BHUBANESWAR: Finance Minister Arun Jaitley’s announcement for timely revision of royalty on minerals has come as a huge relief for Odisha Government.
With falling revenue from the mining sector, the State Government has been demanding revision in the rates of royalty on minerals.
Though the rates of royalty of major minerals excluding coal, lignite and sand are to be revised every three years, the Centre had been sitting over the matter for nearly five years. The last revision was made in August, 2009.
“There have been requests from several State governments to revise rate of royalty on minerals. Members are aware that rate of royalty can be revised after a period of three years. The last revision had taken place in August, 2009. Therefore, another revision, which is due, will be undertaken to ensure greater revenue to the State governments,” Jaitley announced while presenting the Union Budget.