India Mining Industry Fiscal Report 2023: Governing Bodies, Regulations, Licensing Fees, Taxes, Royalties

DUBLIN, Nov. 24, 2023 /PRNewswire/ — The “India Mining Industry Fiscal Regime Analysis – Governing Bodies, Regulations, Licensing Fees, Taxes, Royalties, 2023 Update” report has been added to ResearchAndMarkets.com’s offering.

The report 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.

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

Key Topics Covered:

Executive Summary
Country Overview
Mineral Overview
Governing Bodies
Mining Laws, Rights and Obligations
Taxes and Royalties
Sustainable Mining Practices
Appendix
Abbreviation

For more information about this report visit https://www.researchandmarkets.com/r/lb3mxe

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