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Stock Market Tips, A costly affair: Draft National Mineral Policy dashes hopes of investments
India is one of the least explored countries in the world with an exploration spend of $15-20 million annually
Even after recast of its decade-old National Mineral Policy (NMP), the Mines ministry can hardly expect to garner major private investments in mineral exploration space, say industry stakeholders.
The ministry has released the draft of the NMP-2018, seeking to replace the last policy announced in 2008.
According to the policy, mineral exploration would be incentivized to attract private investments as well as state of the art technology through an adequate financial package or through the Right of First Refusal at the time of auction. The policy also promises any other appropriate incentive as per international practice. While the government agencies would carry on exploration and survey work, as usual, the private sector would be incentivized to take up exploration activities. In areas where private sector investments are not coming in due to high uncertainties, the government agencies would spend public funds, the policy says.
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