Union Cabinet clears National Mineral Exploration Policy

Through NMEP, the government aims to attract private sector in exploration of minerals, besides involving State-run GSI, MECL and other notified agencies.

Updated: Jun 29, 2016 15:59 IST

The Union Cabinet on 29 June 2016 approved the National Mineral Exploration Policy (NMEP). With this, the government can now auction 100 prospective mineral blocks that have been identified by the Geological Survey of India (GSI) for exploration.

Through NMEP, the government aims to attract private sector in exploration of minerals, besides involving State-run GSI, MECL and other notified agencies.

To encourage mineral exploration in the country, the Mines Ministry had already notified the National Mineral Exploration Trust (NMET).

Highlights of the National Mineral Exploration Policy (NMEP)
• It proposed that private entities engaged in carrying out regional and detailed exploration would get a certain share in revenue in mining operation from the successful bidder after the e-auction of block.
• The revenue-sharing could be either in the form of a lump sum or an annuity, to be paid throughout the period of mining lease with transferable rights.
• Selection of private explorer would be done through a transparent process of competitive bidding through e-auction.
• For selection of private explorer, reasonable areas or blocks for regional exploration will be earmarked or identified by the government for auctioning.

As identified by Geological Survey of India (GSI), out of India’s entire Obvious Geological Potential (OGP) area, only 10 percent has been explored yet and mining is undertaken in 1.5-2 percent of this area.

Now get latest Current Affairs on mobile, Download # 1  Current Affairs App

Take Weekly Tests on app for exam prep and compete with others. Download Current Affairs and GK app

एग्जाम की तैयारी के लिए ऐप पर वीकली टेस्ट लें और दूसरों के साथ प्रतिस्पर्धा करें। डाउनलोड करें करेंट अफेयर्स ऐप

AndroidIOS
Read the latest Current Affairs updates and download the Monthly Current Affairs PDF for UPSC, SSC, Banking and all Govt & State level Competitive exams here.

Related Stories

Comment (0)

Post Comment

8 + 3 =
Post
Disclaimer: Comments will be moderated by Jagranjosh editorial team. Comments that are abusive, personal, incendiary or irrelevant will not be published. Please use a genuine email ID and provide your name, to avoid rejection.

    Monthly Current Affairs PDF

    • Current Affairs PDF May 2022
    • Current Affairs PDF April 2022
    • Current Affairs PDF March 2022
    • Current Affairs PDF February 2022
    • Current Affairs PDF January 2022
    • Current Affairs PDF December 2021
    View all

    Monthly Current Affairs Quiz PDF

    • Current Affairs Quiz PDF May 2022
    • Current Affairs Quiz PDF April 2022
    • Current Affairs Quiz PDF March 2022
    • Current Affairs Quiz PDF February 2022
    • Current Affairs Quiz PDF January 2022
    • Current Affairs Quiz PDF December 2021
    View all