Ashok Chawla committee goes soft on key issues of reforms proposed in earlier draft. All rights reserved. For reprint rights: Times Syndication Service. Market Watch. Pinterest Reddit. By Vikas Dhoot.
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Pranab Mukherjee for raising Lok Sabha strength to Innovation should focus on solving problems of poor: Pranab Mukherjee. All rights reserved. For reprint rights: Times Syndication Service. Politics and Nation. Defence Defence National International Industry. Company Corporate Trends Deals.
International Business World News. Market Watch. Pinterest Reddit. NEW DELHI: A group of ministers headed by finance minister Pranab Mukherjee has accepted most of the recommendations of the Ashok Chawla Committee that has suggested a transparent and market-based framework for allocation of natural resources. The decision follows recommendations by a committee of secretaries that was asked to give its views on the suggestions of the Chawla Committer that could be taken up for implementation.
The committee backed most of the recommendations, barring setting up of an upstream regulator for oil and de-reservation of forest land. The panel had suggested market-determined price of natural gas , open acerage licensing policy for oil blocks, creation of a special purpose vehicle on the lines of ultra mega power projects with all embedded clearances. For minerals likely to be found as surface deposits without making use of high technology, the state governments should be incentivised and enabled to take up exploration so that adequately prospected ore bodies can be put to bid, it had said.
It had also suggested that shale gas exploration policy be drafted only after assessing environmental impacts. There should be a complete transparency regarding chemicals used in the fracking of each shale gas wells, it said.
The committee headed by former finance secretary Ashok Chawla was formed earlier this year to recommend ways and means for distributing natural resources like minerals in a transparent manner.
The sectors examined by the panel include land, mining, coal, petroleum, natural gas, telecom, forests and water. The panel's key recommendations included making bidding for mines and mineral more transparent, competitive and broad-based.
It had suggested that incidence and structure of royalty to be reviewed "through a transparent process" to represent a fair value for the mineral, since it is a primary source of revenue for the government. The committee also pitched for open acreage licensing policy for allocation of oil and gas blocks in a move that could bring exploration and production business environment on par with global standards.
Under the open acreage policy, an exploration company can express its interest in a block any time as opposed to the current system of periodic auction of blocks by the government. Once a request for a block has been received under the open acreage policy, it would be offered through the normal tender process as in the current New Exploration Licensing Policy NELP wherein bids are invited through an international competitive bidding system for exploration of hydrocarbons in the country including deep water areas.
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Ashok Chawla Committee on Natural Resource Allocation
High powered committee formed to suggest mechanism for efficient distribution of natural resources such as telecom spectrum. The Union cabinet secretariat on 8 February set up a high powered committee headed by former finance secretary Ashok Chawla to suggest a roadmap for efficient and transparent distribution of scarce natural resources such as telecom spectrum. The committee includes key secretaries as members along with representatives from industry chambers. The committee is expected to make generic recommendations on the overall mechanism of allocating resources and take a sectoral view.
Govt accepts 69 recommendations of Ashok Chawla committee
Pranab Mukherjee for raising Lok Sabha strength to Innovation should focus on solving problems of poor: Pranab Mukherjee. All rights reserved. For reprint rights: Times Syndication Service. Politics and Nation. Defence Defence National International Industry.
Let in the light
Red-faced over the 2G scam, the underproduction of gas from the KG Basin reported by Reliance Industries, and botched allocations to private parties of other natural resources such as land, the United Progressive Alliance government set up a committee in February, for policy recommendations on these issues. Finance Minister Pranab Mukherjee said in his Budget speech that the panel would focus on setting criteria for the pricing and allocation of natural resources. At present, the Centre takes these decisions, which makes resources - and thus economic growth - vulnerable to the politician-businessman nexus. Former Telecom Minister A.