|
New Delhi, July 12 (IANS) The Cement Manufacturers Association (CMA) has written to the Department for Promotion of Industry and Internal Trade raising concern over the likelihood of deletion of section 10A(2)(b) of the MMDR Amendment Act, 2015.
The CMA pointed to growing anxiety in the industry following media reports suggesting deletion of section 10A(2)(b) of the Act, "which doesn't go well with the spirit of 'ease of doing business'."
The section 10A(2)(b) was introduced to safeguard efforts, investments and risks undertaken by holders of reconnaissance permit (RP) and prospecting licence (PL) to have a seamless conversion to the next stage after completion of exploration.
Nearly 600 such applications for captive leases were pending with various state and central government authorities, the CMA said.
Aparna Dutt Sharma, CMA Secretary General, said in the letter that Prime Minister Narendra Modi had stressed necessity of strengthening the mines and mineral sector to move towards an Atmanirbhar Bharat.
"The steps, which take away the vested rights, will not be in sync with the Prime Minister's vision," it said.
A prompt redressal of this would fast-track growth of the mining sector and boost all the eight core industries dependent on the mining industry, it said.
The CMA said cancellation of section 10A(2)(b) would increase hardships and revenue losses for the industry, which was struggling due to the economic slowdown and now the Covid-19 pandemic.
"The industry would like development policies to be predictable and consistent to usher in fresh investments as well as to protect the efforts and hardships that go into establishing an industrial setup," the CMA said.
--IANS
rrb-sn/pcj
Copyright and Disclaimer: All news and images appearing in our news section, search engines and social media are provided by IANS. If you face any issues related to the content/images, please contact our news service provider directly. We are not liable/responsible for any content/images related to the news service provider.
|
