Catastrophic Failure of Public Trust in Mining: Case Study of Goa

Economic & Political Weekly, Vol. L, No. 38, p. 44-51, Sep 2015

8 Pages Posted: 29 Jul 2016

Date Written: September 19, 2015

Abstract

Minerals are a commons, held by state governments in public trust for the people, especially for future generations. With mining, states dispose of minerals for money, and have so far lost more than half their value. As this study shows, over the last eight years of iron ore mining in Goa, each family of four in the state has lost the equivalent of Rs 13.51 lakh, while the average Goan private household’s assets are estimated to be Rs 10.44 lakh. This is catastrophic.

Keywords: Goa, India, Iron Ore, Mining, Public Trust Doctrine, Intergenerational Equity, Loss Rate, Government Take, AETR, IMF, World Bank, Metaphor, Constitution, Permanent Fund, Human Rights, Windfall, Mental Accounting

Suggested Citation

Basu, Rahul, Catastrophic Failure of Public Trust in Mining: Case Study of Goa (September 19, 2015). Economic & Political Weekly, Vol. L, No. 38, p. 44-51, Sep 2015. Available at SSRN: https://ssrn.com/abstract=2812656

Rahul Basu (Contact Author)

Goa Foundation ( email )

G-8, St Britto’s Apartments
Opp. St Britto’s High School
Mapusa, Goa 403507
India

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