Time plays an essential role in today’s business and the government should find ways to save on time, as in India lengthy processes are given more importance. Currently, the heavy mineral mining industry faces the same problems as most industries in the country. Nearly, 3,000 applications for mining leases are pending that is adversely affecting the industry.
VV Minerals, India, one of the country’s finest heavy mineral players also has to suffer because of this. Director VV Mineral, Subramanian said, “The long drawn and protracted mining lease application process involving 28 ministries and departments at state and central government levels, leading to a total gestation time of more than 2800 days (nearly 8 years) was severely impacting the industry.”
This is not a positive environment for the economy. This not only affects a sector which is already facing a tough time, but also bleeds the country’s economy. Worse, in a highly endowed country like India which is rich in mineral reserves when compared with other countries these procedures are unfortunate. After all, resources which can be fully optimized are not being utilised.