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The Cabinet Committee on Economic Affairs on Wednesday agreed hike royalty rates for 55 minerals, in a move which would boost the revenues of mineral rich states like Goa, Odisha, Karnataka and Chhatisgarh amongst others.
The royalty is collected by State Governments, but the Central Government has the power to revise the royalty rates. The minerals exclude coal and lignite, said Ravi Shankar Prasad, Minister of Communications and Information and Technology and Law and Justice.
“The Government has revised royalty rates after a gap of six-seven years,” Prasad said at a media briefing after the Cabinet Meeting.
The Federation of Indian Mineral Industries has been opposing the royalty hike stating that it would further increase cost of minerals produced from the country, reducing the competitiveness of Indian miners.
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