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- For industrial growth – Coal and iron (basic)
- Others: mica, copper, manganese, zinc, lead etc.
- Uranium and thorium – atomic energy minerals
- India has sufficient reserves for coal and iron but lacks others like copper, tin, lead, nickel, cobalt, sulphur etc. And most of the petroleum.
- The GOI amended the Mines and Minerals Act, 1957 in 1994 and announced a new policy:
- Throwing open the mining sector to the private sector including direct foreign investment.
- Empowering the states to grant licenses without prior approval of central government. (except some cases)
- Major objectives of new policy:
- To explore for identification of mineral wealth on land and offshore.
- To promote foreign trade on minerals
- To promote research and development in minerals.
- To develop mineral resources taking into account the national and strategic considerations.
- To minimize adverse effect of mineral development on the forests, environment and ecology.