The Cabinet gave its approval to the new National Mineral Policy 2008, which will help the mining sector attract FDI to the tune of 250 million dollar per annum.

"The policy was given in-principle approval by the Cabinet as recommended by the high-level committee together with modifications on the basis of consultation with state governments, inter-ministerial consultations and in line with recommendations of the Group of Ministers," an official spokesperson told reports after the meeting in New Delhi on Thursday.

The Cabinet also gave its approval for setting up of an independent dispute resolution mechanism namely Mining Administrative Appellate Tribunal.

This will be fully made operational within six months.

Implementation of the new mineral policy is likely to attract FDI to the value USD 250 million per annum in the mining sector by the end of five years, the spokesperson said.

An amendment bill will be introduced during the Budget session to bring about suitable amendments in the Mines and Minerals (Development and Regulation Act 1957, MCR Rules, 1960 and MCDR 1988 to give effect to the new policy.

Tradeindia News Bureau

(Tradeindia Expert)

Tradeindia.com

Tradeindia.com
New Delhi, India