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FIMI debunks mine auction process; blames it for raw material shortage
January 18, 2021
Revenue earned by state governments much less than forex spent on imports, says FIMI
The Federation of Indian Mineral Industries has debunked the government projection of open auction of mines as the panacea for all ills plaguing the mining industry, and generating huge revenues for State governments through resource development.
Following an analysis of the auction system of mines in the last 10 years, FIMI said the system has resulted in scare setting in among various industries about the availability of raw materials, which led to high and unsustainable bids, and costly raw materials, rendering the industries unviable, leading to their imports and foreign exchange outgo. ....

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