The Union Cabinet on Thursday approved the National Mineral Policy 2019.
The policy is aimed at bringing about more effective regulation to the sector as well as a more sustainable approach while addressing the issues of those affected by mining.
“The aim of [the] National Mineral Policy 2019 is to have a more effective, meaningful and implementable policy that brings in further transparency, better regulation and enforcement, balanced social and economic growth as well as sustainable mining practices,” the government said in a statement.
Some of the features in the policy include the introduction of the right of first refusal for the reconnaissance permit (RP) and prospecting license holders, encouraging the private sector to take up exploration and the auctioning of virgin areas on a revenue- sharing basis.
In a separate decision, the Union Cabinet gave its ex-post facto approval for the creation of a special purpose vehicle (SPV) for the disinvestment of Air India and its subsidiaries and joint ventures.
The SPV, named Air India Assets Holding Ltd. (AIAHL), has been created for the purpose of warehousing the accumulated working capital loan not backed by any asset along with four subsidiaries (Air India Air Transport Services Ltd. (AIATSL), Airline Allied Services Ltd. (AASL), Air India Engineering Services Ltd. (AIESL) and Hotel Corporation of India Ltd. (HCI), according to the statement issued by the government.
The Cabinet also gave its approval for the creation of a SPV for the disinvestment of Air India