Profit sharing relief may come via the Steel minister

Profit sharing relief may come via the Steel ministerState-owned companies like SAIL and NMDC may soon get very good news from the Steel Minister under which it will have a 26% revenue sharing rule, which was proposed in the draft mining bill. It has been argued that as the state owned companies have already been meeting a lot of obligations, the option of revenue sharing may came as a boon for them.

It is to be mentioned here that the steel minister Virbhadra Singh has recently said that the some special considerations have to given to the PSUs and it is being undertaken in the different parts of the country. It may be noted here that the minister made this announcement at the inaugural session of International Federation of Consulting Engineers.

For the record, the reaction from the minister has come just days after the FM Pranab Mukherjee has signaled a green light for the draft mining bill which seeks miners to share 26% of revenue.

In fact, the bill has now gone to the mines ministry and it is now fine tuning some of its proposal before it is considered again in the meeting of the group of ministers.