New Delhi: The Ministry of Mines, under the leadership of Union Minister G. Kishan Reddy, is making significant strides in advancing India's mineral exploration sector. During the 6th Governing Body meeting of the National Mineral Exploration Trust (NMET), held at Dr. Ambedkar International Centre, New Delhi, the performance of NMET for the financial year 2023-24 was thoroughly reviewed.
At the meeting, the Annual Report of NMET for 2023-24 was officially released by G. Kishan Reddy, with the presence of Union Minister Jitendra Singh and Minister of State for Coal and Mines Satish Chandra Dubey. The report highlights NMET’s achievements in mineral exploration and its commitment to enhancing India's resource potential.
Key developments from the meeting include:
Enhancement of NGDR Portal: In a strategic move to improve resource management and national development, Kishan Reddy has initiated enhancements to the National Geoscientific Data Repository (NGDR) Portal. This initiative aims to facilitate seamless geoscientific data sharing among the Geological Survey of India, the Directorate of Hydrocarbons, and the Department of Atomic Energy, under the Ministry of Mines' guidance. This collaboration is expected to optimise the use of geoscientific data for national benefit.
Reimbursement schemes: The Governing Body of NMET approved a revised scheme for the Partial Reimbursement of Exploration Expenses, increasing the reimbursement ceiling to ₹8.00 crore for Composite License (CL) holders. Additionally, to encourage greater participation from junior mining companies, Kishan Reddy endorsed a new reimbursement scheme, offering up to ₹20.00 crore for Exploration License (EL) holders. These initiatives are aimed at promoting and advancing exploration activities across the country.
Support for Left Wing Extremism-affected districts and start-ups: NMET is actively promoting mineral exploration in Left Wing Extremism-affected districts by offering 1.25 times the standard Schedule of Charges for fieldwork. Moreover, NMET is extending critical support to start-ups and MSMEs under the S&T PRISM scheme of the Ministry of Mines, focusing on advanced technologies such as artificial intelligence, automation, and drone technology.
Incentives for critical and strategic mineral exploration: In an effort to further bolster the sector, Kishan Reddy announced a 25% exploration incentive for agencies engaged in discovering critical and strategic minerals. This incentive is expected to significantly enhance exploration efforts in these vital areas, contributing to India's self-reliance in mineral resources.
Kishan Reddy also urged the states to consider establishing State Mineral Exploration Trusts to encourage exploration in minor minerals, similar to NMET. He assured full support from the central government and suggested studying the models of various states that have already set up similar systems.
The minister stressed the importance of encouraging start-ups in the mining sector, particularly in areas like AI, automation, and drone technology. He emphasised the need for workshops and roadshows to raise awareness of various NMET schemes and ensure the full utilisation of NMET's capabilities.
Reddy also discussed the need to expedite all ongoing exploration projects in Jammu & Kashmir and all mineral-rich states. He called for cooperative federalism, urging state governments to work together to advance India's journey towards self-reliance.
Minister of State for Coal and Mines Satish Chandra Dubey added that NMET has taken mineral exploration in the country to the next stage by bringing together different exploration agencies. He also urged all stakeholders to work collaboratively to achieve 'Aatmanirbharta' in the mining sector and highlighted the importance of conducting seminars and workshops at the state level to ensure full utilisation of NMET's potential. /BI
