In a bid to harness its underwater resources, the government has introduced rules for auctioning offshore mineral assets, ensuring a transparent and competitive process. Though the rules have stringent eligibility criteria, the Centre has eased the process of awarding mines in the wake of suboptimal interest in critical mineral auctions.
The Offshore Areas Mineral (Auction) Rules, 2024, released on August 16, propose an ascending forward online auction for bidding. To bolster the success of the auction in this crucial sector, the government has permitted the auction to continue even if only one technically qualified bidder remains in the
