After 10 days of back and forth discussion, the Forest Advisory Committee (FAC) plans to recommend withdrawal of the clearance granted to the South Korean giant Posco for its Rs.54,000-crore integrated Steel plant in Orissa. “It was a conditional clearance that specifically mentioned the need to meet the FRA [Forest Rights Act] requirements,” said an FAC member, who did not wish to be named. “We have agreed that they have not...
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Posco violated forest rights act, confirms panel
An environment ministry committee has confirmed that the Forest Rights Act was violated during acquisition of land for South Korean Steelmaker Posco's project in Orissa. The Forest Advisory Committee, which in December 2009 had given approval for the $12 billion project, did not recommend scrapping the approval given. In August 2010, the ministry had stopped the acquisition work on the basis of a report submitted by the NC Saxena Committee, constituted to...
More »RBI data show decline in credit flow to agriculture
There has been a significant pick up in credit flow to industry, services and personal loan segments during the current financial year. However, credit flow to agriculture has declined further, data released by the Reserve Bank of India as part of Macroeconomic and Monetary Developments Second Quarter Review 2010-11 shows. While credit flow to industry was highest at Rs 1,07,386 crore, credit flow to agriculture contracted by Rs 13,481 crore during...
More »Posco's chances dim as another panel says no by Nitin Sethi
The deck's being stacked against Posco. In the biggest blow yet to the South Korean giant's Rs 54,000-crore project in Orissa, a key committee of the environment ministry has recommended the withdrawal of forest clearance to the multinational's plan to build an integrated Steel plant. If accepted by environment minister Jairam Ramesh, the recommendation of the forest advisory committee (FAC) could sound the death-knell for the country's biggest FDI project....
More »Orissa: POSCO trouble far from over
Even after five-and-half years since its inception, the biggest foreign Direct Investment (FDI) for the country, the POSCO Steel project has failed to take off due to widespread opposition from several quarters. Now, the 51,000 crore project has run into more trouble as the environment clearance to the project seems unlikely. But the Orissa government has come to the fore, not just supporting the project but also moving the Supreme Court, filing...
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