The Ministry of Environment and Forest’s decision to stall the Vedanta project in Orissa must be understood. The ‘story’ is about a powerful company breaking the law. But it is equally about a development puzzle in which the richest lands of India are where the poorest people subsist. The N.C. Saxena committee has indicted the mining conglomerate on three counts of breaking the environmental laws. One, it took over and...
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New mining authority to have more teeth
Faced with allegations of illegal mining in at least seven states, the government has proposed an independent regulatory authority with powers to investigate and prosecute those indulging in such activities. The proposed National Mining Regulatory Authority (NMRA) will replace the Indian Bureau of Mines, the current regulatory body, which according to the law ministry has not been effective. The NMRA is set to be given sweeping powers, including rejection of orders passed by...
More »Sharing profits for new gains by Sunita Narain
The draft Mines and Minerals (Development and Regulation) Amendment Bill, or MMDR Bill, includes a crucial provision to share the wealth of mining — 26 per cent of the annual profits — with people who live near the projects. But industry wants this profit-sharing clause dropped. The Federation of Indian Mineral Industries (Fimi) says it will breed lazy people, who will only drink and beat up their women. The Confederation...
More »Despite Scandals, Indian Mining Bosses Thrive by Jim Yardley
Janardhana Reddy insists he is not a king. No, no, no, he protested, as a servant trotted across the courtyard to deliver a cup of cooled water. Men with machine guns stood outside. An architect waited to discuss the new mansion, while another man hovered nearby, sitting in the grass. “He’s the state minister of health,” Mr. Reddy said of the man in the grass, who stood up, made a little...
More »IRDA fines LIC, HDFC Standard for missing rural obligation
Insurance regulator IRDA has imposed a penalty of Rs 5 lakh each on two life insurers, state-run Life Insurance Corporation (LIC) and HDFC Life Insurance, for failing to meet rural and social sector obligation in 2008-09, Parliament was informed. The Insurance Regulatory and Development Authority (IRDA) has imposed a fine on LIC and HDFC Standard Life Insurance for non-compliance under the rural sector target during 2008-09, Finance Minister Pranab Mukherjee...
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