The government of India is expected to table its new mining law in parliament by December.

The new mining law is intended to simplify procedures for exploration and mining licences and spur investment.

India 's mining laws are now in their 49^th year and long overdue for an overhaul. India is host to the world's fourth-largest bauxite deposit and the fifth largest reserves of iron ore.

The metals and minerals sector is expected to attract up to US$6.5 billion of foreign direct investment in India and the new mining laws will assist this to be rapidly realized.

India 's Minister of State for Mines Subbarami Reddy has been quoted as saying that mining is expected to contribute 1 trillion rupees to the country's $775 billion economy in five years. Currently mining contributes 756 billion rupees or 2.4%.

Miners looking to invest in India have complained of delays in securing mining licences and land titles. India 's fast growing economy, like China , is short of raw materials to fuel its industrialization. The Indian economy is expected to grow 8% this year.