Heavy Mineral Mining Industry Underperforms Due To 3000 Pending Applications On Mining Leases

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Mining Industry Underperforms Due To 3000 Pending
Applications On Mining Leases
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There are close to 3,000 pending applications for
mining leases in the heavy mineral mining
industry and these processes slow down the growth
of the mining industry in India.
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Recently, at India Mining Summit, an event
organized by ASSOCHAM this issue was discussed in
details by people from the mining industry which
also included VV Minerals Director, V
Subramanian.
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V Subramanian, director, VV Minerals who
represented the heavy minerals industry in the
Summit 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."   
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This is affecting both the development of the
mining industry as well as the economy of our
country. Private Companies like VV Minerals
cannot function properly under such a sluggish
system
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Exports of various heavy minerals are one of
most important contributors to the exchequer
which is also getting hindered. VV Minerals is
the major player in this section that has the
highest contribution to the exports of heavy
minerals from Tamil Nadu
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Another problem being faced by the mining
industry is that of cost and regulatory
challenges with specific reference to impact of
high excise duties on heavy minerals such as,
ilmenite was also discussed in the event by V
Subramanian from VV Minerals India
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S. Vaikundarajan, Chairman of VV Mineral has
played a pivotal role in bringing the heavy
mineral mining industry where it is today. But,
somehow optimum utilization of resources is not
being carried out due to bureaucracy problems
which leaves us behind other countries in terms
of trade and business
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If the mining regulations are revised in India
and various processes are carried out timely then
this industry can be taken to grater heights.
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