The Great Goan Mining Heist: Implications of the 2014 Supreme Court Judgement Ruling

Over the last ten years mining losses have been variously reported and unsubstantiated estimates touted. In among all of this, one thing is certain: the trend is consistently upwards. Amounts have been quoted from Rs. 3,500 crores due to non-payment of royalty (PAC Report) to Rs. 35,000 crores due to mining outside lease areas (Shah Commission). However the latest official …

Why a Citizen’s Dividend? Why only a Citizen’s Dividend?

We are often asked why we recommend only a Permanent Fund for investment / saving, and only a Citizen’s Dividend for distribution of income. Why not hand the money to the government, there are so many urgent needs? In an earlier post, we discussed why we insist that every paisa received from mining and minerals be deposited into the Permanent Fund.

The shocking truth about the theft of Goa’s mineral wealth

The five principles of the Goenchi Mati Movement What would you say if you were told that each and every member of your family had been unceremoniously and consistently robbed over an eight-year period to the tune of Rupees 3.7 Lakhs? A theft of inherited wealth, passed down through the generations, now almost beyond recovery and the perpetrators yet to …

The 5 points in the Herald today

Sarah McGinnis writes about our Goenchi Mati Movement in the Sunday Herald Review today. She also explains the five points at the core of our movement: Minerals are owned by the people & the state is only a trustee on behalf of the people and future generations Minerals are inherited assets and we are merely custodians for future generations If we …

History of the Texas Permanent University Fund

The oldest known Permanent Fund is Texas’s Permanent University Fund. While it was set up in 1876, its origins go much further back to 1839. Interestingly, while its main asset was grazing land & the income from it financed the University of Texas. In 1923, oil was found on university land. Wisely, the oil receipts were treated as principal rather than as …

Why should all mineral receipts be saved in the Permanent Fund?

There are a few reasons we recommend that mineral receipts be saved only in a Permanent Fund as the new non-wasting asset. First, by insisting on all amounts being saved in the Permanent Fund, we are insulating the budget from the boom & bust commodity cycle. When prices are high, revenues expands, and politicians expand expenditure to match. When the prices crash, so …

Goa has a Permanent Fund, why doesn’t the UK?

Rahul Basu and Deepak Narayanan write at the Citizen’s Income Trust website about what the UK can learn from our Goenchi Mati Movement. The UK recovered around GBP 400 billion less that Norway from a similar amount of North Sea oil. A huge loss to the people, roughly GBP 6,000 a head. As UK starts fracking, instituting our principles of zero loss …

Mining illegalities have recommenced

Mining in Goa came to a screeching halt in 2012 with the Shah Commission Report. One of the key findings was widespread illegalities. “It is pertinent to state here that such illegal act can’t happen without connivance of the politicians, bureaucrats and lessees. There is a complete collapse of the system.” It would seem that the industry hasn’t learnt. A number of illegalities have …

Capture economic rent and pay a Citizen’s dividend

Here’s a fascinating article in Evonomics about how the commons and economic rent generally can be captured by governments and redistributed through a dividend. Our ask for capturing the value of minerals (economic rent), saving it and distributing the income is merely a single case in what is possible. The cap-and-dividend proposal by Our Children’s Trust is also merely a single …

Seed money for the All India Permanent Fund?

The CAG reports that some Rs. 9,307 crores is recoverable from Reliance on account of the KG basin operations. As the block is offshore, the minerals are owned by all the people of India. Our share is Rs. 74 each. But we must stop cheating our children and future generations. Let’s use this money to start off the All India Permanent Fund. Would anyone …