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Handique invites US business community
Published on 15 Jul. 2010 11:30 PM IST
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Minister of Mines and Development of North East Region (DoNER) B K Handique has invited the US business community for investing in the Indian Mines sector as it offered immense opportunities and and investor-friendly provisions.
Addressing the US-India Business Council (USIBC) at New York last evening Handique highlighted the mining related opportunities in India and the investor-friendly provisions proposed in the new Mines and Mineral Development Act.
He said worlds 30 per cent of Ilmenite (Titanium), 13 per cent of high grade iron ore, 11 per cent of kaolin, eight per cent of coal, seven per cent of chromite and four per cent of bauxite were found as resources in India.
Indias economic growth has fueled a stable high demand for metals and minerals, he added. He said, ‘’Diamonds are growing at 12 per cent and India is the largest market in it, Steel is growing at 11 per cent and India is the fifth largest market in Steel, Aluminium growing at 10 per cent and our country is the fourth largest market.
Copper is growing at 10 per cent and being the 11th largest market and Zinc growing at 10 per cent and being the eighth largest market’’.
Clarifying on the new law, he stated ‘’the legislation provides for a simple, clear and transparent concession regime, which encourages specialised exploration and allows full transferability of concessions. It also assures security of tenure. We have built in sustainable development principles directly into the legislation enabling scientific mining practices, local area development and stakeholder participation to be addressed upfront, making it possible for investment decisions to be taken quickly and in level playing field conditions’’.
The participants showed a great enthusiasm in knowing about the proposed new law, investment proposals, disinvestment in mining PSUs and sustainable issues and appreciated the views of the Indian Government, reported UNI.
The meeting was organised by Manhattan India Investment Roundtable which was attended by a large number of New York Stock Exchange investment managers.

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