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PMEAC Predicted Slow Growth in the Mining Sector

According to the Prime Minister's Economic Advisory Council (PMEAC), India's mining sector is likely to see a slowdown in growth to 8 per cent in the 2010-11 fiscal.

Oct 9, 2010 17:37 IST

According to the Prime Minister's Economic Advisory Council (PMEAC), India's mining sector is likely to see a slowdown in growth to 8 per cent in the 2010-11 fiscal. The lower forecast is an outcome of a current debate on the virtues of a proposed legislation, the Mines and Minerals Development and Regulation Act, 2010 which aims to make mining allocation expeditious and transparent. The PMEAC, however predicted a growth of 8.5 per cent this fiscal and 9 per cent in 2011-12. India showed average growth of 7.4 per cent in 2009-10 and 6.7 per cent in 2008-09.