India needs to diverse its mineral export basket and intensify exploration activity with a suitable incentive framework to attract private sectors foreign investments, says a study by Export-Import Bank of India (Exim Bank). According to the study titled Exploration holds the key for Growth in India Mineral Sector, the growth momentum in the Indian minerals sector arising out of an increasing worldwide demand could be sustained through a comprehensive exploration policy to unearth the largely unexplored mineral wealth of the country. It observes that India's exports have largely been confined to iron-ore. It would be strategic to consider diversification of the export basket and focus on other minerals that have a longer life index or have a larger reserve base, it says. This would not only help India to have a diversified export portfolio but also save from depletion specific ores that may be critical for the development of the country in the years to come, it added. The Exim bank study further stresses that the boom in the mining sector was expected to continue and should not be seen as a temporary phenomenon. Thus, the players in this sector need to increase their investment in exploration activities and make the mining a composite business and not a standalone business. Once exploration is given greater emphasis in the business models, mining would become lucrative with an increased volume of proven mineral reserves for value-addition and exports, the report stated. The study group of the bank also suggests Mineral Exploration Tax Credit, on the lines of the one that provided in Canada, to attract exploration-oriented investment in the Indian mining sector and strengthening of State Mineral Development Corp to finance mining and exploration related activities. PTI Iron ore is the largest exported mineral from India accounting for 55% of its total minerals exports.