Mining, Resources, and Development

This chapter emphasizes the dynamics of mineral resource ownership and its economic ramifications, especially in emerging nations; this chapter thoroughly introduces the theories of resource accumulation. It examines Marxian perspectives on primitive capital accumulation and the development of capital accumulation theory from classical economic models to modern neoliberal viewpoints. The British used India’s mineral resources, especially coal for railroads, to drive industrialization throughout the colonial era. Cheap labor, frequently from lower-caste communities, was a significant component of the exploitation. The government of India maintained its emphasis on state ownership of mining resources after gaining independence, setting up organizations such as the Indian Bureau of Mines and the Geological Survey of India (GSI) to regulate the industry. To supervise and advance mining in India, public sector organizations like the National Coal Development Corporation (NCDC) and the National Mineral Development Corporation (NMDC) were founded between the 1950s and 1970s. The Indian government has a mining protection policy, and following liberalization, the state started a private-sector support program. In conclusion, India’s mining industry has undergone significant social and environmental costs as a result of privatization and liberalization, even though these changes have made the sector more market-driven. India’s mining economy has changed from being state-controlled to being privately led with state assistance as a result of the state’s growing reliance on private funding and foreign investments. Public confidence in democratic governance has been damaged by this change, and local resistance movements that are finding it difficult to keep up with the increasing power of capitalism face serious obstacles.