In planning, pursuit of profit was not seen as being in the social interest in the post-Independence years, but now profit is the sole motive. FOR two decades now the Government of India has pursued a policy of accelerated liberalisation, dismantling controls, diluting regulations and making the state a facilitator of private investment. It is not that the presence of the state has diminished during this period, but that its role...

-The Times of India   The Mines and Minerals (Development & Regulation) Bill, cleared by the cabinet last week, signals that the government`s heart is in the right place. Under its provisions, coal firms must share 26% of their net profits with project area residents, while non-coal miners will have to provide them a sum equal to royalty paid to state governments. No system is in place at present to properly compensate...

-The Business Standard   Mining companies have warned of a price spiral in commodities once the new mining law provisions are in place. The industry sees the government decision of mandatory profit and royalty sharing impacting it by an estimated Rs 15,000 crore every year. This would include a Rs 12,200-crore hit on non-coal mining companies and Rs 2,800 crore on coal miners. “The provisions of this Bill will affect the industry badly,”...

-PTI   Dubbing union cabinet’s approval of the Mines Bill, 2011 as “too little and too late”, Orissa Chief Minister Naveen Patnaik today said it would not help poor people living in mineral rich areas. Mr. Patnaik’s reaction came shortly after the union cabinet approved the new Mines and Mineral Development and Regulation (MMDR) Bill, 2011. Stating that the new bill has provision for 26 per cent profit sharing on coal and an additional...

-The Hindu   ‘The mechanism for compensating the affected people is not clearly defined and has many limitations' Industry chambers led by Confederation of Indian Industry (CII) and FICCI on Friday sought a review of the Mines and Minerals (Development and Regulation) Bill, 2011 approved by the Union Cabinet stating that the industry was concerned on royalty, profit sharing and the methodology of providing assistance to project-affected persons. In a statement here, Rana Som,...