NEED A MINING REGULATOR

(Published in The New Indian Express on 31 August 2010)
Bikash Choudhury


Central Govt. took a decision recently, against mining of Niyamgiri mountain; decision was in favor of preservation of a 'live and valuable ecosystem @ Niyamgiri mountain range', but, the manner and modus operandi smacks of little political overtone.That is unfortunate and uncalled for. Vedanta Alumina operations at Lanjighar has also a social purpose apart from its commercial proposition. The ideal thing should be to provide an alternative mines for the company to run the facility which would create ample employment opportunity without taking a heavy toll of our environment.There is a need for an Autonomous Mining Regulator which will frame policy on Mining Industry keeping in view of the growth requirement and the need to protect our environment without any malice. The country has extremely good experience with the regulatory mechanism in telecom sector spearheaded by TRAI, in Insurance sector by IRDA and Capital Markets by SEBI.
Mining Industry has contributed 2.7% of GDP in 2006-7 and set to contribute $ 75 Billion USD to the GDP by 2015 as per CII estimate; and, therefore the immediate need for an empowered & autonomous regulator for Mining Industry that would facilitate growth of the Industry, with due safe guards to our bio-sphere.