n18
NEWS|Current Affairs 
   |

New Delhi: Ban on mining by the Supreme Court has hit the economy and exports besides increasing India's dependence on imported coal."It (mining ban) has hurt our economy. It has hurt exports, (particularly) iron ore exports. It has increased our dependence on coal imports. So both ways we are loosers," Commerce and Industry Minister Anand Sharma told PTI in an interview.But for the ban on mining, he said, India could have earned by exporting around 100 million tonnes of iron ore."We have been deprived of the precious foreign exchange and what we could have mined in India. When it comes to coal, $ 22 billion plus was the coal import bill," the minister said adding: "these are the areas which need a serious look."The Supreme Court had banned iron ore mining in Karnataka in July-August 2011 and in Goa in October 2012.Earlier, Sharma has raised concerns over judicial activism and said: "India badly needs judicial reforms". Following the ban, shipments of iron ore plunged to 18 million tonnes in 2012-13 from nearly 168 million tonnes in 2010-11. Before the ban, India was exporting iron ore worth over $ 7 billion.As regards coal, the environmental restrictions have significantly hampered coal production in the country, leading to increase in dependence on coal imports.Slow down in exports have increased the trade deficit as well as the current account deficit. While the trade deficit soared to a record high of $191 billion in 2012-13, CAD jumped to $ 88.2 billion, or 4.8 percent of the GDP during the period.The mining sector, with a weight of about 14 per cent in Index of Industrial Production (IIP), saw a contraction of 3.5 percent in October as against a dip of 0.2 percent in the same month last fiscal.During April-October, the output shrank by 2.7 percent as against a contraction of one percent.Coal production, with a weight of about 4.5 percent in the IIP, declined by 3.9 per cent in October.PTI

U.S. fighter plane crashes in Virginia, pilot's fate unknown

from firstpost

U.S. fighter plane crashes in Virginia, pilot's fate unknown

(Reuters) - A Massachusetts Air National Guard F-15C fighter crashed in mountainous western Virginia on Wednesday and the fate of the pilot was unknown, officials said.The fighter plane went down shor...


U.S. fighter plane crashes in Virginia, pilot's fate unknown

from firstpost

U.S. fighter plane crashes in Virginia, pilot's fate unknown

(Reuters) - A Massachusetts Air National Guard F-15C fighter crashed in mountainous western Virginia on Wednesday and the fate of the pilot was unknown, officials said.The fighter plane went down shor...

Breakthrough hopes dented as Ukraine accuses Russia of new incursion

from firstpost

Breakthrough hopes dented as Ukraine accuses Russia of new incursion

KIEV/DONETSK Ukraine (Reuters) - Ukraine accused Russia of launching a new military incursion across its eastern border on Wednesday, as hopes quickly faded that Tuesday's talks between their two pres...

Health Ministry tracking 821 passengers for Ebola across India

from firstpost

Health Ministry tracking 821 passengers for Ebola across India

New Delhi: The Health Ministry today said 821 passengers were being tracked for Ebola in the country withmost of them belonging to states of Maharashtra, Kerala and Tamil Nadu."Today, 45 passenge...

Pakistan Rangers accuse India of 'blatant' ceasefire violation

from firstpost

Pakistan Rangers accuse India of 'blatant' ceasefire violation

New Delhi: In an apparent case of pot calling kettle black, Pakistan Rangers today questioned theirborder-guarding counterpart BSF as to why they were "blatantly firing on Pakistani positions&quo...

Issues in Tihar jail: Delhi HC invites suggestions from city govt, NGO

from firstpost

Issues in Tihar jail: Delhi HC invites suggestions from city govt, NGO

New Delhi: Suggestions were today invited by the Delhi High Court on various issues, including allegedtorture of inmates and circulation of drugs in Tihar Jail, saying it will issue directions later t...

Pakistan: Lawmakers of Imran Khan's PTI resign from Punjab province assembly

from firstpost

Pakistan: Lawmakers of Imran Khan's PTI resign from Punjab province assembly

Lahore: Stepping up pressure on the Nawaz Sharif government, lawmakers of Imran Khan's party in thePunjab province assembly resigned today.Opposition Leader in the Punjab Assembly and Pakistan Tehreek...