Journal Press India^®

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Extraction and trading of mineral ores/concentrates enhance GDP, generate employment, alleviate poverty and increase infrastructure of a country. For resource rich mineral dependent underdeveloped countries, it is a major source of economic activities for economic growth and foreign exchange earnings. Generally, underdeveloped countries sell their raw-mineral to developed countries with less price, due to lack of technology and efficiency to process raw-mineral into final products. Alternatively, the stringent environmental policies in the developed countries impede mineral production, which is liberal in underdeveloped countries, for which developed countries emphasis more on imports than extraction. Mineral extraction incurs several negative effects and acts as a “mineral-curse” for resource abundant countries. It invites several environmental and public health issues and hinders long-run economic growth for its non-renewable nature. In this backdrop an attempt has been made to compare the mineral economy of world with a special focus on India. To substantiate the objective simple descriptive statistic has been used to analyze the secondary data.

Keywords

Mineral economy; Mineral extraction and trading; Mineral and Environment

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