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Economics Essay

1149 words - 5 pages

Introduction
POSCO INDIA, THE SUBSIDIARY OF THE SOUTH KOREA HEADQUARTERED COMPANY PRODUCES STELL SHEETS TO MEET THE DEMANDS OF THE AUTOMOBILE COMPANIES.
IN THIS CASE THE SOUTH KOREAN STEEL COMPANY, POSCO ALSO KNOWN AS THE POHANG STEEL COMPANY, HAD SIGNED A MEMORANDUM OF UNDERSTANDING (a MoU) WITH THE STATE GOVERNMENT OF ODDISHA IN THE YEAR 2005 WHICH WAS MADE AS DEAL WITH THE GOVT TO CONSTRUCT A STEEL PLANT AS WELL AS THE DEVELOPMENT OF IRON ORE MINES IN THE STATE. ANOTHER MOTIVE WAS TO CONSTRUCT PORT INFRASTRUCTURE IN THE REGION WHICH WAS TO ESTABLISHED AS IT WERE TO BE USED AS A STORAGE YARD FOR COKING COAL AND FOR OTHER ASSOCIATED FACILITIES.

ACCORDING TO THE MoU BETWEEN THE TWO ...view middle of the document...

IT ALSO DANGLED THE CARROT AND PROSPECT OF EMPLOYMENT GENERATION. IN THE YEAR, 2007, THE UNION MINISTRY OF FOREST AND ENVIRONMENT, THE MoEF , INITIALLY PROVIDED THEIR CLEARNCE FOR THE STARTING OF THIS PROJECT . THEY ALSO PROVIDED CLERANCE FOR THE CONSTRUCTION OF THE PORT AT THE JATADHARI MOUTH IN THE JAGATSINGHPUR DISTRICT WHICH FACED A LOST OF PROTEST ON THE GROUNDS OF ENVIRONMENT SAFETY.

EVEN AFTER SUCH PROTESTS, A FINAL APPROVAL WAS GRANTED BY THE GOVERNMENT BUT JUST A YEAR LATER THE GIVEN APPROVAL WAS QUASHED BY A SEMI-JUDUCIAL BODY CITING ENVIRONMENTAL CONCERNS AS THIS PROJECT WOULD HARM THE ENVIRONMNET, THE FORESTS, ITS FLORA AND FAUNA IN VERY BAD WAY. LATER ON IN THE YEAR 2014 IN THE MONTH OF JANUARY THE SAME YEAR, THE MINISTRY OF ENVIRONMENT AND FORESTS ISSUED A FRESH CLEARENCE FOR THIS STEEL PLANT, BUT THEY PLACED A CONDITION THAT THE FIRM WOULD HAVE TO SPEND CLOSE TO 5 PERCENT OF THE TOTAL INVESTMENT ON “ENTERPRISE SOCIAL COMMITMENTS. THE SUPREME COURT THEN SET ASIDE THE ORDER IN WHICH IT HAD QUASHED THE STATE GOVERNMENT’S PETITION TO ALLOT THE LISENCE TO POSCO INDIA TO MINE IRON ORE IN THE KHANDADHAR HILLS IN THE SUNDERGARH DISTRICT OF ORRISA WHICH WAS FOR A MULTI-CRORE STEEL PLANT.

A BENCH HEADED BY JUSTICE R M LODHA QUESTIONED THE CENTRE ABOUT ALL THE OBJECTS THAT HAD BEEN RAISED WITH RELATION TO THE SETTING UP OF THE MEGA STEEL PLANT AND A DECISION WAS TO BE TAKEN IN THIS REAGRD. THE COURT AFTER HEARING THE CROSS APPEALS FILED BY THE STATE GOVERNMENT, A MINE AND A MINERAL COMPANY CHALLENGED THE ORDER OF THE ORRISA HIGH COURT WITH REGARD TO THE ISSUE OF IRON ORE MINES TO POSCO INDIA AS IT HAD BEEN DENIED TO OTHER FIRMS IN THE PAST.

BEFORE, THE GOVERNMENT OF ORRISA AND GEOMIN MINERALS AND MARKETING LTD HAD CHALLENGED THE COURT WHICH HAD REJECTED THEIR PEITION FOR LAND BUT WERE READILLY HANDING OVER LAND TO POSCO INDIA FOR IRON ORE MINING PURPOSES. THE HIGH COURT, ON 14TH DAY OF JULY 2010 ON HEARING THE PETITION SET FORWARD BY THE GEOMIN MINERALS HAD SET ASIDE THE GOVERNMENT’S DECISION. GEOMIN MINERLS PUT FORWARD ITS PROTEST THAT IT HAD REQUESTED FOR LAND IN THE KHANDADHAR HILLS LONG BEFORE POSCO HAD EVEN THOUGHT ABOUT THIS AND THEY HAD...

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