Deputy Prime Minister Morarji Desai to-day [June 30] said increased export of minerals could “play a large part” in making up the deficit balance of trade. He told the third annual convention of the Federation of Indian Mineral Industries here [New Delhi] that the Government came in the field of mineral exploration and export to compete in world markets. Full co-operation and co-ordination between the Government and the private mineral industries could help India capture foreign markets. “I hope we will do so,” he added. He said people should give up the habit of collaborating with other countries for everything. “We have to develop minerals on our own and have to compete with others.” Mr. A.K. Rungta, President of the Federation, in his address, suggested the formation of a “mining finance corporation” to meet the financial requirements of the minerals industry in the country. In his address at the third annual general meeting of the Federation, Mr. Rungta said the minerals industry was faced with numerous problems, creation and availability of adequate financial resources for the growth of the industry being one among them.
