Minister Pralhad Joshi urges states to increase pace of exploration of mines

Coal and Mines Minister Pralhad Joshi on Wednesday asked states to increase the pace of exploration of mineral blocks to give a push to the goal of self-reliant India, adding that Rs 8.8 crore was released by the Centre as incentive in the last financial year in favour of 14 state governments.

Joshi also said six mines funded by the National Mineral Exploration Trust (NMET) were auctioned by four state governments in FY’22 with revenue generation stream of Rs 1.63 lakh crore.

“The Minister urged the State Governments to speed up exploration and mining activities,” the mines ministry said in a statement.

The recent reforms undertaken in the mining sector are based on the views obtained from state governments, Joshi added.

In FY’22, NMET received the highest-ever release of funds of Rs 125 crore and approved projects cost of Rs 748 crore.

Joshi was chairing the fourth governing body meeting of NMET here on Wednesday.

He said as a fully autonomous body, funds will not be a limiting factor for NMET operations.

During the last financial year, NMET performed exceedingly well in terms of sanctions of projects and providing funds to exploration agencies, surpassing the performance of previous years.

NMET was set up in 2015 with a view to increase mineral exploration in the country. The governing body of NMET lays down the broad policy framework for the functioning of the trust and to review its working.