» Offshore Areas Mineral (Development and Regulation) Amendment Bill News

Offshore Areas Mineral (Development and Regulation) Amendment Bill

Govt introduces Offshore Areas Mineral (Development and Regulation) Amendment Bill, 2023, to tap vast offshore mineral resources

Govt introduces Offshore Areas Mineral (Development and Regulation) Amendment Bill, 2023, to tap vast offshore mineral resources

Thu, Aug 03, 2023

The proposed amendment takes inspiration from the success of the Mines and Minerals (Development and Regulation) Act, 1957, which introduced the auction method for onshore mineral resource allocation in 2015. Since then, hundreds of mineral blocks have been auctioned, generating additional revenue for state governments through auction premiums. 

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