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 Transport

15 Sep 2025

Cabinet Approves Key Highway and Rail Projects in Bihar Region

The Union Cabinet on Wednesday approved the four-laning of the 84.2-km Mokama-Munger section of the Buxar-Bhagalpur high-speed corridor, a key industrial region in poll-bound Bihar. The Cabinet also sanctioned the doubling of the 177-km Bhagalpur-Dumka-Rampurhat railway line, which passes through Bihar, Jharkhand, and West Bengal, at a cost of Rs 31.7 billion.The Rs 44.5 billion highway project will be constructed under the hybrid annuity model, a variant of public-private partnership. The Mokama-Munger stretch was the only remaining two-lane section of the 363-km Buxar-Bhagalpur corridor. Fou..

NGT Issues Notice on Bengaluru Twin Tunnel Project

The National Green Tribunal (NGT) on Wednesday issued notices in response to a petition filed by Bengaluru Praja Vedike and others, challenging the Bengaluru twin tunnel road project. Petitioners claim the project was “hastily announced” and bypassed mandatory environmental impact assessment procedures.Notices have been served to the Karnataka Government, Greater Bengaluru Authority, State Environment Impact Assessment Authority (SEIAA), Bengaluru Smart Infrastructure Ltd (B-SMILE), the Union Ministry of Environment, Forest and Climate Change, and project consultants.The 16.74-km twin-tube..

India’s Residential Sales to Dip Slightly in FY26

Residential sales in India’s seven major cities are projected to decline by up to 3 per cent year-on-year in FY26 to 620–640 million square feet (msf), amid a moderation in sales velocity, according to ratings agency Icra.In FY25, sales stood at 643 msf, down 8 per cent YoY, following a sharp contraction in new launches and moderated demand in the affordable and mid-income segments. This slowdown came after the sector posted a robust compound annual growth rate of 26 per cent in area sales between FY22 and FY24.Icra noted: “Having seen a strong upcycle, the sector entered an equilibrium ..