New Delhi | Nov 6, 2017: There is a notable turnaround in the mining sector with the mineral auction scenario set to reach a 10 per cent growth and fetch at least Rs 1 lakh crore by the end of the current fiscal year, Secretary, Ministry of Mines Arun Kumar said here on Monday.

Speaking at the Mining Summit organized by Confederation of Indian Industry (CII) in association with World Mining Congress, Mr Kumar said that realism was setting in the sector and there was a need to speed up exploration. The new National Mineral Exploration Policy (NMEP) may add further to growth rate, he added. States are also willing to invest, he noted.

Mr Kumar announced that Government was working on an appropriate framework of Mineral asset auction process and giving impetus to the private sector in mineral exploration.

With the creation of National Mineral Exploration Trust (MET) and the National Aero Geo-physical Mapping, Government is mapping 8.2 lakh sq mt geographical potential area, for which the tenders and Expressions of Interest are already published in phases, he said.

Mr NK Joshi, Joint Secretary said, "There is enough material available and therefore there is no rationale for price controls. As far as major minerals are concerned, India is a net exporting country and shall continue in this regard. Practicing transparency should be the key".

(Source: http://www.uniindia.com/)