| The report, "Turning the Metals and Mining Potential of eastern India into a Golmine" was released today at the international conference on minerals-metals-manufacturing organised by Confederation of Indian Industry (CII). |
| Speaking at the conclave, Rajat Gupta, partner of McKinsey & Co., said, "India enjoys a strong position on the mineral map of the world and should learn from other countries to harness this natural wealth for higher economic performance and employment generation." |
| The reports says, the sector has the potential to generate employment for 700,000 additional people by 2015 while attracting more than $75 billion worth of investments. |
| The report, while applicable for all major minerals, focuses on the value chain of three key minerals""iron ore (steel), coal and bauxite (alumina and aluminium). |
| The four main themes covered by the report relate to the aspirations for India's minerals and metals sector over the next 10 years, benefits resulting from the realisation of these aspirations, current barriers impeding growth of the sector and initiatives for unlocking the true potential of the sector in India. |
| According to the report, Jharkhand, Chhattisgarh and Orissa could aspire to prduce 130-195 million tonne of iron ore, 56-78 million tonne of steel, 500-600 million tonne of coal, 6-8.5 million tonne of alumina and 2.5-3.5 million tonne of aluminium. |
| West Bengal could aspire to produce 80-100 million tonne of coal and expand its current steel capacity. |
| This would significantly increase the current economic growth rates of these states resulting in Chhattisgarh growing at 5.5 per cent, Jharkhand at 5.9 per cent and Orissa at 7.1 per cent. |
| However, there were barriers and the report has chalked out five initiatives to overcome them. |
| These include according priority status to the minerals and metals sector, expediting project approval periods through single windown clearances that also include setting up special mining zones and amending the Forest Conservation Act (1980), developing dedicated infrastructure through public-private partnership, deregulating the coal sector and tranforming the eastern region into a power hub for the nation. |
| At the chief ministers conclave, Buddhadeb Bhattacharjee, West Bengal chief minister urged the state representatives to adhere by the recommendations of the report for economic development. |
| He said, "Political parties must rise above petty politics for the cause of economic development." |
| He also said that there were some scattered coal mines outside Eastern Coalfields Limited and requested central government to take over these mines or alternatively hand them over to the West Bengal government. |
| This would curb illegal mining and would also help the smaller iron and steel units. |
| Bhattacharjee urged CII to take up the issue with the central government. |
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