After the extension of the Jammu & Kashmir Reorganization Act, 2019 which abrogated Article 370 of the Constitution of India, a lot of speculations were made on the fate of J&K, whereas the current regime at Center saw the extension of Central acts to the newly created UT of J&K as an overture of development and anticipated high interstate investments in J&K. But many had an alternate theory and speculated that not much would change as the non-local investor would be sceptical to invest in J&K for its volatile situation and pendency of abrogation issue before the Hon’ble Supreme Court of India in WP (C) 1099 of 2019, as any adverse decision on the fate of Reorganization Act could cost investors loss of millions.
But what’s changing? The data as to investment reflects that abrogation has proved to be very beneficial for the state exchequer as far as money receipts from E-auction of mining are concerned. Over the last few months majority of the mining, leases have gone to non-local firms, which are majorly based out of Punjab, Uttar Pradesh, and Rajasthan and have made competitive bids. The abrogation has unbolted the mining industry of the Jammu and Kashmir to non-locals, which has a vast repository of Limestone, Gypsum, Bauxite, Magnesite, Dolomite, Quartzite, Borax, Fuel Minerals like Coal, Lignite, decorative/building stones like Granite, Marble, Slate, Bauxite, China clay, Bentonite and Gemstone like Sapphire, Garnet, Tourmaline, etc.
Read full Article on https://libertatem.in/articles/looking-back-on-article-3-during-changing-regulations-in-the-mining-sector/
