Union Budget Proposes to Encourage Investment in Mining Sector

5 Dariya News

New Delhi 11-Jul-2014

The Union Budget presented by Arun Jaitley, Minister of Finance, yesterday has a number of proposals relating to mining sector. Following is the text of the speech delivered by the Finance Minister: “It is my Government’s intention to encourage investment in mining sector and promote sustainable mining practices to adequately meet the requirements of industry without sacrificing environmental concerns. The current impasse in mining sector, including, iron ore mining, will be resolved expeditiously. Changes, if necessary, in the MMDR Act, 1957 would be introduced to facilitate this.” Revision of Royalty Rate 

“There have been requests from several State Governments to revise rate of Royalty on minerals. Hon’ble Members are aware that rate of Royalty can be revised after a period of three years. Last revision took place in August, 2009. Therefore, another revision, which is due, will be undertaken to ensure greater revenue to the State Governments.”