Reading Time: 7 mins Recently, the Parliament had passed the Mineral Laws (Amendment) Bill, 2020 to make changes in the Mines and Mineral (Development and Regulation) Act, 1957 and the Coal Mines (Special Provisions) Act, 2015. This is a significant step towards boosting the economy that is currently facing the brunt of the global recession and the pandemic. Though this Bill may improve India’s balance sheets by reducing the coal imports, it simultaneously causes a significant impact on the environment by opening the mining sector to the private players. The government must ensure that there is a strict regulation so that the people and the environment do not feel the negative impact of this move.
Reading Time: 9 mins The Supreme Court, on March 2020, had struck down RBI’s controversial circular that prohibited any central bank regulated entities from providing banking services to anyone dealing with virtual or cryptocurrencies. This ruling allows banks to handle cryptocurrency transactions. Though this may threaten the country’s financial system, it does provide an opportunity for the government and the central bank to form regulatory frameworks and laws that, while allowing the use of cryptocurrencies, can ensure preventive measures that can counter private cryptocurrencies.
Reading Time: 7 mins In March 2020, global crude oil prices decreased to about 40%. This means that a barrel of oil costs just $25 now. This came as a result of failed talks of production cut between OPEC and Russia. This led to Saudi Arabia, the largest exporter of oil, launching a price war. While many may see this as a disadvantage, for India it is an opportunity to fill up its strategic reserve. The government had decided to buy oil worth Rs.5,000 crore at the current price of around $30 per barrel for deliveries starting in April-May. However, this opportunity does not allow the Indian economy to gain full potential as it has come amid the coronavirus outbreak that has halted most of the economic activities in the country.