Globalization Effect of Mining in India and Rajasthan
Journal Title: International Journal of engineering Research and Applications - Year 2017, Vol 7, Issue 9
Abstract
Globalization is the tendency of investment funds and businesses to move beyond domestic and national markets to other markets around the globe, thereby increasing the interconnection of the world. Mining resources are an important natural resource; Globalisation has led to an industrialisation boom while causing a downtrend in the agricultural sector. The entry of foreign capital in mining and steel plants has occurred at a fast pace. The Foreign direct investment (FDI) policy in the mining sector has been gradually liberalized over the last few years. FDI cap for exploration and mining of diamonds and precious stones have been increased to 100% under the automatic route with effect from 10th Feb, 2006. One of the amendments to mining law proposes that 26% of the profits from mining should be shared with people who are displaced because of the projects. Production in sectors such as mining is characterised by high capital intensity and economies of scale. The host countries may receive a few spills over benefits because of these factors but they also pay a high cost. There could be misallocation of the scarce natural resources, environmental damages and displacement of local small producers.
Authors and Affiliations
Nidhi Vyas, Assistant Professor (Dr. ) Kiran Soni
Keywords
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