Mining Industry in India sits at the threshold of a disaster. Contribution of mining to GDP continues on a negative growth trend; India has started importing iron ore replacing huge exports; steel industry is struggling to get sufficient ore to run steel plants; aluminium smelters are unable to meet their requirement of bauxite; power plants and other industries are choking for want of coal; construction industry is struggling to get aggregate and sand. All this despite the country sitting on huge reserves of these minerals. The country’s economy is showing results of these issues- poor balance of payments situation, high fiscal deficit coupled with high rate of inflation, declining manufacturing growth, etc. As a country, we need to understand what’s causing all this.

 

By virtue of mining being a risky venture and involving allocation of precious natural resources, it has the potential of creating wealth out of earth. This potential has a flip side- illegal mining and social and environmental degradation. Various courts, including the apex court of the country, have passed orders on mining and related social, forest and environmental matters. The government’s typical reaction has been to put out more laws and make existing laws more stringent. The questions which need to be asked include-

 

Ø  What is the effectiveness of these laws and regulations governing the mining industry in India?

Ø  How well are the laws administered? Are there any duplications, overlaps and gaps in these laws and the multiple agencies which are required to enforce these?

Ø  Do these laws and enforcement agencies actually serve the purpose of promoting sustainable mining or are counter-productive?

Ø  How should the law evolve for the mining sector to address various issues which will result in mining creating wealth for the nation while still being able to serve the social and environmental agenda?

Ø  This Summit, therefore, aims to discuss various laws and regulations and answer these questions in the backdrop of international situation. Various stakeholders, including government agencies, regulators, mine owners, mine and environmental mangers, civil society organisations and legislators/judiciary are expected to come together on this platform to deliberate on these very important issues at a turning point in the Indian Mining History.