New jobs will be created in the mining industry and in the manufacturing and mining sectors, the Ministry of Mining and Petroleum has announced.
The ministry also said it is increasing its support to the industries which have been hit by the mining crisis, which has seen more than 6,000 jobs lost across the country.
The government is also considering setting up a joint venture to promote the mining sector, which is expected to attract investments of up to ₹500 crore.
It is looking for firms that have the ability to attract investment in the sector and have strong corporate governance and legal systems.
In the mining and oil and gas sectors, where about 6,600 jobs have been lost, the government is encouraging private companies to invest in the industry, which accounts for about ₳12,000 crore in GDP.
The government is trying to attract firms that can create jobs in the areas of production and consumption.
According to the Ministry, private companies are required to create a workforce of at least 40,000 people, with 40 per cent of the workforce being women.
In addition, the ministry is planning to establish a National Centre for Entrepreneurship in the Mining Sector to assist companies in identifying their potential candidates.
According the Ministry’s statement, the sector will create about №12,300 crore in employment in the next five years.
It said it would also be in the process of establishing a National Venture Capital Fund to promote Indian startups and investors to invest, and to encourage them to invest.
The mining industry employs more than 1.6 million people in the country and employs more people than the entire Indian army.
In the last 10 years, India has witnessed the fastest growth of the country’s manufacturing sector, with manufacturing accounts for around 60 per cent in GDP and the sector is expected for growth of around 25 per cent by 2020.