VV Minerals is one of the largest beach sand mining companies in India. It was founded by VV Mineral S Vaikundarajan in late 1980s and has own several national awards for its contribution to the export business.
V Subramanian, Director of VV Mineral, spoke to the Business World on the hurdles faced by the mining industry and the best ways to overcome those issues. “In recent times, the economic downturn and the scams in mining sector have been a huge setback to the industry,” says Subramanian. The court bans have only made the situation worse.
Business World: What are the Hurdles in the sector?
V Mineral V Subramanian: No other country has imposed on export duty on minerals. China benefits the most due to 10% duty that makes export unviable. Lack of port infrastructure, sufficient power, and delays in getting approvals are some other hurdles. Several stipulations have caused a major setback to the mining industry.
Business World: Will the upcoming budget help solve these issues?
V Subramanian: Some of the issues can be resolved by amending the MMDR act 1957. The government is expected to ease the process of granting clearance which is a huge boost to the mining industry.
Business World: How can the government help mining sector?
VV Minerals V Subramanian: Remove the 10% export duty on Ilmenite, grant faster clearances, remove the requirement of taking CRZ clearance and allow setting up processing units in coastal areas, grant environment and forest clearance etc are some of the recommendations that can help the mining industry work effectively.
Business World: What steps should the government take to benefit the mining sector and ensure growth?
V Subramanian: There are quite a few things that can be considered by the government.
- Single window clearance for the mining industry
- Export Incentives should be provided
- Restrictive Import policy i.e., Anti-dumping duty on Tio2, Rutile and Zircon
- Simplification of MOEF (Ministry of Environment & Forest) clearance
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