* * * Jharkhand News * ** ** **
New Delhi (PTI): The National Mineral Policy (NMP) 2008, approved by the Cabinet last night, will reduce time delays in disposing off mining applications, boost foreign direct investment and protect the risk capital to be invested and providing automatic mining rights to miners. "We are extremely happy that the Cabinet has approved the NMP. Under the new policy enterpreneurs who invest heavy risk captial will automatically get the mining lease. This will enable and protect their capital because to achieve the exploration of minerals we need heavy money," Minister of State for Mines T Subbarami Reddy said. He said the goveremnt would now take the Policy to Parliament and introduce an amendment Bill 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. The Cabinet aproved the policy after factoring in the recommendations 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, Reddy said. Delays in ensuring mining leases is believed to be a key reason behind meagre investments in the sector, which has the potential of roping in FDI worth Rs 5,00,000 crore within five years and meet the growing production needs of the domestic steelmakers, he added. hindu.com/thehindu/holnus/006200803141322.htm * *Read, Write & Watch @ Jharkhand Blog* =>* Jharkhandminerals.blogspot .com/ <http://www.Jharkhandminerals.blogspot.com/> -- Jharkhand News [EMAIL PROTECTED] Jharkhand Online Network www.jharkhand.org.in/news
