The $12 billion Posco investment in India was supposed to be the biggest FDI project in the country. After six years that still remains on paper Horangineun jugeumyeon gajugeul namgigo, Sarameun jugeumyun ireumeul namginda (When tigers die, they leave behind leather. When people die, they leave their names behind) —Old Korean Proverb The news flash from Press Trust of India came on July 10, 2011. Posco, the $32 billion South Korean steel giant had decided to...

-The Business Standard   Steel maker yet to submit its written response. The renewal of Memorandum of Understanding (MoU) between the Orissa government and Posco India continues to be mired in uncertainty with the company yet to officially respond to the MoU renewal draft sent by the government one month back. The renewal of the pact for a 12 million tonne steel project in the state by the South Korean company that expired on...

Illegal Iron ore mining involving hundreds of Indian officials and powerful politicians has devastated local communities in the southern state of Karnataka and cost its treasury more than $3.5 billion in revenue, according to a scathing report by an official anticorruption panel that was released on Wednesday. “In the illegal mining and irregularities committed in the export of Iron ore, we have found the involvement of some 100 mining companies,...

After a four-decade battle, Indian lawmakers took the first formal step toward creating an independent anticorruption agency on Thursday, introducing a bill in Parliament that would appoint a powerful ombudsman, or Lokpal, to investigate wrongdoing by government officials. But the draft of the law, which exempts the prime minister, members of Parliament and many other officials from the Lokpal’s jurisdiction, was roundly rejected by many of the people who had...

Karnataka: The report of the Task Force on encroachment of government land is likely to suffer a silent death. IT was clear to V. Balasubramanian, the Chairman of the Task Force for Recovery of Public Land and its Protection, when he submitted his report on encroachment of government land that it would ruffle quite a few feathers in the political and bureaucratic echelons of Karnataka. What he was unprepared for...