International BusinessCanada's Chamber of Commerce asks for new Indian mining policy
The Canadian Chamber of Commerce has asked the Indian government to bring a new mining policy to attract foreign direct investment in the sector.
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"India must announce its new mining policy soon. The policy should be based on security of tenure, and ensures sustainable development, global reporting initiative and mining infrastructure development," Hemant Shah, Chairman, Indian Chapter of the Winnipeg Chamber of Commerce, said.
Shah, who will represent the Canadian Association of Mining Equipment and Services for Export (CAMESE) at the Mining Exploration Convention and Trade Show scheduled to be held in Bangalore from September 16, said that it would help Canadian companies to set up operations in India.
Shah said that New Delhi must cut down the long-winded procedure as delays in securing mining licenses that have undermined India"s efforts to win more investment and the revised mining policy should aim at sustainable development of mineral industry, with a view to achieve desired growth rate.
The Indian government must take urgent steps to improve the investment climate in the country"s mining sector, Shah added.