New mining policy- Profit sharing 26% need review
RK Sharma, secretary general of Federation of Indian Mineral Industries rightly said in an interview regarding the above topic that “ Profit is the reward for the entrepreneurship, efficiency and the risk which capital owner undertake”.
He is right in the sense that benefit cannot be given in all spheres. At present already rule is there for giving employment for land oustees. Apart from this, sharing profit to the extent of 26% is too much. In mining areas, law and order problem, mafia problem etc. are more and the person taking mining lease have to bear lot of mental and financial liability for facing those problems. Also local bodies and state govt pressurize mine lease takers to take financial participation in welfare schemes of the localities in which mine is situated for which they have to spend crores of rupees.
What is the way out?
Govt of India can give two options to the land oustees and land providers for mining lease:
First option:
Give employment to the displaced person or to the kith and kin of the displaced persons with compensation for the land at market rate.
Second option:
Arrange to give compensation 25% in the form of shares in the company and 25% in the form of debentures and also a residential flat for the displaced persons. Eligible persons should have the land in their name at least 3 years and if any one acquired the land within 3 years and claim comensation at market place, they will be compensated to the level of registered amount in registrar office with some 20 to 25% additional % based on market price. Balance can be given to previous owner if he has owned it for more than 5 years.
This may clear off many problems of both sides. This will satisfy all except the mafia which grabs the land for getting good deal or illegal mining.
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