Date:29/04/2005 URL: http://www.thehindubusinessline.com/2005/04/29/stories/2005042902311000.htm

Back Further liberalisation likely in mining sector

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The Minister for Commerce and Industry, Mr Kamal Nath, flanked by Mr Robert Blake, Charge d'Affaires, Embassy of USA, and Mr Sunil Mehta, Chairman, AMCHAM India, at the 13th AGM of the Chamber in the Capital on Thursday. — Ramesh Sharma

New Delhi , April 28

HINTING at further liberalisation in the mining sector, the Commerce and Industry Minister, Mr Kamal Nath, has said Government was contemplating to take "some steps" in the sector.

"We will be taking some steps in the mining sector," Mr Kamal Nath said addressing the annual general meeting of the American Chamber of Commerce in India (AMCHAM) here.

He added that in the retail sector, the issue of liberalisation had been thrown in the public domain to ensure that it does not displace the existing retailers but in turn provides new opportunities for employment.

Meanwhile, outlining initiatives taken by the Government to facilitate trade, he said that the special economic zones legislation is likely to be introduced in the current session of Parliament.

He also spoke about the need for AMCHAM to support the growth of foreign direct investment in India by involving the American small and medium enterprises.

Mr Robert Blake, Charge de Affaires, US Embassy, emphasised on expanding Indo-US cooperation to enhance and grow American trade and investment in India.

"The US is launching a comprehensive relationship with India on economic, commercial, and strategic issues. This year is likely to be remembered as a watershed year in US-India relations.

"We also want to join with India to open up new fields — areas in which historically there has been little or no commercial or technical exchange — such as space research, civil nuclear energy, and the joint production of weapons systems," he said.

Later in the day, Mr Amrit Kiran Singh, Area Director, Brown Forman, was elected the new Chairman of AMCHAM, while Mr David Friedman, Managing Director, Ford Motor India, and Mr Deepak Shourie, Managing Director, Discovery, were appointed Vice-Chairmen.