Sustainable Development for Indian Mining Sector

Corporations in India are under growing pressure from internal and external stakeholders to achieve corporate sustainability and consider the economic, environmental and social implications of their activities. Sustainability reporting is gaining momentum globally as an important communication tool for companies to disclose their sustainability plans and performance and enhance stakeholder confidence. From the beginning of human civilization, mining is anticipated as a “dirty” and polluting industry, amenable to corruption and illegal operations. Mining is an activity which requires a special consideration, especially from environmental activists and civil society groups. The Mining sector is essential for economic development but mineral extraction tends to have considerable negative effects on environmental and societal. Historically, the extraction of mineral reserves has always resulted in varying degrees of environmental resource degradation and social impacts all across the globe. It has been facing severe criticism on several issues relating to its performance vis-à-vis sustainable development. The present study is an attempt to examine various issues and initiatives on sustainable development in the context of the Indian mining sector. The author finding suggests that the Indian mining sector is having various issues related to social and environmental aspects as well as gender issues, to solve these issues Indian mining sector must adopt the principles of sustainable development that seek to balance economic, social and environmental and for the bright future of the mining sector. Undoubtedly India has an elaborate legal framework with a large number of laws relating to environmental protection such as the Water pollution Act (1974), Air pollution Act (1981) etc. In Indian mining sector, there is strong need to create more agencies as a Draft MMDR Bill 2011 proposes to do through the creation of more regulatory bodies and new mechanisms for coordination among them. Moreover this study highlighted that the Indian Bureau of Mines (IBM) under the Ministry of Mines, Government of India has the responsibility of monitoring the proper enforcement of the rules. However this study contends that Indian mining sector have been showing positive signs in embracing the principles of sustainable development that seek to balance economic, social and environmental well being now and for the bright future for mining sector. Recent policy development, government policies, laws and procedures as well as industry behavior and practices to these principles shall also encourage the reporting efforts in Indian mining sector