Lok Sabha passes bill to Tap India's Offshore Mineral Resources fairly

03 Aug 2023 CW Team

Mines Minister Prahlad Joshi, while introducing the Bill, expressed his belief that it would resolve the on-going challenges in the sector.

The primary objectives of the Bill, as stated in its statement of objects and reasons, are to empower the central government to formulate rules for conserving and systematically developing minerals in offshore regions. Additionally, it strives to protect the environment by preventing and controlling pollution resulting from exploration or production activities.

Minister Joshi emphasised the urgency of introducing an auction-based method for allocating operating rights in offshore areas, ensuring a transparent and non-discretionary process for their allocation.

Moreover, the Bill proposes the establishment of an Offshore Areas Mineral Trust, similar to the District Mineral Fund, which will maintain a non-lapsable fund in the public account of India. This fund's purpose is to ensure sufficient financial resources for exploration, mitigating adverse impacts of offshore mining, disaster relief, research, and initiatives for the welfare of people affected by exploration or production operations.

Under this legislation, production leases will be granted to the private sector exclusively through auction, while operating rights in mineral-bearing areas can be allocated to public sector entities through a nomination process without competitive bidding.

Furthermore, the Bill introduces a composite license, a two-stage operating right that allows exploration followed by production operations. These composite licenses will also be granted only through auction by competitive bidding for the private sector.

Regarding atomic minerals, the grant of exploration licenses or production leases will be restricted to public sector entities exclusively.

Lok Sabha approved a Bill aimed at facilitating the tapping of India's offshore mineral resources. This amendment bill, associated with the Offshore Areas Mineral (Development and Regulation) Act of 2002, aims to establish a transparent and equitable mechanism for allocating operating rights to those involved in offshore mineral extraction.Mines Minister Prahlad Joshi, while introducing the Bill, expressed his belief that it would resolve the on-going challenges in the sector.The primary objectives of the Bill, as stated in its statement of objects and reasons, are to empower the central government to formulate rules for conserving and systematically developing minerals in offshore regions. Additionally, it strives to protect the environment by preventing and controlling pollution resulting from exploration or production activities.Minister Joshi emphasised the urgency of introducing an auction-based method for allocating operating rights in offshore areas, ensuring a transparent and non-discretionary process for their allocation.Moreover, the Bill proposes the establishment of an Offshore Areas Mineral Trust, similar to the District Mineral Fund, which will maintain a non-lapsable fund in the public account of India. This fund's purpose is to ensure sufficient financial resources for exploration, mitigating adverse impacts of offshore mining, disaster relief, research, and initiatives for the welfare of people affected by exploration or production operations.Under this legislation, production leases will be granted to the private sector exclusively through auction, while operating rights in mineral-bearing areas can be allocated to public sector entities through a nomination process without competitive bidding.Furthermore, the Bill introduces a composite license, a two-stage operating right that allows exploration followed by production operations. These composite licenses will also be granted only through auction by competitive bidding for the private sector.Regarding atomic minerals, the grant of exploration licenses or production leases will be restricted to public sector entities exclusively.

Infrastructure Urban

06 Jul 2026

ABS Marine Sees CRISIL Credit Rating Upgrade

ABS Marine Services has secured an upgrade to its long term and short term credit ratings from CRISIL, reflecting improved profitability and revenue growth through long term contracts. CRISIL moved the long term rating from BBB+/Stable to A-/Stable and revised the short term rating from A2 to A2+. The action signals strengthened financial metrics and operational resilience. The company benefited from durable client relationships with firms such as ONGC and Schlumberger. The rating decision followed stronger cash flows and an enlarged bank loan facility, which increased from Rs 3,705 million (m..

Infrastructure Transport

06 Jul 2026

Project BRAHMANK Marks 16 Years Of Strategic Roads In Arunachal

Project BRAHMANK is marking 16 years of work to establish strategic road and bridge links across Arunachal Pradesh, maintaining and developing 811 kilometres of roads and nearly 86 bridges that range from small culverts to large steel and arch bridges. These transport links are described as critical for ensuring year-round movement of defence personnel, equipment and essential supplies while improving everyday travel for people in remote villages. The project balances national security requirements with regional development by focusing on reliable access in challenging terrain. Notable enginee..

Infrastructure Transport

06 Jul 2026

Longleng CSOs Give One Week Ultimatum Over Two-Lane Highway

Civil society organisations (CSOs) in Longleng district have demanded immediate restoration of the deteriorating Changtongya–Longleng two-lane road and sought a detailed status report on the stalled construction within one week. The demand followed a consultative meeting convened under the Phom Peoples' Council (PPC) to discuss welfare and development concerns. PPC president YB Angam Phom said prolonged non-maintenance had caused hardship to commuters and affected transportation, local commerce and the district's development. The meeting urged authorities to undertake immediate restoration a..