The Economic Survey has come down heavily on the government for holding on to grain stocks, which, it says, has resulted in ‘artificial shortages’, in turn, causing a spiral in prices. The survey called for investment in stock management and improving the marketing system of agricultural produce for increasing farmers’ income.

“This policy of stocking grain well above the buffer norms comes under criticism on the grounds of hoarding and creating artificial shortages in the market, thereby jacking up the prices of essential commodities. Urgent attention needs to be accorded to efficient food stock management, timely offloading of stocks, and a stable and predictable trade policy,” said the economic survey (2012-13).

Exports of iron ore are likely to fall further during the next financial year (2013-14) and touch a record low, as Railway Minister Pawan Kumar Bansal ignored the demand for a level field in the freight rates charged on movement of iron ore for domestic use and exports. There is already an export cess of 30 per cent on iron ore as a dampener.

In 2008-09, iron ore exports were at a record 110 million tonnes (mt), which have fallen to just 15 mt in the current financial year till November. The industry estimates that since government policies remain non-conducive, exports next year could be in single digit, maybe a few million tonnes.

PANJIM: A discussion on mining in Goa today morning saw speakers demand that one company of one individual should not own more than 5 mining leases.

PANJIM: The main contention of the affidavit filed by the state government before the Supreme Court is that Shah Commission report has erred in its valuation of illegal mining in Goa, putting the blame squarely on the Global Positioning System for inaccurate measurements, thereby justifying the mining carried out earlier.

According to the Shah Commission there was a Rs 35,000 crore revenue loss due to illegal mining; while Manohar Parrikar, then Leader of Opposition and chairman Public Accounts Committee put the revenue loss at Rs 4,000 crore.

U.S.

New Delhi: Fearing oil refineries will be hit hard by the Finance Ministry's move to change the way petrol and diesel are priced, Oil Minister M Veerappa Moily has asked Prime Minister Manmohan Singh to constitute an expert committee to decide on the issue.

The Finance Ministry has informed the Petroleum Ministry that auto fuel needs to be priced at export parity rather than import parity as the 2.5 per cent customs duty was adding to the under-recoveries of the state-run oil marketing companies without contributing any revenue to the exchequer.

Floods in southern Mozambique have displaced up to 70,000 people and cut power exports to energy-hungry neighbour South Africa in half, officials said Thursday.

The Supreme Court on Monday issued notices to the Centre and the Goa Government on a plea that alleged that the State Government, in violation of its order, has allowed export of iron ores, purport

The Supreme Court on Monday issued notices to the Centre and the Goa government on a plea which alleged that the state government, in violation of its order, had allowed export of iron ores, purportedly extracted from Maharashtra.

A three-judge bench, headed by Justice Aftab Alam, sought the replies of the Central Empowered Committee (CEC) and various private companies to the allegation.