July 5, Indian government ministers will meet in three weeks to consider revamping a five-decade old mining law that tries to balance the needs of investors with those of locals affected by the industry.Key issue will be,
*Plan aims for 26 pct equity for affected people
Federal mines secretary Santha Sheela Nair said on Friday that a panel of ministers would meet on July 22 to consider the proposed legislation, which seeks to make companies share a quarter of their net profit with local communities.
“We have even proposed 26 percent equity shareholding for land losers,” she told reporters.
The bill, which has been pending for two years, would have to go to parliament for approval.
For years villagers and tribesmen have opposed projects such as a mine that will supply bauxite to India-focused miner Vedanta Resources Plc’s
Leave a Reply