April 24, 2024 07:42 (IST)
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Cabinet approves National Mineral Exploration Policy
New Delhi, June 29 (IBNS): The Union Cabinet chaired by Prime Minister Narendra Modi has approved the National Mineral Exploration Policy (NMEP).
The NMEP primarily aims at accelerating the exploration activity in the country through enhanced participation of the private sector.
"There is a need for comprehensive mineral exploration of the country to uncover its full mineral potential so as to put the nation's mineral resources (non-fuel and non-coal) to best use and thereby maximize sectoral contribution to the Indian economy," a government statement said.
The policy emphasizes on making available baseline geoscientific data of world standards in the public domain, quality research in a public-private partnership, special initiatives for search of deep-seated and concealed deposits, quick aerogeophysical surveys of the country, and creation of a dedicated geoscience database etc.
In order to implement the recommendations of the NMEP, initially an amount of about Rs.2116 crore over 5 years would be required over and above the annual plan budget of the Geological Survey of India under the Ministry of Mines.
The NMEP will benefit the entire mineral sector across the country.
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