In a recent discussion on Akashvani's program "Spotlight," the spotlight was on the Mines and Minerals Development and Regulation Act 2023, a game-changing policy reform aimed at revitalizing India's mineral sector. The act, which has received the assent of President Draupadi Murmu, is set to drive private sector investment into critical and deep-seated mineral exploration, paving the way for self-reliance in this sector.

The discussion was led by Omvesh Upadhyay, the anchor, who engaged with Dr. Veena Kumari Dermel, the Joint Secretary of the Ministry of Mines, in a comprehensive dialogue about the significance and implications of this transformative act.

Dr. Veena Kumari Dermel began the conversation with an insightful overview of the amendments made to the Mines and Minerals Development and Regulation Act (MMDR) over the years. She highlighted the act's evolution since 2015, emphasizing how it has progressively aimed at enhancing ease of doing business, increasing mineral production, and generating employment opportunities.

The core focus of the 2023 amendment lies in the exploration and mining of critical minerals that are essential for both economic development and strategic applications. These minerals, often termed "critical" due to their scarcity and geopolitical sensitivities, have the potential to disrupt global supply chains. With a strong emphasis on achieving self-sufficiency, the amendment is positioned to attract private sector involvement in their exploration and mining.

Dr. Dermel elaborated on the key amendments brought about by the act. The removal of six minerals from the list of atomic minerals, combined with the creation of a separate schedule for 24 critical minerals, provides the central government with the power to auction these minerals. Additionally, the introduction of an exploration license, allowing license holders to progress from reconnaissance to prospecting and eventually mining, creates a two-stage auction process, facilitating a more organized approach to mineral exploration.

The discussion also delved into the implications of the amendments. By enabling private participation, the act is expected to generate employment opportunities and stabilize mineral prices. It is anticipated that the involvement of foreign players and advanced technology will lead to improved exploration techniques, benefiting both the industry and stakeholders.

Highlighting the impact on rare earth minerals like lithium, beryllium, niobium, titanium, tantalum, and zirconium, Dr. Dermel emphasized that these minerals were once on the list of atomic minerals due to their limited atomic applications. However, with their non-atomic applications becoming crucial, private sector involvement is essential to increase production and reduce import dependency.

The Mines and Minerals Development and Regulation Act 2023 emerges as a forward-thinking reform that could potentially reshape India's mineral sector landscape. With a keen focus on boosting private investment and promoting self-reliance, the act is a stride towards securing India's strategic mineral resources, stimulating economic growth, and fostering technological advancement.