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What significant change did the amendment to the Mines and Minerals (Development and Regulation) Act, 1957, bring on August 17, 2023?
  • a)
    Inclusion of new minerals in the list.
  • b)
    Omission of 6 minerals from the list of critical minerals.
  • c)
    Expansion of mining rights for private entities.
  • d)
    Introduction of stricter environmental regulations.
Correct answer is option 'B'. Can you explain this answer?
Verified Answer
What significant change did the amendment to the Mines and Minerals (D...
The amendment to the Mines and Minerals (Development and Regulation) Act, 1957, on August 17, 2023, resulted in the omission of 6 minerals from the list of critical minerals. These minerals include Lithium, Titanium, Beryl, Niobium, Tantalum, and Zirconium-bearing minerals.
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What significant change did the amendment to the Mines and Minerals (D...
The significant change brought by the amendment to the Mines and Minerals (Development and Regulation) Act, 1957, on August 17, 2023, was the omission of six minerals from the list of critical minerals. This change has important implications for the mining industry and the overall mineral resource management in India.

1. Background:
The Mines and Minerals (Development and Regulation) Act, 1957, is a key legislation governing the mining sector in India. It empowers the central government to regulate the development and utilization of minerals, including their conservation and sustainable mining practices. The act also identifies certain minerals as critical minerals, which are essential for various industries and strategic for the country's economic growth.

2. Amendment:
The amendment made to the act on August 17, 2023, revised the list of critical minerals by omitting six minerals. The exact names of these minerals are not mentioned in the question, but it can be inferred that they were deemed no longer critical or were replaced by other minerals in terms of their importance and demand.

3. Implications:
The omission of six minerals from the list of critical minerals has several implications:

- Reduced Importance: The amendment signifies that the removed minerals are no longer considered critical for the country's industries or strategic needs. This suggests a shift in priorities and the emergence of other minerals as more important for economic development.

- Policy Focus: The change in the list reflects the evolving policy focus on specific minerals that are of greater significance for India's industrial and technological requirements. The government's decision to omit certain minerals indicates a reevaluation of their value and importance in the current context.

- Resource Allocation: The omission of these minerals from the list of critical minerals may result in a change in resource allocation and investment patterns in the mining sector. It could lead to a decrease in exploration and extraction activities for these minerals and a reallocation of resources towards more critical minerals.

- Economic Impact: The change in the list of critical minerals can have economic implications for the mining industry, as well as downstream industries that rely on these minerals. It may affect the supply chain, pricing, and availability of these minerals in the market.

4. Conclusion:
In conclusion, the amendment to the Mines and Minerals (Development and Regulation) Act, 1957, on August 17, 2023, brought the significant change of omitting six minerals from the list of critical minerals. This change reflects a reevaluation of their importance and indicates a shift in policy focus towards other minerals that are considered more critical for India's industrial and strategic needs. The omission has implications for resource allocation, investment patterns, and the overall economic impact on the mining sector and downstream industries.
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What significant change did the amendment to the Mines and Minerals (Development and Regulation) Act, 1957, bring on August 17, 2023?a)Inclusion of new minerals in the list.b)Omission of 6 minerals from the list of critical minerals.c)Expansion of mining rights for private entities.d)Introduction of stricter environmental regulations.Correct answer is option 'B'. Can you explain this answer?
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What significant change did the amendment to the Mines and Minerals (Development and Regulation) Act, 1957, bring on August 17, 2023?a)Inclusion of new minerals in the list.b)Omission of 6 minerals from the list of critical minerals.c)Expansion of mining rights for private entities.d)Introduction of stricter environmental regulations.Correct answer is option 'B'. Can you explain this answer? for Bank Exams 2025 is part of Bank Exams preparation. The Question and answers have been prepared according to the Bank Exams exam syllabus. Information about What significant change did the amendment to the Mines and Minerals (Development and Regulation) Act, 1957, bring on August 17, 2023?a)Inclusion of new minerals in the list.b)Omission of 6 minerals from the list of critical minerals.c)Expansion of mining rights for private entities.d)Introduction of stricter environmental regulations.Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for Bank Exams 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for What significant change did the amendment to the Mines and Minerals (Development and Regulation) Act, 1957, bring on August 17, 2023?a)Inclusion of new minerals in the list.b)Omission of 6 minerals from the list of critical minerals.c)Expansion of mining rights for private entities.d)Introduction of stricter environmental regulations.Correct answer is option 'B'. Can you explain this answer?.
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