Union Minister for State for Mines T. Subbarami Reddy (third left) greets the president of the All-India Granites and Stones Association, Munavar Basha, (second left) at the valedictory function of "Stona 2008' on the Palace Grounds in Bangalore on Saturday. Bangalore: Union Minister of State for Mines T. Subbarami Reddy has said the country will have a new mining policy shortly. Addressing the valedictory session of "Stona 2008,' organised by the All India Granites and Stones Association here on Saturday, he said a new mining policy will be in place in another two months to do away with outdated rules and eliminate corruption. The policy has been finalised and will be placed before the Cabinet shortly. It will also be placed before Parliament. Mr. Reddy exuded confidence that the new policy will attract investment in mining. Leading gold and diamond companies from abroad have evinced interest in taking up mining in the country. Karnataka potential Karnataka has 70 per cent of the gold deposits, but very little was being exploited. "The State also has rich deposits of diamonds. It needs to be made use of. I want India to become self-sufficient in gold production in the next ten years,' he said. He said there was need to step up extraction of granite, marble and sandstone as the industry had a huge potential. Mr. Reddy said the Ministry was open to the idea of joint ventures with foreign entrepreneurs for mining exploration and extraction. Some of the leading multinational companies such as India Gold, De Beers have evinced interest. The Ministry was also inviting foreign technocrats to demonstrate the use of modern technology. Interaction between Indian and foreign entrepreneurs and foreign tours by industry players was being encouraged to achieve the objective of technology up gradation. Mr. Reddy presented awards for industry representatives. R. Gopalan, Additional Secretary, Ministry of Commerce and Industry, said that India would have to seek unconventional marketing to face global challenge. The Commerce Ministry was contemplating measures to reduce transaction cost to help exporters, he said.