Post by oyendrila on Nov 9, 2015 4:09:41 GMT -5
India is third-largest producer of coal with a production of 565.6 million tons in Financial Year 14. It has the fifth-largest coal reserves in the world at 301.6 billion tons. The country is expected to become the second-largest steel producer by 2015. The Mining industry in India is a major economic activity which contributes significantly to the economy of India. The GDP contribution of the mining industry varies from 2.2% to 2.5% only but going by the GDP of the total industrial sector it contributes around 10% to 11%. Even mining done on small scale contributes 6% to the entire cost of mineral production. Indian mining industry provides job opportunities to around 700,000 individuals.
Minerals constitute the back-bone of economic growth of any nation and India has been eminently endowed with this gift of na¬ture. There are a couple of evidences that exploitation of minerals like coal, iron-ore, copper, lead-zinc has been going on in the country from time immemorial. However, the first recorded history of mining in India dates back to 1774 when an English company was granted permission by the East India Company for mining coal in Raniganj. John Taylor & Sons Ltd. started gold mining in Kolar Gold Fields in the year 1880. The first oil well was drilled in Digboi in the year 1866 - just seven years after the first ever oil well was drilled anywhere in the world viz. After India became independent, the growth of mining under the impact of successive Five Year Plans has been very fast. There are ambitious plans in coal, metalliferous and oil sectors to in¬crease production of minerals during the 8th Five Year Plan and thereafter. With the Indian economy expected to grow by approximately 7% in the years to come, sectors such as infrastructure and automobiles will receive a renewed thrust, which would further generate demand for power and steel in the country. This is expected to provide a major thrust to the demand of minerals like coal and iron ore. India has the 301.56 Billion Tons coal reserves as of April 2014. Production of coal stood at 540 Million Tons and 557.7 Million Tons in 2012 and 2013, respectively. We rank fourth globally in terms of iron ore production. In 2013, the country produced 136.02 Million Tons of iron ore.
The Government of India has allowed 100 per cent foreign direct investment (FDI) in the mining sector under the automatic route. Along with the Make in India Campaign, mining lease has been granted for a long duration of minimum 20 years and up to 30 years. It has also approved MMDR Bill to provide better legislative environment for investment and technology. Ambitious programs were launched to increase the production of minerals to meet the ever growing demand of the core industries like steel, non-ferrous metals, fertilizers, etc. keeping in view also the higher exports for much needed foreign exchange. Many public sector organizations were set up to take up exploration and exploitation of minerals and the state assumed direct responsibility for developing mines of important minerals and establishing mineral based industries.
Minerals constitute the back-bone of economic growth of any nation and India has been eminently endowed with this gift of na¬ture. There are a couple of evidences that exploitation of minerals like coal, iron-ore, copper, lead-zinc has been going on in the country from time immemorial. However, the first recorded history of mining in India dates back to 1774 when an English company was granted permission by the East India Company for mining coal in Raniganj. John Taylor & Sons Ltd. started gold mining in Kolar Gold Fields in the year 1880. The first oil well was drilled in Digboi in the year 1866 - just seven years after the first ever oil well was drilled anywhere in the world viz. After India became independent, the growth of mining under the impact of successive Five Year Plans has been very fast. There are ambitious plans in coal, metalliferous and oil sectors to in¬crease production of minerals during the 8th Five Year Plan and thereafter. With the Indian economy expected to grow by approximately 7% in the years to come, sectors such as infrastructure and automobiles will receive a renewed thrust, which would further generate demand for power and steel in the country. This is expected to provide a major thrust to the demand of minerals like coal and iron ore. India has the 301.56 Billion Tons coal reserves as of April 2014. Production of coal stood at 540 Million Tons and 557.7 Million Tons in 2012 and 2013, respectively. We rank fourth globally in terms of iron ore production. In 2013, the country produced 136.02 Million Tons of iron ore.
The Government of India has allowed 100 per cent foreign direct investment (FDI) in the mining sector under the automatic route. Along with the Make in India Campaign, mining lease has been granted for a long duration of minimum 20 years and up to 30 years. It has also approved MMDR Bill to provide better legislative environment for investment and technology. Ambitious programs were launched to increase the production of minerals to meet the ever growing demand of the core industries like steel, non-ferrous metals, fertilizers, etc. keeping in view also the higher exports for much needed foreign exchange. Many public sector organizations were set up to take up exploration and exploitation of minerals and the state assumed direct responsibility for developing mines of important minerals and establishing mineral based industries.
