One million jobs are affected by the mining ban
imposed by Karnataka and Goa, a joint study conducted by Yes Bank and the
Associated Chambers of Commerce and Industry (Assocham) said.
The study titled, ‘Mining: Building a sustainable
development framework for inclusive growth.’ said after the global meltdown and
export ban in Goa and Karnataka, a significant decline was registered in the
production of minerals. This had a major consequence on iron ore exports that
declined markedly from over 117 million tons (mt) in 2009-10 to about 14 mt in
2013-14 thereby leading to massive job loss.
The Assocham-Yes Bank study has suggested the
Government to take progressive policy initiatives like single window clearances
for Greenfield and Brownfield projects to encourage private sector
participation by enhancing domestic availability of major raw materials,
improving financing avenues across mineral value chain and initiating steps to
promote sustainable practices through larger community engagements and
responsible mining.
Rapid urbanization coupled with growth in
manufacturing sector would fuel up to 9-11 per cent annual growth in demand for
various metals and minerals which is further expected to grow 4-5 times during
the next decade, added the study.
The Indian mining industry, which largely comprises
small and medium enterprises (SMEs) involved in surveying, exploration and
other mining activities, needs to evaluate and tap into some innovative funding
sources accessed by its global peers, more so as recent judicial and regulatory
developments in the sector have further dried up new funding areas from banks, the
study said.
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