CURRENT AFFAIRS

Detailed explanation-1: -The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the National Mineral Exploration Policy (NMEP).

Detailed explanation-2: -The Union Cabinet of the Government of India has approved the National Mineral Exploration Policy, 2016 (NMEP) which aims at accelerating mineral exploration in the country by allowing higher participation of the private sector by prioritizing public expenditure on detailed exploration activities.

Detailed explanation-3: -3.3. 2 Subsequent to the economic liberalization in 1991, a comprehensive National Mineral Policy was announced in March 1993. The policy introduced for the first time the idea of encouraging private investment in exploration in mining. Consequently, amendments were made in the MMDR Act in January 1994.

Detailed explanation-4: -The National Mineral Policy aims to increase mining’s contribution to the country’s GDP by initiating large-scale exploration, emphasising deep-sea resources. The current National Mineral Policy 2008 is replaced by the National Mineral Policy 2019. (“NMP 2008”).

Detailed explanation-5: -2. The First National Mineral Policy was enunciated by the Central Government in 1993 paving way for liberalisation of the mining sector. The economic progress in the country required a vibrant energy, metal and commodities sector, to meet the infrastructure, manufacturing and other sectoral demands.