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For Mining Law Next MonthNEW DELHI, Jan 13, 2011 (Dow Jones Commodities News via Comtex) -- India's Ministry of Mines will seek the federal cabinet's approval early next month for a proposed law that aims to attract more investments into the mining sector by slashing through red tape, the top official in the ministry said.
After getting the cabinet's clearance, the proposal will require parliament's approval to become law.
"We will be well in time to place it for debate in parliament during the budget session," which starts next month, Mines Secretary S. Vijay Kumar told Dow Jones Newswires late Wednesday.
The proposed law seeks to reduce paperwork and a maze of approvals that often stretch to years. Currently, miners need separate approvals for surveying deposits and prospecting and mining, but under the new law, they are expected to get automatic mining approvals once they have made a discovery after prospecting.
Under the proposed law, miners would also have to share their profits with the people displaced by the projects.
This is expected to help mining companies acquire land for their projects as local people now often resist such moves because of fear of loss of livelihood and small compensation.
-By Rajesh Roy, Dow Jones Newswires; 91-11-43563335