Government Policy Allowing 100 Percent Foreign Domestic Investment A Boon To Aluminium Industry: Mines Minister
05 February 2019 by Staff
In comments to domestic aluminium industry stakeholders, India’s Mines Minister said that his government will continue to develop and encourage greater foreign direct investment (FDI) in the aluminium sector as a means to attract more funding for aluminium projects.
Speaking at the International Conference on Aluminium (INCAL 2019), Narenda Singh Tomar said that the policy of allowing 100 percent FDI has significantly boosted FDI in the aluminium sector.
“The Mines Ministry is committed to the development of the aluminium sector and will look into the recommendations that come out of INCAL 2019. Mining constitutes an important contributor to the economy. During the last three years, the sector has witnessed major policy interventions to promote exploration and enhance private sector participation.”
In addition to increasing FDI, the 2015 MMDR Amendment Act, which established a transparent and competitive online auction for allocating mineral blocks, and the National Mineral Exploration Policy, which encourages private sector participation, have done much to strengthen the country’s aluminium industry, Tomar opined.
The three-day conference, which was held in Bhubaneswar, marked the first time the Aluminium Association of India held the conference in the country’s eastern reaches.
“This is a welcome step considering that Odisha, with more than 50% of bauxite reserves of the country is turning out to be the aluminium capital of India,” noted Dharmendra Pradhan, Union Minister of Petroleum & Natural Gas, Skill Development & Entrepreneurship.