Mines Minister Pralhad Joshi said the government will come out with more industry-friendly reforms in the mining sector very shortly. The minister also invited investors, explorers and miners to come and explore the huge opportunities that the Indian mining sector offers.
India’s industrial production contracted at a slower pace of 16.6% in June on the back of a modest recovery in manufacturing while it shrank 36% for the quarter that ended last month from a year ago, pointing to a deep cut in gross domestic product (GDP) for the three-month period.
A sharp 190 basis points rise in unemployment rate in rural India to 8.37% has pushed the country’s overall unemployment rate to a five-week high of 8.67% in the week ended August 9. Urban areas saw unemployment rate rise from 8.73% to 9.31% during the period, according to the Centre for Monitoring Indian Economy (CMIE).
Daily road construction during the three-month-long nationwide lockdown hovered around 18 km a day as the government and the National Highways Authority of India (NHAI) used labour optimally to complete work with minimal hindrance. The Ministry of Road Transport and Highways constructed 1,640 kilometres in the first quarter (April-June) of the financial year 2020-21 (FY21). During this period, it awarded contracts for 1,658 km of highways.
The coal ministry is laying the ground work for leasing out unused mine land for constructing related infrastructure or other “public purpose” projects with the aim of monetising idle assets and attracting more private investment in the sector.