Orissa incurs 40% loss in mining revenue

10 October 2016

The state has incurred 40% loss in collection of mining revenue so far this fiscal. In the last six months (April-September) it has earned only Rs 1,900 crore against the target of Rs 3,150 crore. The amount is Rs 500 crore less compared to the corresponding period of the previous fiscal, according to sources in the state’s steel and mines department.

It has raised concern that the department may not be able to achieve the revenue collection target of Rs 6,700 crore by the end of March 2017. “Given the current trend, the total collection of revenue from the mineral sector may not cross Rs 4,500 crore this fiscal,” said an officer requesting anonymity.

Secretary of Eastern Zone Mining Association, Prabodh Mohanty, said the sharp fall in the prices of ore in the international market, shutdown of mineral-based industries due to global slowdown are considered key reasons for the fall in revenue.

Source – TOI