Commodities Buzz: Reforms Underway For Local Mining Sector

Government of India is planning to rejuvenate the dull sector of mining in India. Due to this there are a series of measures being taken to bring quality in the mining space. The government has approved the restructuring of Indian Bureau of Mines to reform the mineral sector regulation. The restructuring would enable the adoption of IT and space technology by the bureau to improve its effectiveness in mineral regulation and development, the mines ministry said in a statement.

IBM was set up by the Centre in March 1948 under the Ministry of Works, Mines and Power, primarily as an advisory body to help in formulation of policy and legal framework for the mining sector and advising the Centre and state on development and utilisation of mineral resources. Meanwhile, Copper and other non ferrous metals kept performing in April. The prices moved higher on the back of speculative buying during the month. The Indian Bureau of Mines (IBM) established in 1948, is a multi-disciplinary government organisation under the Department of Mines, Ministry of Mines, engaged in promotion of conservation, scientific development of mineral resources and protection of environment in mines other than coal, petroleum & natural gas, atomic minerals and minor minerals.