The deck's being stacked against Posco. In the biggest blow yet to the South Korean giant's Rs 54,000-crore project in Orissa, a key committee of the environment ministry has recommended the withdrawal of forest clearance to the multinational's plan to build an integrated steel plant. If accepted by environment minister Jairam Ramesh, the recommendation of the forest advisory committee (FAC) could sound the death-knell for the country's biggest FDI project....

Vedanta, Posco and Sindhudurg. The issue is the same — the need for a well-thought-out policy relating to extractive and resource-based industry. The government’s withdrawal of mining permission to Vedanta on the Niyamgiri hills in Orissa’s backward Kalahandi district; the divided verdict by the Gupta Committee on the Posco iron ore project; and the environment ministry’s concern on 49 mining licences issued by the Maharashtra government for bauxite and iron...

The Centre is planning to impose a ceiling of 18 per cent on the interest rate charged by MFIs on loans to SHGs. This was indicated by Union Finance Minister Pranab Mukherjee to Chief Minister K. Rosaiah during a telephonic conversation recently. Disclosing this at a media conference here on Monday, Minister for Rural Development V. Vasanth Kumar and Minister for Agriculture N. Raghuveera Reddy said Mr. Mukherjee informed that the...

Steel giant Posco’s proposal for the largest foreign direct investment in India has failed to pass environment muster with a central panel picking flaws in the process to settle forest rights and approve the shortlisted site in Orissa. Three members of the four-person committee have recommended that the Union forest and environment ministry scrap its approvals while the remaining nominee has suggested that the exercise be carried out afresh. The panel’s recommendations...

The four-member review committee on Posco  will submit its report to the environment and forests ministry on Monday but it has already got mired in controversy with the chair of the panel, ex-environment secretary Meena Gupta, expected to give a dissent note while the other members provide a unanimous majority version. The fact that the chair of the committee was the senior-most bureaucrat in MoEF when environmental clearance was given to...