By: MSN News
Source: http://news.in.msn.com
Singapore, Oct 18 (PTI) Foreign investments in India�s mining sector will boom once the draft bill on the sector is passed by parliament, infrastructure major Caterpillar Asia said at a conference here today.
The Government is expected to introduce the draft bill to Parliament in the forthcoming Winter session.
"Our customers tell us that foreigners'' appetite for investment in the Indian mining sector will increase significantly as they gain confidence with the backing of the new law," Kevin Thieneman, President for Caterpillar Asia, said at the annual Global Entrepolis Singapore conference.
Caterpillar, a global heavy-duty machinery producer, has several customers in the infrastructure and mining sectors in India.
Thieneman -- who is also the chairman of the Caterpillar China -- said Indonesia and Vietnam had modernised their mining laws and it was now for India to do so and bring about certainties in the sector and boost investor confidence.
He said investors would want the law to provide security and certainty for their investments in the mining projects, which have grown bigger and involve high risks.
Among major changes in the law would be the uniform structure of royalties across the country instead of the current state-by-state tax structure, Theineman said.
Speaking to PTI after addressing the conference, he said the Indian mining industry was expecting the law to be passed by December though it would depend on parliamentary proceedings.
Sounding bullish on business prospects in India, he noted the slower parliamentary process but said he was "hopeful" that the new law will be passed in the next parliamentary session and give boost to the mining sector.
The conference was opened by Trade and Industry Minister Lim Hng Kiang who said emerging Asia would provide growth opportunities in an increasingly volatile environment. PTI CORR MM
Source: http://news.in.msn.com/international/article.aspx?cp-documentid=5523326
Source: http://news.in.msn.com
Singapore, Oct 18 (PTI) Foreign investments in India�s mining sector will boom once the draft bill on the sector is passed by parliament, infrastructure major Caterpillar Asia said at a conference here today.
The Government is expected to introduce the draft bill to Parliament in the forthcoming Winter session.
"Our customers tell us that foreigners'' appetite for investment in the Indian mining sector will increase significantly as they gain confidence with the backing of the new law," Kevin Thieneman, President for Caterpillar Asia, said at the annual Global Entrepolis Singapore conference.
Caterpillar, a global heavy-duty machinery producer, has several customers in the infrastructure and mining sectors in India.
Thieneman -- who is also the chairman of the Caterpillar China -- said Indonesia and Vietnam had modernised their mining laws and it was now for India to do so and bring about certainties in the sector and boost investor confidence.
He said investors would want the law to provide security and certainty for their investments in the mining projects, which have grown bigger and involve high risks.
Among major changes in the law would be the uniform structure of royalties across the country instead of the current state-by-state tax structure, Theineman said.
Speaking to PTI after addressing the conference, he said the Indian mining industry was expecting the law to be passed by December though it would depend on parliamentary proceedings.
Sounding bullish on business prospects in India, he noted the slower parliamentary process but said he was "hopeful" that the new law will be passed in the next parliamentary session and give boost to the mining sector.
The conference was opened by Trade and Industry Minister Lim Hng Kiang who said emerging Asia would provide growth opportunities in an increasingly volatile environment. PTI CORR MM
Source: http://news.in.msn.com/international/article.aspx?cp-documentid=5523326
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