New Delhi | Nov 6, 2017:
Aggressive bidding for mineral resources in the country has started to taper and the sector has started coming closer to normalcy, according to the Secretary, Ministry of Mines, Arun Kumar.
Speaking on the sidelines of the CII Mining Summit, Kumar said. “When something starts up, you have euphoria about it and then realism sets in. The percentage of revenue sharing which we are seeing in auctions in the mineral sector has been coming down.”
“On limestone, it is now around 25 to 30 per cent, which is a fair take for the state. We would like that there is a fair take for the state government, so that industry grows, as well as economic activity and revenue of states grow,” he added.
The lower revenue commitment is in sharp contrast to the earlier revenue proportions bidders had promised. “In the limestone sector, people have gone to commit 80-90 per cent revenue share. So, there is moderation now,” Kumar added.
(Source: http://www.thehindubusinessline.com/)