The proposal to reimburse mining firms that fail to find adequate mineral wealth and offer them a share of the revenue from blocks where they do strike valuable reserves (“New mining exploration policy moots incentives”, April 24) is a step which will lead to healthy competition. It also augurs well for the nation especially as the Mines and Mineral (Development and Regulations) Act of 2015 has plugged the loopholes. The flaws that led to Coalgate and the opaque auction bids should be a thing of the past. However, in this case, the carrot of compensation should not result in private players taking us for a ride.
Natural resources are invaluable and must be developed with care. The new changes should also include a time frame. A technical team of experts should also be put in place so that there is a foolproof policy.
Balasubramaniam Pavani,Secunderabad
