The coal ministry has objected to a proposal to make it mandatory for mining firms to contribute a portion of their profits towards local area development, as it will erode valuation of firms and dampen investor sentiment. The move could lead to a loss of Rs 200,000 crore in valuation of government and private companies. The move could reduce investments in the sector by Rs 50,000 crore annually, causing loss of direct and indirect employment opportunities for about five lakh people over the next 10 years. The annual compensation amount payable by mining companies could go as high as Rs 25,000 crore, leading to a substantial decline in employable funds.
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Home » Objecting 26 per cent profit to locals
Objecting 26 per cent profit to locals
Coal & Mining
April 1, 2011April 1, 2011
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