Directed by Anurag Kashyap, "Gangs of Wasseypur" - the two-part crime film - is centred on the coal mafia operating in Dhanbad in Jharkhand, and the underlying power struggles, politics and vengeance.
Mr Sardesai also said it would be better to close down the mining industry than it being handled by people from outside the state.
"There is a possibility that if you come out with auctioning, you will have 'Gangs of Wasseypur'-kind of situation in Goa. What happened for coal in Dhanbad can happen in Goa. And this is my fear," he said.
Vijai Sardesai's Goa Forward Party (GFP) is one of the constituents of the BJP-headed government in the coastal state. The other alliance partners are the Maharashtrawadi Gomantak Party (MGP) and three Independent MLAs.
"Those involved in making policies related to mining should see that they make right ones (policies). What had happened all this while is that the mining industry was with the Goan mine owners.
"Tomorrow (after auctioning) if mine owners, truck owners, drivers of trucks and machine operators all are from outside, then why do we require mining industry in the state?" the minister told reporters.
Mr Sardesai had stoked a major controversy last week when he termed domestic tourists visiting Goa as the "scum of the earth" and claimed that "North Indians" wanted to "create a Haryana" in the coastal state.
The Supreme Court had, on February 7, cancelled the second renewal of iron ore mining leases given to 88 companies in Goa in 2015. The top court directed the Centre and the Goa government to grant fresh environmental clearances to them.
The top court also said the state government was obliged to grant fresh mining leases in accordance with law, in view of its previous judgement, and not second renewals to mining lease holders.
The mining industry in Goa had expressed apprehension that the court order would lead to the total closure of operations.
To a question, Vijai Sardesai said the implication of the court order is that the government may have to make new policies.
"I am part of the government to make the policies. But at the same time, what we fear is what I have expressed," he said.
Asserting that the policy of the GFP that is Goa's wealth should remain with Goans, Vijai Sardesai said, "The one who works out policies should think about it."