A detailed assessment of the country's mineral resources is required before mines are put up for bidding with the aim of revenue maximisation, the Economic Survey said today.

"In order to meet the objective of revenue maximisation in an open, transparent and competitive manner, this should be preceded by detailed geological mapping of the mineral wealth of the country," said the Economic Survey 2012-13, tabled in Parliament.

The government has already sought Parliament's approval to a new Mining Bill that envisages introduction of the competitive bidding process to encourage the participation of private parties in the sector.

The aim is to provide a simple and transparent mechanism for grant of mining lease or prospecting licence through competitive bidding in areas of known mineralisation and on first-in-time basis in areas where mineralisation is not known.

The Survey said that there should also be a transparent policy for the use of natural resources.

"Further, any policy prescription regarding the use of natural resources must ensure that the process of selection is fair, reasonable, nondiscriminatory, transparent and aimed at promoting healthy competition and equitable treatment," it said.