KOLKATA | Feb 29, 2016: The budget proposals seems to have disappointed the heavy minerals industry. The sector says it has been completely overlooked. "The heavy mineral sectors was hopeful the export duty burden on ilmenite would be removed and anti dumping duty on cheaper Chinese pigments imports ," V Subramanian, Director, V V Mineral, India.

"Considering the various steps the government has been undertaking to ensure its 'Make in India' programme is successful, there were hopes that the heavy minerals mining industry would receive some incentives, given the pivotal role it plays in directly or indirectly supporting multiple manufacturing industries," he added.

The government is drawing up a comprehensive plan, spanning next 15 to 20 years, to augment the investment in nuclear power generation with budgetary allocation up to Rs 3,000 crore per annum, together with public sector investments, will be leveraged to facilitate the required investment for this purpose. "Permitting private manufacturers to some of the rare earth mineral bearing minerals such as Monazite could be a great start towards this goal," the V V Minerals official said. It is also crucial that private sector's potential should be realised fully in the nuclear energy sector to accomplish the desirable goals as envisaged by the finance minister, Subramanian added.

(Source: http://economictimes.indiatimes.com/)