Mines auction is likely to add Rs 1.5 lakh crore to states’ kitty in 2017-18, Mines Secretary Arun Kumar has said. The first tranche of auctions, which started last year, saw bidding of 21 mine blocks that fetched Rs 73,000 crore to states.
“We are looking at auction of 100 blocks in 2017-18. This should conservatively fetch about Rs 1.5 lakh crore to states and the revenue will accrue to them in a span of 50 years," Kumar said.
The first successful auction took place in February 2016, with two small limestone blocks in Chhattisgarh going under the hammer. The mineral-rich state will generate about Rs 18 crore from the two blocks over the next 50 years.
Since then, 21 mines containing iron ore, limestone, gold and diamond etc have been auctioned.