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After earning huge amounts of royalty from mining activity this fiscal, the Goa Government has predicted a drop of almost 20 per cent in the royalty amount for FY 2011-12. The Chief Minister, Mr Digambar Kamat, told the State Legislative Assembly that during FY 2010-11, Rs 850 crore was collected as royalty on ore export from the two ports — Mormugao Port Trust and Panaji Minor port.
According to Mr Kamat, the amount will dip to Rs 700 crore approximately for FY 2011-12. The analysts have opined that a 300 per cent hike in the export duty coupled with fluctuating prices for low grade ore will eat into the companies' profit margins, resulting in the drop in royalty collection.
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