India's Government has invited foreign companies to invest in the country's exploration and mining opportunities.
Union Mines and Steel Minister Narendra Singh Tomar said at Mining Indaba 2015 exhibition: "Indian mining sector is open for business."
Addressing the India Day session at Mining Indaba in South Africa, Tomar highlighted legislation changes that have been introduced by the government.
Under the new law, all mining concessions will have to be granted through auction, ensuring a transparent and fair process and preventing allocation by discretion or bias. It is also expected to reduce project delays.
According to Tomar, the country's mining sector is on experiencing high growth.
In his address, Tomar said that mining processes will not only satisfy domestic requirements, but also meet growing international demands.
Going forward, as a key industry, mining is expected to draw major investments from domestic and foreign firms, while creating more jobs.
Companies have been invited to invest in India's exploration projects, as the country is rich in mineral resources, which are largely unexplored.
India has increased the lease life to 50 years and introduced transferability of mineral concessions, the minister said.
Image: India's mining sector is on course for a higher growth rate. Photo: courtesy of pakorn/FreeDigitalPhotos.net.