Indian government is in the process of restructuring its mining laws. This is being done so that the sector becomes more attractive for the foreign companies, who would be interested in investment in the domestic mining segment.

Talking about the shift, Vikas Kumar, Special Secretary to the Ministry of Mines said that the government is thinking about a new mining policy so that it can get more private players to come and participate.

Since India is looking for more participation from the private players in many fields including mining and exploration, the step is more than required.

Under the current system, mining concessions are not allowed to be transferred from one company to another. Since many small companies do not have the ability to start a project from the initial stage, such a regulation proves to be a hurdle.

The potential of the sector has not been used properly, it calls for some serious revamping, said Kumar.

Meanwhile, Canada is looking forward to tap the mining sector in India. Kumar hopes that a changed policy will make things easier for the Canadian companies, who can then be followed by others.