ID :
26765
Mon, 10/27/2008 - 09:46
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http://m.oananews.org//node/26765
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India should implement new mineral policy: MCA
Sukanya Mohapatra
Canberra, Oct 26 (PTI) India should implement investor friendly National Mineral Policy to attract investments from Australia in the sector, Mineral Council of Australia said.
"India is not an easy destination to do business and the
country should implement the Hoda report that has been
approved by the Cabinet and a Bill has been drafted. Many of
Australia's concerns may be addressed if the Hoda report is
enacted," M.C.A. Director Corporate Affairs Deputy to Chief
Executive Officer Brendan Pearson said.
India in September 2005 had formed a high level committee
chaired by Anwarul Hoda to review the country's 1993 National
Mineral Policy and the Mines and Minerals Act 1957 to suggest
changes needed for encouraging investment in exploration and
exploitation of minerals and to prioritise the infrastructure
needs of the mining sector.
India's potential is unlikely to be reached unless
concerns such as foreign investors still having reservations
about investing in the country's mining sector, inadequate
infrastructure and market rigidity in the sector, are
addressed, Pearson said.
India is an important market as well as an attractive
destination for foreign investment, he said.
M.C.A., he said, estimates that demand for metal and
mineral commodities would continue to grow significantly in
India.
The Council represents Australia's exploration, mining
and minerals processing industry, nationally and
internationally. The M.C.A. member companies produce more
than 85 percent of Australia's annual mineral output.
M.C.A. is a strong advocate of the Free Trade Agreements
(F.T.A.s) with India. The Australian metals and minerals
companies are interested in India as a preferred destination
for exploration and mining activity despite perceived
institutional and public policy shortcomings, Pearson said.
He said F.T.A. would reduce or eliminate tariff and
non-tariff barriers on products, thus would increase the
access and competitiveness of Australia's mineral and metals
imports to India.
Mineral exports to India are affected by high tariffs, he
pointed out.
In terms of World Trade Organisation tariff bindings,
India's average bound tariff rates for metals, mineral
products and precious stones are over 30 percent and
the average bound tariff for all non-agricultural goods is
69.8 percent, according to W.T.O. Trade Policy Review of
India, 2005. PTI S.M.
RKM
Canberra, Oct 26 (PTI) India should implement investor friendly National Mineral Policy to attract investments from Australia in the sector, Mineral Council of Australia said.
"India is not an easy destination to do business and the
country should implement the Hoda report that has been
approved by the Cabinet and a Bill has been drafted. Many of
Australia's concerns may be addressed if the Hoda report is
enacted," M.C.A. Director Corporate Affairs Deputy to Chief
Executive Officer Brendan Pearson said.
India in September 2005 had formed a high level committee
chaired by Anwarul Hoda to review the country's 1993 National
Mineral Policy and the Mines and Minerals Act 1957 to suggest
changes needed for encouraging investment in exploration and
exploitation of minerals and to prioritise the infrastructure
needs of the mining sector.
India's potential is unlikely to be reached unless
concerns such as foreign investors still having reservations
about investing in the country's mining sector, inadequate
infrastructure and market rigidity in the sector, are
addressed, Pearson said.
India is an important market as well as an attractive
destination for foreign investment, he said.
M.C.A., he said, estimates that demand for metal and
mineral commodities would continue to grow significantly in
India.
The Council represents Australia's exploration, mining
and minerals processing industry, nationally and
internationally. The M.C.A. member companies produce more
than 85 percent of Australia's annual mineral output.
M.C.A. is a strong advocate of the Free Trade Agreements
(F.T.A.s) with India. The Australian metals and minerals
companies are interested in India as a preferred destination
for exploration and mining activity despite perceived
institutional and public policy shortcomings, Pearson said.
He said F.T.A. would reduce or eliminate tariff and
non-tariff barriers on products, thus would increase the
access and competitiveness of Australia's mineral and metals
imports to India.
Mineral exports to India are affected by high tariffs, he
pointed out.
In terms of World Trade Organisation tariff bindings,
India's average bound tariff rates for metals, mineral
products and precious stones are over 30 percent and
the average bound tariff for all non-agricultural goods is
69.8 percent, according to W.T.O. Trade Policy Review of
India, 2005. PTI S.M.
RKM
