Industry chambers Confederation of Indian Industry (CII) and Federation of Indian Chambers of Commerce and Industry (FICCI) have welcomed the passage of Mines & Minerals Development & Regulation (MMDR) Bill 2015 in Rajya Sabha today.
Chandrajit Banerjee, Director General, CII said, "This will bring in much needed transparency in the allocation process and kick-start the mining sector which was languishing for want of clear guidelines." He further said that the bill would pave the way for restarting mining in the country, thereby easing the pressure on availability of raw material, so vital for many key sectors that provide inputs to manufacturing.
Banerjee said, "The long tenure of licenses of 50 years and well defined Centre - State powers, provided in the MMRD, will help build industry confidence in the process and attract investments."
Dr. Jyotsna Suri, President FICCI said, “We welcome the passage of two crucial bills today. The new legislations will herald a new regime of competition, efficiency, and transparency for key natural resources by fostering fair play through market forces.”
“This will strengthen the reform agenda of the government and drive the economy to higher levels of growth. It is a strong boost to the confidence of investors, who have been looking for clarity and certainty in the policy regime”, she added. (Share Manthan, 20th March 2015)
