Construction Industry News
From the look of it, the government is ready with its draft, Mines and Minerals Development and Regulation bill. An initial interpretation speaks of an extra payout by companies in the mining business. The bill proposes that coal mining companies share 26 per cent of their net profit with the affected people. And, non-coal mining companies pay an amount equivalent to the royalty, for the same purpose.
The bill will be referred to the Cabinet and then introduced in Parliament in the monsoon session.
This is good news from a long-term perspective, as the biggest issue in getting a mining licence is land acquisition and rehabilitation of the affected people. By making profit sharing mandatory, the hassles associated with starting operations should ease
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