Steel ministry wants PSUs to share lower profit with displaced people

摘要

STEEL minister Virbhadra Singh will take a proposal to the group of-ministers (GoM) on the Mines and Minerals Development and Regulations (MMDR) Bill, 2010, recommending that public sector companies such as NMDC and Steel Authority of India (SAIL) be allowed to share with people affected by mining projects a lower 15 per cent to 11 per cent of profits than 26 per cent in the case of private firms. On September 17, the GoM, headed by finance minister Pranab Mukherjee, had given an approval in principle for the draft of MMDR Bill, 2010, envisaging that all natural resource operations share 26 per cent of their profits on an annual basis with the affected people. The, GoM also approved a proposal for creation of a District Mineral Foundation for disbursement of benefits to the locals.