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Lok Sabha passed Bill to amending MMDR Act.

“We are withdrawing that provision of 10A(2)(b) and all these 572 mines will be brought under auction. Some of them are so old,” mines minister Pralhad Joshi said introducing the Bill in Lok Sabha.
The mineral sector contributes only 1.75% to the country’s GDP and imports minerals worth ₹2.5 trillion on annual basis. The bill makes a distinction between the captive and non-captive mines allowing captive mines to sell up to 50% of the minerals excavated during the current year and is also expected to help in auctioning of more mines. The sale of minerals by captive plants would facilitate an increase in production and supply of minerals, ensure economies of scale in mineral production, stabilize prices of ore in the market and bring additional revenue to the states.

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