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Sand, granite prices to soar
Sand, granite prices to soar
New mining policy sets target of 30,557-cr revenue
Hyderabad: The construction industry appears to be heading for a big blow as the sand and granite stone prices are set to be hiked soon.
The State Government, which wants to mop up more revenue, is planning to do it from the mining industry. It is also preparing a new mining policy to boost revenues during the next financial year.
Sand and other mining products' prices will go up from April 1 as the new financial year begins. Top officials said Chief Secretary Somesh Kumar at a meeting with mining contractors informed them about the government's proposal to increase the sand and granite rates and other mining activities. Though the government has set a target of Rs 30,557 crore through non-tax revenue in the current financial year, it could generate not more than Rs 5,000 crore till date.
The departments of Finance and Industries have conducted a joint study on the feasibility of increasing revenues through mining in the new financial year. Currently, sand prices are moderate in the state when compared to the neighbouring states.
The demand for sand is increasing manifold as the construction activity has picked up in the recent months in the Greater Hyderabad, Ranga Reddy and Medchal – Malkajgiri districts.
"The sand prices will be increased once the new sand reaches are finalised in Mulugu, Kothagudem, Siddipet and Medak districts where sand availability has been increased after the completion of Kaleshwaram lift irrigation scheme and other local irrigation projects. Adequate sand is available to meet the demand and the price hike will help to generate more revenues," said an official.
A new mining policy is likely to open doors for multinational companies to set up mining processing industries in the identified districts. Officials said that except the non-tax revenues, Excise and Prohibition, Stamps and Registration and GST tax collections were reaching the highest targets in the last five years. "If the state achieves the revenue target from mining by at least 50 per cent, it will earn Rs 15,000 crore a year," said the official.
