Vast natural resources will prove to be pivotal to nation’s journey towards Viksit Bharat-2047: Kishan Reddy

Addressing the national seminar on ‘Challenges and opportunities in the mines and minerals sector’ organized by the Mining, Geological, Metallurgical Institute of India, in New Delhi, he said under the leadership of the Prime Minister Narendra Modi, the Centre has brought about a paradigm change in the coal and minerals sector, making it transparent and competitive.

He further stated that the government’s extensive efforts over the past decade to harness this potential through initiatives such as introduction of commercial auction regime for coal and mineral blocks, encouraging private sector partnership etc.

The Union Minister said critical minerals have emerged as drivers of modern economy and the Central government has ensured that the country taps into this global opportunity through the launch of the National Critical Minerals Mission.

He also emphasised on the importance of private sector partnership and called on the industry leaders to become part of this unfolding growth story of India. He said that the government has undertaken several measures to enhance ease of doing business to encourage their participation and also mitigate the risks associated.

He stated that initiatives such as reimbursement of 50 per cent exploration expenditure for Exploration License and Composite licence holders encourage greater participation. He deliberated in detail on the steps being taken by the government to reduce import reliance on coal and measures to augment domestic coal producing capacity of the country.

Kishan Reddy discussed initiatives such as “Mission Coking Coal,” aiming to produce 140 million tonnes of coking coal by 2030, and efforts to boost sustainable mining practices through the National Mineral Policy 2019 and advanced technologies. He added Coal India’s focus on improving existing washeries and setting up new ones is important for reducing the import burden and meeting domestic demand.

Initiatives such as Mission Coking Coal and focus on enhancing washeries capacity of India, will usher in a change in the coal ecosystem of India.

On the minerals front, he acknowledged the capital-intensive nature of minerals exploration and highlighted the need for greater research, scientific enquiry and collaborations to enhance our capacities. In line with the sustainable mining objective, Kishan Reddy highlighted the promotion of underground mining, with a target of achieving 100 million tonnes by 2029-30.

Additionally, several measures are being adopted to advance clean fuel technologies, including coal gasification, extraction of Coal Bed Methane (CBM) gases, exploration of coal-to-hydrogen processes, and Carbon Capture and Storage (CCS).