<p>New Delhi: The first tranche of offshore minerals auctions is likely to kick off by June-July this year, Union Minister Pralhad Joshi said.</p>.<p>A total of 10 offshore mineral blocks have been short-listed by the mines ministry, and inter-ministerial consultations are underway to seek necessary clearances for auctions at the earliest, the Minister for Coal and Mines told <em>PTI.</em></p>.<p>When asked about a timeframe for the auction of offshore minerals, he said the auctions are likely to kick off by June-July of 2024.</p>.<p>The blocks are located on the east and west coast of India, Joshi said without sharing any further information.</p>.Parliament doesn't have power to impose tax on mineral rights, states do: SC.<p>"Our plan is to launch more tranches of auction of offshore minerals after concluding the first one," the minister added.</p>.<p>The government amended the Offshore Areas Mineral (Development and Regulation) Act, 2002, to provide an auction route for awarding production leases for offshore minerals.</p>.<p>Offshore minerals are located deep within the earth's crust and are difficult to extract compared to onshore minerals.</p>.<p>India's offshore mineral reserves include gold, diamond, copper, nickel, cobalt, copper, manganese, and rare earth elements.</p>.<p>The offshore auctions will help increase the availability of these minerals in India and reduce dependence on imports. </p>
<p>New Delhi: The first tranche of offshore minerals auctions is likely to kick off by June-July this year, Union Minister Pralhad Joshi said.</p>.<p>A total of 10 offshore mineral blocks have been short-listed by the mines ministry, and inter-ministerial consultations are underway to seek necessary clearances for auctions at the earliest, the Minister for Coal and Mines told <em>PTI.</em></p>.<p>When asked about a timeframe for the auction of offshore minerals, he said the auctions are likely to kick off by June-July of 2024.</p>.<p>The blocks are located on the east and west coast of India, Joshi said without sharing any further information.</p>.Parliament doesn't have power to impose tax on mineral rights, states do: SC.<p>"Our plan is to launch more tranches of auction of offshore minerals after concluding the first one," the minister added.</p>.<p>The government amended the Offshore Areas Mineral (Development and Regulation) Act, 2002, to provide an auction route for awarding production leases for offshore minerals.</p>.<p>Offshore minerals are located deep within the earth's crust and are difficult to extract compared to onshore minerals.</p>.<p>India's offshore mineral reserves include gold, diamond, copper, nickel, cobalt, copper, manganese, and rare earth elements.</p>.<p>The offshore auctions will help increase the availability of these minerals in India and reduce dependence on imports. </p>