Due to the latest amendments to the act and the rules notified, now there is no possibility of new mineral discovery.
As green field areas cannot be auctioned under the existing regime, these would remain unexplored, maybe for a long time till GSI identifies the same. The role of GSI is very important in this regard and also in providing pre-competitive baseline data of high standard but there are limitations in the role of GSI in terms of carrying out detailed exploration.
In this context, it maybe stated that many large Mineral deposits in India have not been discovered by GSI. A few examples can be cited as that of Rampura- Agucha lead/zinc deposit, Banwas copper deposit and Jhamar Kota rock phosphate deposit etc. in Rajasthan alone. These deposits are chance discoveries by individuals or by other agencies or based on old workings etc. The GSI has undoubtedly done commendable work in identifying potential areas and hundreds of prospects but all these may not qualify for Auction mainly because of insufficient (G-3 or G-4) level data on one hand and no economic viability for investment decision on the other. As the economic viability of a mineral deposit is prima facie the sole criteria to attract the private investment, certain relaxations in the Auction rules in terms of incentives may deserve merit, in order to attract investment in Greenfield or unexplored areas.
Conclusion : The national planning commission constituted a High Level Committee to study and submit a report about the amendments to be bring in act to encourage the mining industries. It is available in http://planningcommission.gov.in/reports/genrep/rep_nmp.pdf
Unfortunately, since now the BJP Govt., has come to power, they completely ignore the High Level Committee report by making irrelevant amendments. So direct and indirect new employment in private sector for two million people is not generated.