Zee Media Bureau
New Delhi: The Union Cabinet on Monday cleared mines ordinance, that would pave the way for auction of iron ore and other minerals as proposed in the Mines and Minerals (Development and Regulation) Bill.
The Mines Ministry has already circulated a note among various ministries to bring in some important amendments to the Mines and Minerals (Development and Regulation) Act, 1957.
The sector has been reeling under several issues such as mining ban. The previous UPA government had brought in a Bill in 2011 to amend the Act. But the Bill got lapsed with the dissolution of the previous Lok Sabha.
The Bill sought to introduce competitive bidding through the auction route for iron ore and other minerals. It also focuses on attracting private investment and latest technology and eliminating delay in administration.
With agency inputs
