Modi moves ahead with reforms |
Indian Parliament upper House, the Rajya Sabha, passed the key Coal and Mining Bills on March 20 after several opposition parties supported the NDA government`s twin pieces of reform legislation that are likely to boost investment in the languishing sectors. Disruptions from the Congress and Left had delayed the passage of the contentious bills brought to replace ordinances that lapse on April 5. Parliament is now in recess. The second half of the Budget session starts on April 20. Ruling NDA coalition is in a minority in this House. Parties supporting the Bills included the Trinamool Congress, Samajwadi Party and Biju Janata Dal on the Mines Bill. The upper House passed the bill with 117 members voting in favor and 69 against. The Bill aims to bring transparency in the allocation of mines of 10 minerals including bauxite, iron ore, limestone and manganese ore and cut discretions, said Mines Minister Narendra Singh Tomar. Exploration (of minerals) will get a boost. Process will be simplified and investment will come in. The current law caps lease at a maximum of 30 years – with a possible renewal of 20 years – but the new bill provides for a 50-year mining lease. On expiry of the lease, the mine shall be put up for auction.
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