It approves 26 per cent share in Profits for local people The draft bill proposes setting up of a fund to pay beneficiaries Final legislation likely to be introduced in the winter session of Parliament The Group of Ministers (GoM), headed by Union Finance Minister Pranab Mukherjee, on Friday approved the new Mining Draft Bill, including the provision that mining companies share 26 per cent of Profits with local people affected by their...

The Group of Ministers, headed by Finance Minister Pranab Mukherjee, on Friday cleared the draft mining bill, which makes it mandatory for miners to share 26 per cent of their Profits with the people affected by their projects. “It is largely approved. One more sitting of the GoM remains, and after which it will go to the Cabinet. Whatever we have suggested has by and large been approved,” Union Minister for...

Maharashtra’s sugarcane farmers who reaped a bonanza in 2009-10 due to surging sugar prices may have to settle for a 25-30% loss of income in the upcoming sugar year October 2010-September 2011. Farmers are expecting to be paid at least the Central government-fixed fair remunerative price. But with an estimated 22% jump likely in cane production, it may well become a buyer’s market with mills calling the shots. “I expect...

The government is likely to make it mandatory for mining companies to hand over a part of their revenues and make annual payments to land losers, bringing compensation rules in this sector in line with a policy followed by the Haryana government which has won the backing of Congress president Sonia Gandhi. But in a sop to companies, which have been unenthusiastic about earlier plans for profit-sharing, the ministry of...

Nearly a million tribals have been given land rights under the forest rights act and they will be made stakeholders in development projects, says Tribal Affairs Minister Kantilal Bhuria, as this largely neglected section of Indian society comes to the fore of government policy. “We have received over 28 lakh (2.8 million) representations for land rights, of which 10 lakh claimants have been given land rights,” Bhuria, 60, who is himself...