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...
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Tackling Black Economy: SC Takes Control from Government by Arun Kumar
The Supreme Court has converted a high-powered committee of the Government of India, on the issue of black money, into an SIT under its own direction. This is an expression of no-confidence in the executive. The government’s intention in tackling either the problem of black economy or bringing back the black savings stashed abroad is suspect. According to reports, the money stashed abroad by the corrupt businessmen, politicians and others...
More »Posco hits another green hurdle, National Green Tribunal slaps notices by Nageshwar Patnaik
In what appears to be a setback to the Posco's dream 12-million ton steel project, the National Green Tribunal on Tuesday issued notices to the union ministry for environment and forest (MoEF), Orissa government, Orissa State Pollution Control Board (OSPCB) and Posco India asking about the circumstances under which environmental clearance was given to the South Korean company's proposal for the largest FDI project and a captive port in Jagatsinghpur...
More »Opposition corners UPA on price rise in Parliament
-The Times of India The BJP-led Opposition on Wednesday launched its attack on the UPA government over the issue of price rise in Lok Sabha. Opening the debate, BJP leader Yashwant Sinha said that the BJP did not want the growth of economy if poor were dying of hunger. "Price rise is the worst kind of taxation on poor. The government should take immediate measures to check price rise" Sinha said. Continuing the...
More »Orissa fails to keep date with revised MoU with Posco by Nageshwar Patnaik
The Orissa government has failed to keep its commitment for renewal of the revised MoU with Posco-India Ltd for setting up 12-million ton steel plant near Paradip by July end as the South Korean company has not agreed to certain conditions in the revised MoU. Even as the tenure of the previous MoU expired on June 21, 2010, the state government had gone on acquiring land for the proposed steel...
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