Government to introduce amendment bill to auction offshore minerals

23 May 2023 CW Team

The government is expected to introduce an amendment bill in the next Parliament session to allow for the auction of minerals mined offshore, sources have said.

The original Offshore Areas Mineral (Development and Regulation) Act, which was enacted in 2002, does not provide for auctions of minerals. The current policy is to auction minerals, so the Act needs to be amended.

The objective of the move is to use the national wealth in the sea for the benefit of the people of the country. The amendments will help in realising the natural wealth which lies with the country along its coast.

The consultations to amend the Act have been completed and a bill is likely to be introduced in the forthcoming Monsoon session of Parliament. The government is confident that the amendments will help to clear the legal hurdles and pave the way for the auction of offshore minerals.

The auction of offshore minerals is expected to attract investment and boost the economy. It will also help to meet the growing demand for minerals in the country.

Also read
India's project surge signals massive investment growth
Inauguration of 210 affordable homes in Kamalanagar

Infrastructure Urban

02 Jun 2026

VECV Sales Rise 7.8 Per Cent In May 2026

VE Commercial Vehicles recorded sales of 7,978 units in May 2026, compared to 7,401 units in May 2025, registering growth of 7.8 per cent. This included 7,789 units from the Eicher brand and 189 units from the Volvo brand.Eicher branded trucks and buses reported sales of 7,789 units during the month, up 7.3 per cent from 7,258 units a year earlier. In the domestic commercial vehicle market, Eicher sales rose 9.1 per cent to 7,375 units from 6,758 units in May 2025.Exports declined 17.2 per cent to 414 units from 500 units in the corresponding month last year. Volvo Trucks and Volvo Buses recor..

Table Space Strengthens DESYN Leadership Team

Table Space has announced strategic leadership appointments within DESYN, its integrated Design and Build business, as it looks to strengthen operations across key enterprise and GCC markets in India. DESYN was launched as a strategic extension of Table Space’s workspace solutions portfolio to meet rising demand for agile, high-quality and rapidly deployable enterprise workspaces.Shruti Ookabhoy has joined DESYN as Executive Director and will lead the Design vertical, focusing on design capability, operational excellence and team development across markets. She brings over 22 years of experi..

Concord Associate Bags Rs 2.79 Bn Kavach Order

Concord Control Systems said its associate company, Progota India, has received a Rs 2.79 bn domestic order from Indian Railways for the supply, installation, testing and commissioning of on-board Kavach 4.0 loco equipment.The order is scheduled for execution within 12 months and strengthens Concord’s role in India’s railway safety and signalling ecosystem. Kavach is India’s indigenous automatic train protection system, designed to improve operational safety by helping prevent signal passing at danger and reducing collision risks.Gaurav Lath, Joint Managing Director, Concord Control Syst..