Kolkata, 10/12: Naveen Jindal , the chairman of Jindal Steel and Power Limited emphasized on the fact that the government must ensure that there are enough mining blocks for everyone .
Addressing at The Bengal Chamber organised mining e-conclave, he said “In India, there are too many entrepreneurs and too much of competition for every block. The government sometimes creates an artificial scarcity or shortage by leaving a few blocks of iron ore or coal and too many people participate aggressively to get the minerals and thereby erode all competitiveness forever, as the competitiveness is not only within the country but also internationally”
“This aggressive competition makes the mineral way too expensive and that is how the mineral loses all its strength. Government must ensure that there are enough blocks for everyone. The supports needed by the mining companies are lacking,” he added
The Government of India also charges the highest royalty in the world on all minerals apart from all so many other taxes like the district mineral fund, GST compensation, cess on coal, and 25 per cent income tax on profit, the industrialist said.