+
100% FDI in Mining sector to reach new milestones
Company News

100% FDI in Mining sector to reach new milestones

The rise in infrastructure development and automotive production is driving growth in the metals and mining sector in India. India has a vast mineral potential with mining leases granted for a longer duration of 50 years. As of FY22, the number of reporting mines in India was estimated at 1,245, of which reporting mines for metallic minerals were estimated at 525 and non-metallic minerals at 720.

In FY21, India’s crude steel production stood at 102.49 million tonnes (MT) and in September 2021, production of hot metal, crude steel, and saleable steel by SAIL stood at 1.55 MT, 1.44 MT and 1.46 MT, respectively.

India is the world's second-largest coal producer as of 2021 and the world's second-largest crude steel producer, 2020, with an output of 99.6 MT.

Coal production in the country stood at 715.95 MT in FY21 and in FY22 (until October), Coal India (CIL) produced 299.61 MT of coal—approximately 16.7 MT more than that in the same period last year In the first quarter of FY22, iron ore exports reached $1.7 billion, registering an increase of 168% YoY with its production in the country standing at 189 MT in FY21. According to the Directorate General of Commercial Intelligence & Statistics, in FY22 (until August 2021), iron ore exports reached $2.23 billion, registering an increase of 21.8% YoY.

The Government of India has allowed 100% foreign direct investment (FDI) in the mining sector and exploration of metal and non-metal ores under the automatic route, which will propel growth in the sector. Power and cement industries also aid growth in the metals and mining sector.

The Mines and Minerals (Development and Regulation) Act, 1957 (MMDR Act) has been amended through the Mines and Minerals (Development and Regulation) Amendment Act, 2021, which has been notified on 28.03.2021, for giving a boost to mineral production.

The MCR, 2016 has been amended through Minerals (Other than Atomic and Hydro Carbons Energy Mineral) Concession (Fourth Amendment) Rules, 2021 on November 2, 2021.

The rise in infrastructure development and automotive production is driving growth in the metals and mining sector in India. India has a vast mineral potential with mining leases granted for a longer duration of 50 years. As of FY22, the number of reporting mines in India was estimated at 1,245, of which reporting mines for metallic minerals were estimated at 525 and non-metallic minerals at 720. In FY21, India’s crude steel production stood at 102.49 million tonnes (MT) and in September 2021, production of hot metal, crude steel, and saleable steel by SAIL stood at 1.55 MT, 1.44 MT and 1.46 MT, respectively. India is the world's second-largest coal producer as of 2021 and the world's second-largest crude steel producer, 2020, with an output of 99.6 MT. Coal production in the country stood at 715.95 MT in FY21 and in FY22 (until October), Coal India (CIL) produced 299.61 MT of coal—approximately 16.7 MT more than that in the same period last year In the first quarter of FY22, iron ore exports reached $1.7 billion, registering an increase of 168% YoY with its production in the country standing at 189 MT in FY21. According to the Directorate General of Commercial Intelligence & Statistics, in FY22 (until August 2021), iron ore exports reached $2.23 billion, registering an increase of 21.8% YoY. The Government of India has allowed 100% foreign direct investment (FDI) in the mining sector and exploration of metal and non-metal ores under the automatic route, which will propel growth in the sector. Power and cement industries also aid growth in the metals and mining sector. The Mines and Minerals (Development and Regulation) Act, 1957 (MMDR Act) has been amended through the Mines and Minerals (Development and Regulation) Amendment Act, 2021, which has been notified on 28.03.2021, for giving a boost to mineral production. The MCR, 2016 has been amended through Minerals (Other than Atomic and Hydro Carbons Energy Mineral) Concession (Fourth Amendment) Rules, 2021 on November 2, 2021.

Next Story
Real Estate

Shriram Properties Launches ‘Codename: The One’ in Bengaluru

Shriram Properties (SPL), a leading real estate developer focused on the mid-market and mid-premium segments, has announced the launch of its latest residential project under the banner “Codename: The One” in Bengaluru’s Electronic City corridor. This feature-rich gated community will offer 340 spacious 2- and 3-BHK residences, with a total saleable area of approximately 5 lakh square feet and an estimated revenue potential of over Rs 3.5 billion. The project is expected to be developed over a span of more than three years.  Strategically located near the Bommasandra Metro stat..

Next Story
Resources

India Warehousing Show 2025 Closes with Strong Global Presence

The 14th edition of the India Warehousing Show (IWS) 2025 concluded successfully at Yashobhoomi (IICC), Dwarka, drawing participation from over 300 exhibitors across 15 countries and welcoming 15,000+ visitors. Recognised as India’s leading platform for warehousing and logistics excellence, IWS 2025 offered a comprehensive display of cutting-edge automation, sustainable warehousing solutions, and next-gen supply chain technologies. The show was inaugurated by Shri Pankaj Kumar, Joint Secretary – Logistics, DPIIT, Ministry of Commerce and Industry, Government of India. In his opening a..

Next Story
Equipment

MHIET Launches 450kW Gas Cogeneration System with H₂ Co-Firing

Mitsubishi Heavy Industries Engine & Turbocharger (MHIET), part of the Mitsubishi Heavy Industries Group, has launched a new 450kW gas cogeneration system, the SGP M450, jointly developed with Toho Gas Co.,. The system supports hydrogen co-firing at up to 15 vol per cent, with no loss in performance or reliability.  The system is currently available in the Japanese market, and has been developed from the existing GS6R2 city gas engine platform. Key modifications were made to the fuel gas and engine control systems to enable hydrogen co-firing.   Verified through de..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?