As the country aims to become a USD 5 trillion economy, the policy makers need to focus more on the mining sector with concerted efforts to regain its 3 per cent share in the GDP by 2024-25, says a study.
According to the study conducted by industry body CII, the mining industry's share in India's GDP (in real terms) in 2018-19 was a low of 2.6 per cent, down from 3 per cent in 2011-12.
The study 'Towards a Globally Competitive Minerals and Mining Industry' was released at the Mining Summit 2019 here.
"The minerals and mining industry is core to India's growth ambition of a USD 5 trillion economy. Exploration, extraction and management of minerals have to be guided by national goals and perspectives, to be integrated into the overall strategy of India's economic development.
"And at the same time, there should be efforts to promote domestic industry and reduce import dependency," Mines Joint Secretary Upendra Joshi said while releasing the report.
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The sector has a pivotal role to play in the 'Make in India' vision of the prime minister and exploration can improve India's mineral security and competitive edge.
"There is a significant scope for new mining capacities in iron ore, bauxite and coal and considerable opportunities for future discoveries of sub-surface deposits. The Geological Survey of India has almost doubled its exploration activity by implementing about 400 mineral exploration projects on various mineral commodities," he said.
Attractive provisions have been made for inviting private investment in mineral exploration through revenue sharing model. It shall also be ensured that the regulatory environment is conducive to ease of doing business with simpler, transparent and time-bound procedures for doing business, Joshi added.
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