Skip to main content

It's a No-Go for Green Min's Go|No-Go Policy

Ministry not notifying out-of-bound forest areas for industry
For Prakash Javadekar's environment ministry , Jairam Ramesh's gono-go policy is a no-go, at least for now.And that means some high-profilehighinvestment projects, currently held up be cause of possible forest area violations, may get a go-ahead.
At least 10% of major pending projects, inclu . 24,000-crore Rio ding the ` Tinto diamond mining project in Madhya Pradesh, will benefit. So will around a third of the 800 coal blocks that can be developed. Officials familiar with the matter told ET that the Javadekar-run ministry will not notify the long-pending gono-go forest area categories. Now termed as violateinviolate, this classification was mooted by Jairam Ramesh, the environment minister in United Progressive Alliance, to keep some forest areas completely out of bounds for any commercial or mining activity .Under the National Democratic Alliance government, the policy was reviewed by a different committee and a report was submitted in August 2015. But, officials said, the notification of gono-go forest areas is unlikely to happen. If gono-go areas are not notified, projects that may have faced the hurdle of `inviolate' forest land can start operating, officials said. These officials spoke on the condition they not be identified.
“We have not taken any decision either way yet on the violateinviolate issue. Under the Modi regime, forest cover has increased by 3,500 sq km and mangrove cover by 100 sq km,“ Javadekar told ET.
Officials said the decision to not notify the gono-go areas was influenced by the fact that the draft categorisation showed 10-11% of India's forest area would be no-go areas and that many major projects would be affected. NDA 's proposed classification of violateinviolate areas would have made more forest areas available for industrial activity than UPA 's original plan. But even that would have meant blocking some very big projects, officials said.
The Rio Tinto project would have had to tackle the issue of inviolate forest area, and would have not been cleared. The Forest Advisory Committee under the environment ministry had had a meeting on the Rio Tinto project and the Madhya Pradesh government was advised to revise the project plan. Infrastructure and economic ministries have been petitioning the environment ministry on rethinking the gono-go area as such a classification, these ministries have argued, would have a major impact on industrial growth. However, a senior official with knowledge of the matter said the door had not been shut on the violateinviolate issue, and that it was kept in mind when clearances for certain mining projects were held back.The official added that a meeting of the committee may be convened to look at the issue keeping in mind the views of stakeholder ministries.
The Economic Times New Delhi,17th May 2016

Comments

Popular posts from this blog

Govt’s gamble on GST cuts: What do the bond and currency markets signal?

  It’s not just humans who suffer from cognitive biases; markets do too. Interestingly, different financial markets exhibit distinct biases, each interpreting events through its own prism of prejudice. Take the recent announcements on GST reforms: equity markets have chosen to view them through the lens of growth, while bond and currency markets are focusing on potential macroeconomic risks—fiscal pressures and current account challenges. So, which lens captures the true pulse?Equity markets may be right in expecting GST reforms to revive consumption, which has remained lacklustre for a while. But the key question remains—will this revival come at the cost of broader macro stability?It is well known that consumption stocks have rallied since the GST rationalisation announcement. But what about bond markets? What signals are they sending since this rejig was announced from the ramparts of the Red Fort?The signs aren't encouraging. Bond prices have slumped and yields have surged sinc...

Luxury carmakers urge clarity on GST rates to boost festive season sales

  A clear picture regarding new GST rates at the earliest will help the overall auto industry, including the luxury car segment, to regain momentum in the ongoing quarter, which generally sees enhanced sales on account of the festive season.The high-powered GST Council, chaired by Finance Minister Nirmala Sitharaman, will meet on September 3-4 to discuss moving to a two-slab taxation.In an interaction with PTI, BMW Group India President and CEO Hardeep Singh Brar said the recent speculation about the change in GST rates has caused uncertainty in the minds of consumers.Consumer interest and demand is strong, but they (prospective buyers) have adopted a wait-and-watch approach, and this delayed decision-making is impacting new vehicle sales at a certain level, he noted."Expediting clarity on GST rates is essential to get back to speed and ensure the auto sector's contribution to economic growth during this quarter is robust," Brar stated.He also hoped that the sustainable p...

Sebi proposes tighter norms for green bond third-party reviewers

  Sebi on Friday said it has proposed to tighten the norms to appoint independent third-party reviewers or certifiers for green debt securities to align them with requirements for other ESG-linked bonds.In a draft circular, Sebi said that the current norms for green bonds, introduced in February 2023, lack detailed requirements around reviewer independence, conflict of interest mitigation, and disclosure standards that are now in place for other ESG-linked securities under a June 2025 circular.The regulator's latest proposal seeks public comments on a revised framework that would bring parity by incorporating comprehensive criteria for third-party certifiers of green bonds on non-convertible securities.Under the proposed norms, issuers of green debt securities will need to appoint reviewers who are independent of their management, directors, and key managerial personnel. These reviewers will be remunerated in a way that prevents any conflicts of interest and possess relevant expert...