The minister also invited investors, explorers and miners
to come and explore the huge opportunities that the Indian mining sector offers.
The minister said that other issues like illegal mining, environment clearance and forest clearance will be deliberated and suitable action as per the law will be taken in the due course of time.
The minister further said that 500 mining blocks would be offered through the open and transparent auction process.
Mining as a sector creates wealth and employment and strengthens the nation from within, Joshi said.
The sector, he said, contributed Rs 4.1 trillon to India's GDP in the last financial year by employing about 1.1 crore people.
Yearly, 55 million people depend upon the sector for their livelihood.
India is a mineral rich country producing 95 different minerals, including metallic and non-metallic and minor, he said adding the mineral sector therefore is the backbone of the country's economy.
Stating that commercial coal mining is the biggest reform in the coal sector the country has ever seen, Joshi said in coming times the reform will boost the production by introducing competition, transparency and private sector participation.