New Delhi: India expects to woo Rs.1 trillion ($15 billion) of investment over five years to double mining output and cut mineral imports. The government’s goal is to fast-track exploration, including upfront payments for discovered deposits when the mines are auctioned, mines minister Piyush Goyal said in an interview. The minister said he’s assessing the minerals being imported by India to focus the country’s exploration efforts. Only about 13% of 575,000 square kilometers with geological potential in India has been explored in detail so far, with minimal private-sector involvement, according to the Federation of Indian Mineral Industries. One of India’s priorities is to attract the top technology used by overseas companies, Goyal said.

Source: Mint August 28, 2016 16:52 UTC