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Group of ministers approves draft mining Bill

Group of ministers approves draft mining Bill
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First Published: Fri, Jul 08 2011. 12 40 AM IST
Updated: Fri, Jul 08 2011. 12 40 AM IST
New Delhi: Coal miners may soon have to share 26% of their net profits with people affected by mining, while companies mining other minerals may have to share royalty. A draft Bill with these proposals has been okayed by a group of ministers (GoM), two officials aware of the development said on condition of anonymity. Mines minister Dinshaw Patel could not be reached for comment.
Several power projects have been delayed or shelved because of concerns over the impact of coal mining projects on the livelihood of local residents—threatening the pace of growth in the second-fastest growing major economy.
The proposed law seeks to boost mineral output by giving speedy clearances to mines in a transparent manner.
It is expected to be tabled in the Union cabinet by the end of this month before being presented in Parliament.
“All the issues have been resolved in favour of the affected people and to their satisfaction,” one of the two officials cited above said. “The government wants to introduce the Bill in Parliament in the monsoon session itself.”
The GoM, headed by finance minister Pranab Mukherjee, incudes the ministers of mines, steel, law, commerce and tribal affairs, and the deputy chairman of the Planning Commission.
aman.m@livemint.com
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First Published: Fri, Jul 08 2011. 12 40 AM IST