Bhubaneswar (Agencies): Indian Bureau of Mines (IBM) said that the country is lagging in discovery of new resources and is unable to balance exploration and exploitation.

"While use of minerals is increasing fast in the country, much needed exploration for new deposits for future is not upto the expectation," said IBM Controller General CS Gundewar.

India, which has a geographical setting identical to both Australia and Latin America, spends only USD 5 million on promotional exploration, mainly through GSI, and major part of it is spent on coal.

"India accounted for less than one per cent of the global exploration expenditure," Gundewar said.

The total amount spent by GSI in mineral search is about Rs 500 crore only.

"Of Rs 500 crore spent on search for new minerals in the country, Rs 350 crore are for locating coal deposits alone," he said.