A huge reserve of potash deposits has been found in Rajasthan which is expected to bring down its import, government sources said.

"Geological studies have confirmed that there are reserves of around 2,400 million tonnes of potash deposits in Nagore-Ganganagar basin of Rajasthan covering parts of Sriganganagar, Hanumangarh and Bikaner districts, which is estimated to be around 5 times of the declared world reserves of potash," said Rajasthan Chief Secretary D.B. Gupta.

"India has been importing potash required for its consumption. Around 5 million tonnes of potash per year has been imported from 2013-14 to 2018-19 and its demand is increasing at the rate of 6-7% per annum causing commensurate growth in the import bill. The Central government, apart from incurring huge expenditure on foreign exchange, also incurs a sizeable expenditure on subsidies, in the range of Rs 10,000-15,000 crores per annum. However, the visible development and exploitation of potash deposits of Rajasthan has the potential to reverse the scenario from being importer to exporter of potash", Gupta added.

Gupta was speaking at a stakeholder consultation meeting held on Friday at Bikaner House, New Delhi.

Gupta said the state government has decided for a time bound action plan which will be completed within six months of the proposed MOU between Rajasthan government and a private firm.

ALSO READ: Shah Rukh Khan Shares His Success Mantra

The mines department is going to establish a State Mineral Exploration Trust under guidance of Secretary (M&P), GOR for exploration & exploitation of vast mineral resources of the state including obvious geological potential areas, rare earth elements, platinum group of elements, precious metals, base metals and entire gamut of industrial, dimensional and decorative minerals, Gupta said. (IANS)