+
Odisha collects Rs 28,973 cr mining revenue in current financial year
COAL & MINING

Odisha collects Rs 28,973 cr mining revenue in current financial year

The Odisha government has collected a total of Rs 28,973.43 crore revenue from mining up to January 17 of the current financial year, state Steel and Mines Minister Prafulla Mallik.

As against Rs 11,020 crore and Rs 13,791 crore of mining revenue collected during 2019-20 and 2020-21, the state has been able to collect Rs 49,858 crore of mining revenue during 2021-22, he said.

Mallik said this while addressing the Minerals, Mining and Metals Conclave being organised by the Bengal Chamber of Commerce and Industry.

From an installed capacity of about 4 million tonnes per annum (MTPA) of crude steel in the year 1999-2000, the state has progressed to have, as of now, 47 steel industries with a total capacity of over 33 MTPA which is about one-fourth of the country's total installed capacity, Mallik said.

Informing about the steps taken by the state government, he said the state has ensured a timely and effective implementation of the amended provisions of law and as has been presented, Odisha has become the leading state in successfully conducting an auction of the 37 mineral blocks so far including 22 expired mining leases.

In regards to the minor mineral sector, he said, the state is also taking adequate steps for the identification of new minor mineral sources and bringing them to the process of operation. The revenue from the minor mineral resources stood at Rs 680 crore in the previous financial year.

Mallik said one of the major challenges for the mineral industries of the country is to properly utilise lower-grade minerals which are never put to use because we do not have the requisite technology to use.

"By utilising these lower grade minerals, we can protect the environment and prevent misutilisation and non-use of these minerals," he suggested.

Only 7 to 8 years ago, Odisha used to get approximately Rs 5,000 crore revenue from the mining sector but last year it became Rs 50,000 crore which in return led to quality education, healthcare and better infrastructure, said Vivek Bharadwaj, Secretary, Ministry of Mines.

Also Read
In Karnataka CESC gets 10,000 applications for rooftop solar systems
343 infra projects witness estimated cost exceeding

The Odisha government has collected a total of Rs 28,973.43 crore revenue from mining up to January 17 of the current financial year, state Steel and Mines Minister Prafulla Mallik. As against Rs 11,020 crore and Rs 13,791 crore of mining revenue collected during 2019-20 and 2020-21, the state has been able to collect Rs 49,858 crore of mining revenue during 2021-22, he said. Mallik said this while addressing the Minerals, Mining and Metals Conclave being organised by the Bengal Chamber of Commerce and Industry. From an installed capacity of about 4 million tonnes per annum (MTPA) of crude steel in the year 1999-2000, the state has progressed to have, as of now, 47 steel industries with a total capacity of over 33 MTPA which is about one-fourth of the country's total installed capacity, Mallik said. Informing about the steps taken by the state government, he said the state has ensured a timely and effective implementation of the amended provisions of law and as has been presented, Odisha has become the leading state in successfully conducting an auction of the 37 mineral blocks so far including 22 expired mining leases. In regards to the minor mineral sector, he said, the state is also taking adequate steps for the identification of new minor mineral sources and bringing them to the process of operation. The revenue from the minor mineral resources stood at Rs 680 crore in the previous financial year. Mallik said one of the major challenges for the mineral industries of the country is to properly utilise lower-grade minerals which are never put to use because we do not have the requisite technology to use. By utilising these lower grade minerals, we can protect the environment and prevent misutilisation and non-use of these minerals, he suggested. Only 7 to 8 years ago, Odisha used to get approximately Rs 5,000 crore revenue from the mining sector but last year it became Rs 50,000 crore which in return led to quality education, healthcare and better infrastructure, said Vivek Bharadwaj, Secretary, Ministry of Mines. Also Read In Karnataka CESC gets 10,000 applications for rooftop solar systems 343 infra projects witness estimated cost exceeding

Next Story
Infrastructure Urban

Budget Proposal Aims to Boost Investments

The recent budget proposal has introduced measures designed to promote investments and generate job opportunities across various industries, as reported by the Economic Times. This initiative seeks to stimulate economic activity and strengthen the country's growth trajectory by encouraging both domestic and foreign investments. Key aspects of the proposal include targeted incentives for sectors poised for expansion, such as renewable energy, infrastructure, and technology. The government aims to create a more favorable investment climate by offering tax benefits, subsidies, and streamlined reg..

Next Story
Infrastructure Urban

DGTR Proposes Anti-Dumping Duty on Aluminium

The Directorate General of Trade Remedies (DGTR) has proposed imposing an anti-dumping duty of up to Rs.577 per tonne on aluminium frames imported from China, as reported by the Economic Times. This move aims to address concerns about unfair trade practices and protect the domestic aluminium industry from the adverse effects of low-cost imports. The proposed anti-dumping duty comes in response to allegations that Chinese aluminium frames are being sold in the Indian market at prices below fair market value. Such practices are deemed harmful to domestic manufacturers, potentially leading to ma..

Next Story
Infrastructure Urban

Indian Financial System Resilient Amidst Challenges

The Reserve Bank of India (RBI) Deputy Governor M. Rajeshwar Rao has emphasized the robust nature of the Indian financial system despite global economic headwinds, according to Economic Times. Rao?s comments reflect confidence in the stability and resilience of India's financial sector amidst a backdrop of international economic uncertainties and financial volatility. Rao highlighted that India?s financial system is well-equipped to handle external shocks due to its solid regulatory framework and prudent risk management practices. The country?s banking sector has demonstrated resilience throug..

Talk to us?