The court confirmed its earlier order permitting mining activities in 18 Category A mines. The SC, however, put an embargo on the mining activities in seven mining leases falling in Karnataka-Andhra Pradesh border areas
The Supreme Court on Thursday cancelled all leases for iron ore extraction in 49 category C mines in Bellary, Tumkur and Chitradurga districts of Karnataka.
The Supreme Court forest bench headed by justice Aftab Alam said the proceeds from the sale of iron ore extracted from category C mines would stand forfeited and would go to special purpose vehicle (SPV) constituted for the reclamation and rehabilitation of the mining area devastated by illegal mining.
The court confirmed its earlier order permitting mining activities in 18 category A mines. The court, however, put an embargo on the mining activities in seven mining leases falling in Karnataka-Andhra Pradesh border areas.
The court said the mining activities, in seven mining leases would remain suspended till the demarcation of boundaries between the two states is cleared.
The court vacated its earlier order restraining issuance of fresh mining leases.
The order pronounced by justice Ranjan Gogoi accepted a number of recommendations of the court-appointed Central Empowered Committee (CEC) on green matters given in its various reports from 2011 to February 2013.
The CEC divided mines in the area in three categories, A, B and C depending on the extent of mining in the districts.
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“Factors such as high fiscal deficit, dismal investment activity, high current account deficit, weak consumer spending and inertia in policy reform have led to deterioration in the business climate,” Dun & Bradstreet president & CEO – India, Kaushal Sampat said
The recent spate of macro-economic data seems to have had an impact on the country’s business climate as corporate India's optimism index for the second quarter of calendar year 2013 has declined and turned ‘cautious’ according to a Dun & Bradstreet report.
The Business Optimism Index (BOI), which measures the pulse of the business community, decreased by 5.6% vis-a-vis the year-ago period to 141.6 points during the second quarter of calendar year 2013.
In comparison to the first quarter of 2013, the BOI was down by 3.5%.
“The recent spate of macro-economic data does not instil hope of rapid improvement in growth momentum and have begun to weigh on India's business sentiment,” Dun & Bradstreet president & CEO – India, Kaushal Sampat said.
Sampat further added that “factors such as high fiscal deficit, dismal investment activity, high current account deficit, weak consumer spending and inertia in policy reform have led to deterioration in the business climate. The political uncertainty has also compounded the problems of weak business optimism.”
For calculating the composite BOI, each of the six parameters—net sales, net profits, selling prices, new orders, inventories and employee levels—is assigned a weight. The parameter weights are then applied to these ratios and the results aggregated to arrive at the Composite Business Optimism Index.
The subdued business confidence of Indian corporates was reflected in new order expectations, which declined four percentage points as compared to Q2 2012. The optimism for selling prices also registered a yearly fall of nine percentage points.
According to the report, the employment scenario in the country is likely to be muted in the coming quarter, as more than half of the respondents (54%) anticipate no change in the size of their workforce employed during Q2 2013.