Recently, the Government of India has sanctioned ₹154.84 crore to National Mineral Exploration Trust (NMET) for mineral exploration and boosting capabilities.
“Self-reliance is not possible without a strong mining and minerals sector; because minerals and mining are important pillars of our economy”- Prime Minister Shri Narendra Modi
The National Mineral Exploration Trust (NMET) is a statutory body established under the Mines and Minerals (Development & Regulation) Amendment Act, 2015 (MMRDA), mandated with the task of promoting mineral exploration in India.
It has a two-tier structure consisting of the Governing Body, chaired by the Minister of Mines, which holds overall control, and the Executive Committee, chaired by the Secretary of the Ministry of Mines, which administers and manages its activities.
To implement its mandated activities, the NMET Fund has been established, which receives funding from holders of mining leases or prospecting licenses-cum-mining leases, equivalent to two percent of the royalty paid under the Second Schedule of the MMDR Act.
Reference: pib