 "India is a mineral-rich country (its geological potential is similar to Western Australia) but mines only 2 per cent of its potential")
The government on Wednesday approved a memorandum of understanding between India and Finland for cooperation in the field of geology and mineral resources.
The decision in this regard was taken at a meeting of the Union Cabinet, headed by Prime Minister Narendra Modi.
"The Union Cabinet...has approved Memorandum of Understanding (MoU) for cooperation in the field of geology and mineral resources between Geological Survey of India, Ministry of Mines...and Geological Survey of Finland (Geologiantutkimuskeskus), Ministry of Employment and the Economy, the Government of Finland," the mines ministry said in a statement.
The pact facilitates cooperation in the field of geology, training, mineral prognostication and suitability analysis, seismic and other geophysical surveys among others finalised with the intent of reinforcing and strengthening scientific links between the two organisations.
This MoU aims to provide with a framework and a platform to promote and foster cooperation in the fields of geology, and mineral resources between the participants for mutual economic, social and environmental benefit; and share experiences on geological data management and information dissemination to promote exploration and mining, in the areas of geology and mineral resources.
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Geological Survey of India (GSI) is a premier geo-scientific organisation of international repute for creation and updation of national geo-scientific information and mineral resource assessment.
These objectives are achieved through the ground, air-borne and marine surveys, mineral prospecting and investigations, multi-disciplinary geoscientific, geo-technical, geo-environmental and natural hazards studies, glaciology, seismotectonic study, and carrying out fundamental research.
"Geological Survey of Finland has expertise in multi-thematic data integration and analysis using spatial platform with special emphasis on 3/4D modelling for mineral prognostication, hazard management, environmental impact assessment, and other areas of socio-economic significance and developing decision support system which can be used by users with minimal knowledge of GIS-based modelling," it said.
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