8216;India is world8217;s 3rd largest steel maker8217;

With the state-owned and privately-held steel firms undertaking capacity enhancement programmes to meet the rising requirement of commodity coming mainly from the infrastructure and housing sectors,India8217;s steel production capacity is pegged to grow mani-fold in next few years.

The Steel Ministry has set a target of 124 million tonnes production capacity by 2012. In order to attract more foreign investment,the country is working to reform the mining sector which is plagued by red-tapism among other things.

8220;A complete and holistic reform in the mining sector is being attempted through a new legislation governing the development and regulation of mines and minerals. The reform process will place sustainability and local area development at the centre stage of the reform process,8221; it said.

8220;It will bring about transparency,ensure equity,provide a mechanism for addressing issues of delay and discretion,along with incentives to encourage induction of high technology for exploration and for scientific mining practices,8221; it added.

The Ministry of Mines is in the process of replacing the existing Mines and Minerals Development and Regulations Act,1957 with a new act to make the policy more investor friendly.

The new act is at present being vetted by the Ministry of Law,after which it will be sent to the Cabinet for its approval.