The government today said it has constituted a panel to revamp the Indian Bureau of Mines (IBM) to enhance its role keeping in view the projected growth in the mining sector, including increased inflow of capital.
"IBM would have to re-position itself... It would have to reinvent itself from being a mere regulatory authority to becoming a techno-economic facilitator for orderly growth of mineral sector," Mines Minister BK Handique told a parliamentary panel.
Handique said the share of mining sector to the country's GDP, which stands between 2.5 and 3 per cent, is poised to increase substantially.
"The growth in mining activities would entail an expanding role for IBM," he told the Parliamentary Consultative Committee on Mining while chairing its meet.
A committee has been set up in the Ministry for restructuring the IBM in order to enable it to meet future challenges and facilitate proper implementation of the new mineral policy, he added.
The National Mineral Policy 2008 enunciates measures like assured right to next stages of mineral concessions, transferability of mineral concession and transparency in allotment of concessions, in order to reduce delays which are seen as impediments to investment and technology flow in the mineral sector, he said.
IBM at present is entrusted with the task of promoting systematic and scientific development of mineral resources of the country through regulatory inspections of the mines, approval of mining plans and environment management plans.