India Mining Industry Fiscal Regime Analysis - Governing Bodies, Regulations, Licensing Fees, Taxes, Royalties, 2023 Update

India Mining Industry Fiscal Regime Analysis - Governing Bodies, Regulations, Licensing Fees, Taxes, Royalties, 2023 Update

Summary

GlobalData's India Mining Industry Fiscal Regime Analysis - Governing Bodies, Regulations, Licensing Fees, Taxes, Royalties, 2023 Update provides a comprehensive analysis of the mining sector in India, focusing on key aspects such as governing bodies, laws and regulations, governance frameworks, and sustainability practices. The report also includes mining related taxes and royalties.

India is endowed with vast mineral deposits, including coal, iron ore, bauxite, manganese, copper, lead, zinc and limestone. The country’s mining industry is governed by the Ministry of Mines, Ministry of Environment, Forests and Climate Change (MoEFCC), the Indian Bureau of Mines (IBM) and the Geological Survey of India (GSI).

In March 2022, the Union cabinet approved the proposal to amend the Second Schedule to the MMNDR Act, 2021 to set royalty rates for specific minerals, including potash, emerald, and platinum group metals. The decision would allow for the first time in the country the auction of mineral blocks relating to glauconite, potash, emerald, platinum group metals, andalusite, and molybdenum, lowering imports and creating opportunities in the mining and manufacturing sectors.

Furthermore, the royalty rate for mineral polymorphs andalusite, sillimanite, and kyanite has remained unchanged. The decision will result in import substitution for numerous essential minerals, preserving crucial forex reserves It will also reduce country’s foreign dependency through local production of minerals. It will also reduce the country's reliance on foreign sources of minerals by increasing mineral production in the country.

Scope

• The report focuses on the mining fiscals' key aspects such as governing bodies, laws and regulations, governance frameworks, and sustainability practices. The report also includes mining related taxes and royalties.

Reasons to Buy

• To help businesses navigate the complexities and comply with the necessary requirements
• Obtain up-to-date information on mining sector taxes and payments
• Enhance your decision-making capability in a more rapid and time sensitive manner
• Conduct analysis to mitigate the impact of regulatory changes
• Understand the regulatory framework
• Gain an overview of the mining industry structure by identifying country's mining governing bodies, major laws and licenses