Mining and Metals
The liberalization and globalization of the Indian economy created conditions favorable for a rapid development of the mineral industry and the value of mineral production increased at an average rate of about six per cent per annum during the Eighth Plan Period (1992-97). India mainly exports minerals like iron ore, manganese ore, chromite, granite and cut and polished diamonds. On the other hand, coking coal, gold, copper, lead, nickel, tin, asbestos, potash and crude are some of the important mineral commodities being imported. There is an imbalance between exports and imports of minerals’-imports exceeding the exports.
Foreign Participation
In January, 1997 automatic route for foreign equity participation upto 50 per cent for mining of certain minerals like iron ore, manganese ore, chromite, bauxite, copper ore, lead and zinc ore was allowed. Seventy-four per cent foreign equity through automatic route was also allowed in services incidental to mining like drilling, shafting, reclamation of mines, surveys and mapping except services related to gold, silver and precious and semi-precious stones. Automatic route for foreign equity participation upto 74 per cent in base metals and alloys industries was also allowed. Higher equity participation in these fields and foreign equity participation in gold, silver and precious stones can be allowed through the Foreign Investment Promotion Board (FIPB) route as per the policy guidelines. Fifty proposals of FDI, which are likely to catalyze investment of over Rs. 3,000 crore, have been cleared. The Government constantly interacts with foreign investors.
The firm provides attention towards the mining and mineral industry and thereby devotes its expertise to arrange expert advisory services in various areas as under,
- National Mineral Policy
- Policy and legislation
- Environmental Management
- Offshore Areas Mineral (Development and Regulation) Act, 2002
- Mines and Minerals (Development and Regulation) Act, 1957
- Forest (Conservation) Act and Rules, 1980
- GOA, DAMAN AND DIU Mining Concessions Act, 1987
- CESS and other Taxes on Minerals (Validation) Act, 1992
- Mineral Exploration Corporation Limited (MECL)
- Indian Bureau of Mines (IBM)