Facts:
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India produces 95 minerals and has the same potential as South Africa and Australia but the mining sector was under-explored and India still had to import minerals like gold and coal.
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The contribution of the mining sector to the GDP is only 1.75 per cent.
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One per cent growth in the mining sector generates almost 1 lakh (jobs) in direct employment and 5 lakh (jobs) in indirect employment
The Mines and Minerals (Regulation and Development) Act:
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The Mines and Minerals (Regulation and Development) Act (1957) is an Act of the Parliament of India enacted to regulate the mining sector in India.
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It was amended in 2015 and 2016.
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This act forms the basic framework of mining regulation in India.
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This act is applicable to all minerals except minor minerals and atomic minerals.
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Mining minor minerals comes under the purview of state governments.
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It details the process and conditions for acquiring a mining or prospecting licence in India.
NOTE: Please read MMDR Amendment