• For industrial growth – Coal and iron (basic)
  • Others: mica, copper, manganese, zinc, lead etc. 
  • Uranium and thorium – atomic energy minerals
  • Petroleum
  • 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.