By Our Reporter
SHILLONG: With the approval of The Meghalaya Mines and Mineral Policy on Friday, the State Cabinet has cleared the way for Foreign Direct Investment (FDI) in the mining sector in Meghalaya.
Speaking to The Shillong Times, Deputy Chief Minister and in charge Mining and Geology, Bindo M Lanong, said, “We will go for anything which benefits the local people of the State and by local I do not mean only the Khasis but all people of the State.”
The Policy allows foreign direct investment and input of technology by overseas corporate bodies and non-resident Indians in exploration, mining, value addition in mineral sectors and environmental protection as per the guidelines laid down by the Union Government.
Citing the case of Lafarge Umiam Mining Private Limited, Lanong said that FDI already exists in the State.
Lanong also informed that the Policy, besides encouraging FDI, also dwells on the positives of joint ventures.
The Mining Policy states that in the era of globalization and open markets, joint ventures are an accepted mode for exploration, exploitation and marketing of minerals including coal.
The Policy also envisages participation of central public sector undertakings (like Coal India Limited) and State public sector undertakings as well as private sector players.
Lanong informed that the State Government has decided to provide support facilities for such joint ventures, adding the incentives offered under the State Industrial Policy (SIP) will be made available to eligible mineral-based industries including power generation.