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100% FDI in Mining sector to reach new milestones
In FY21, India’s crude steel production stood at 102.49 million tonnes and in September 2021, production of hot metal, crude steel and saleable steel by SAIL stood at 1.55 MT, 1.44 MT and 1.46 MT, respectively.
India is the world's second-largest coal producer as of 2021 and the world's second-largest crude steel producer, as of 2020, with an output of 99.6 MT.
Coal production in the country stood at 715.95 million tonnes (MT) in FY21 and in FY22 (until October), Coal India Ltd. (CIL) produced 299.61 MT of coal—~16.7 MT more than that in the same period last year
In the first quarter of FY22, iron ore exports reached US$ 1.7 billion, registering an increase of 168% YoY with its production in the country standing at 189 million tonnes in FY21. According to Directorate General of Commercial Intelligence & Statistics, in FY22 (until August 2021), iron ore exports reached US$ 2.23 billion, registering an increase of 21.8% YoY.
Government of India has allowed 100% Foreign Direct Investment (FDI) in the mining sector and exploration of metal and non-metal ores under the automatic route, which will propel growth in the sector. Power and cement industries also aiding growth in the metals and mining sector.
The Mines and Minerals (Development and Regulation) Act, 1957 (MMDR Act) has been amended through the Mines and Minerals (Development and Regulation) Amendment Act, 2021, which has been notified on 28.03.2021, for giving boost to mineral production.
The MCR, 2016 has been amended through Minerals (Other than Atomic and Hydro Carbons Energy Mineral) Concession (Fourth Amendment) Rules, 2021 on 2nd November, 2021.
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