Thursday, July 15, 2010

 Shri Handique Addresses Manhattan India Investment Roundtable in New York 
  
The Union Minister of Mines and Development of North East Region (DoNER), Shri B.K. Handique addressed the US- India Business Council (USIBC) organized by Manhattan India Investment Round Table at the prestigious Harvard Club in New York yesterday. The Round Table was attended by about 25 investors, promoters and prominent equity managers from New York Stock Exchange.

Shri Handique highlighted the mining related opportunities in India and the investor friendly provisions proposed in the new Mines and Mineral Development Act.

He said that world’s 30 per cent of Ilmenite (Titanium), 13 per cent of high grade iron ore, 11 per cent of Kaolin, 8 per cent of Coal, 7 per cent of Chromite and 4 per cent of bauxite are found as resources in India. India’s economic growth has fueled a stable high demand for metals and minerals. He said ‘Diamonds growing at 12% and India is the largest market in Diamonds, Steel growing at 11% and India is the 5th largest market in steel, Aluminium growing at 10% and our country is the 4th largest market, Copper growing at 10% and being the 11th largest market and Zinc growing at 10% and being the 8th largest market.’

While clarifying to the questions of the participants on the new law, he stated “the legislation provides for a simple, clear and transparent concession regime, which encourages specialized exploration and allows full transferability of concessions. It also assures security of tenure. We have built in sustainable development principles directly into the legislation enabling scientific mining practices, local area development and stakeholder participation to be addressed upfront, making it possible for investment decisions to be taken quickly and in level playing field conditions”.

The participants have shown a great enthusiasm to know about the proposed new law, investment proposals, disinvestment in mining PSUs and sustainable issues and appreciated the views of the Indian Government.

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