India targets 1,000 bn FDI in mining
Friday, 24 November 2006, 06:00 Hrs
Kolkata: India is targeting foreign direct investment (FDI) of around 1,000 billion ($22.37 billion) in the mining sector in two years by introducing a new mining policy, Minister of Mines T. Subbarami Reddy said here on Thursday. "The new mining policy is under formulation by the ministry based on the Hoda committee report. It would encourage foreign companies to set up joint ventures with local companies," Reddy told reporters on the sidelines of the India Mining Summit IMME 2006, sponsored by the Confederation of Indian Industry (CII). "The new policy would streamline the process to make the prospective exploration licence holder eligible to execute the project," the minister said. It would also enable the mining sector to contribute additional 500 billion to the gross domestic product (GDP) and provide employment to a million people, Reddy said. The government has approved FDI worth around $4 billion and around $160 million had been invested in the sector.