals (Development and Regulation) Amendment Act, has been further liberalized in March 2021. 
• The recent amendment is expected to increase employment and investment in the mining sector, increase the revenue to the States, increase production and time bound operationalization of mines, maintain continuity in mining operations after change of lessee, increase the pace of exploration and auction of mineral resources.

News Source: PIB