Development and Regulation - Youth Destination IAS

Union Government approves Amendment of the Second Schedule to the Mines and Minerals (Development and Regulation) Act, 1957 Recently mining of new minerals has been allowed to reduce dependence on imports. The Union Cabinet has approved a proposal of the Ministry of Mines to amend the Second Schedule to the Mines and Minerals Development and Regulation Act, 1957. The purpose of this proposal is to determine the rate of royalty in respect of certain minerals such as Gluconite, potash, emerald (emerald), platinum group of metals (PGM), Andalusite, Sillimanite and molybdenum. Gluconite and potash are used as fertilizers in agriculture. PGM, Andalsite and Molybdenum are expensive minerals. Benefits of this amendment: Allowing mining of new minerals will reduce their dependence on imports. This will save foreign exchange reserves. These mineral blocks will be auctioned for the first time in India. This is expected to provide many opportunities for the mining and manufacturing sector. This will ensure availability of minerals for downstream industries. At the same time, it will also support the agriculture sector. Earlier, the MMDR Act was amended in the year 2015 to introduce a new mechanism for grant of mineral related concessions. Later, it was amended again in the year 2021 to promote auction of mineral blocks. Royalty: This is not a tax. It is the rent of the land on which the mine is situated, or it is the price of the privilege of extracting minerals from the land granted by the government. Source – The Hindu Download Our App MORE CURRENT AFFAIRS

Current Affairs Development and Regulation

Second Schedule to the Mines and Minerals Development and Regulation Act, 1957

Register for Admission

Mains Answer Writing Practice

रणनीतिक विनिवेश से क्या तात्पर्य है?

What is meant by Strategic Disinvestment?

Explaining the significance of animal husbandry in rural development

ग्रामीण विकास में पशुपालन के महत्व की व्याख्या करते हुए सुझाव दीजिए

Recent Current Affairs (English)

International Energy Agency’s Coal 2023 Report

Mitochondrial Diseases

Economic pact between India and EFTA States

India – Oman Relation

Current Affairs (हिन्दी)

अंतर्राष्ट्रीय ऊर्जा एजेंसी की कोयला 2023 रिपोर्ट

माइटोकॉन्ड्रियल रोग

भारत और ईएफटीए राज्यों के बीच आर्थिक समझौता

भारत-ओमान संबंध