Goa Foundation submitted a 44 page representation to the KR Rao Committee titled "The Future We Need"
The Future We Need
In keeping with Constitutional provisions, and mindful of several recent judgments of the Supreme Court of India relating to alienation of natural resources for profit and related to Intergenerational Equity, we advocate that Intergenerational Equity (IE) be the core of the new National Mineral Policy, and that the following principles be adopted as its basis:
We, the people of India, own the minerals in common. The state is merely a trustee of natural resources for the people and especially future generations (Public Trust Doctrine).
As we have inherited the minerals, we are simply custodians and must pass them on to future generations (Intergenerational Equity Principle).
Therefore, if we mine and we sell our mineral resources, we must ensure zero loss, i.e., we must capture the full economic rent (sale price minus cost of extraction, cost including reasonable profit for miner). Any loss is a loss to all of us and our future generations.
All the money received from our minerals must be saved in a Permanent Fund, as already implemented all over the globe. Like the minerals, the Permanent Fund will also be part of the commons. The Supreme Court has ordered the creation of a Permanent Fund for Goan iron ore and already Rs. 250 crores is deposited. The National Pension Scheme should manage the funds.
Any real income (after inflation) from the Permanent Fund must only be distributed to all as a right of ownership, as a Citizen's Dividend.
Minerals represent opportunities. Mining must be limited to ensure availability of the mineral & the income from extraction over multiple generations. For the environment, we must impose area-wide limits on extraction under the Precautionary Principle. We must first try to avoid any damage. If damage is inevitable, it must be fully compensated for under the Polluter Pays Principle.
FPIC (“Free prior informed consent”) of the mining affected is necessary before mining. During mining, the District Mineral Foundation must be controlled by the mining affected, and the plans must be developed through participatory planning and budgeting.
As minerals are some of our most valuable assets, the state must implement a cutting edge control system. This includes satellite, drone and lidar imaging, system auditors, aadhaar tracking, fit & proper person tests, a whistleblower rewards and protection scheme, etc. Mining entities should also be audited frequently.
The people, as the real owners, should be permitted to satisfy themselves at any time that their children’s inheritance is protected. This requires radical transparency including the ability to conduct social audits, and open access to the public to all data (including the data feeds) in real time at no cost.
These principles, implemented faithfully, will be a giant step towards achieving
Justice, Liberty, Equality and Fraternity within our nation.
Read more: https://drive.google.com/file/d/0B7TzYPpy8SVcSFN1MTJnam11c0U/view