The Indian gold and mining sector is expecting foreign direct investment worth Rs.10 billion ($250 million) per year, by 2013. This is after the new National Mineral Policy for 2008 is approved by the parliament, by next month as expected. As of now the Union Cabinet has approved the policy, as announced by the Union Minister of State for Mines, Mr. Subbarami Reddy. %% The policy was drafted almost two years ago, to attract FDI worth $250 million per year for the mining sector, within the next five years. It will also enable new mining leases to be granted by state and federal governments within six months to a year. According to Reddy, the policy has a strong motive of making entrepreneurs worldwide, aware of the rich mineral resources in India. Investment in the exploration and mining of gold and diamonds will be easier, and prospecting companies would automatically obtain a mining license.

The new Indian gold and mining sector is expecting foreign direct investment worth Rs.10 billion ($250 million) per year, by 2013. This is after the new National Mineral Policy for 2008 is approved by the parliament, by next month as expected. As of now the Union Cabinet has approved the policy, as announced by the Union Minister of State for Mines, Mr. Subbarami Reddy. %% The policy was drafted almost two years ago, to attract FDI worth $250 million per year for the mining sector, within the next five years. It will also enable new mining leases to be granted by state and federal governments within six months to a year. According to Reddy, the policy has a strong motive of making entrepreneurs worldwide, aware of the rich mineral resources in India. Investment in the exploration and mining of gold and diamonds will be easier, and prospecting companies would automatically obtain a mining license.