India’s Government plans to simplify its mining laws to attract foreign investment into the sector and cut delays in securing mining licenses, Bloomberg reports.

Mines minister BK Handique said the government expects the mining sector to form at least 4% of the nation’s $1.2tn economy, the news service said.

“We will introduce a legal framework that ensures sustainable development and includes environment concerns,” Handique said.

Handique hopes to double the mining industry’s contribution to the economy and legislation will be presented to parliament later this year.

Steel giants ArcelorMittal and Posco have said that $32m-worth of projects are on hold because of difficulties getting mining licenses, Bloomberg said.