Assam: Directorate of Geology collects Rs 1816-crore revenue in 2 quarters

 STAFF REPORTER

GUWAHATI: The Directorate of Geology and Mining has received Rs 1816.50 crore as revenue from various sources in the first two quarters (April to September, 2023) in the financial year 2023–24. It is one of the oldest directorates in the state.

Directorate of Geology and Mining has always been a high-revenue-earning entity. Since 2021, the State Government has entrusted more responsibilities to it to generate more revenue. It collected the all-time high revenue of Rs 4121.3650 crore in the financial year 2022–23.

According to sources in the Directorate, in the first two quarters of the financial year, the Directorate collected Rs 1816.50 crore, including Rs 1802.30 crore in royalty on petroleum. The month-wise breakup of the revenue collected in the first two quarters (six months) is: Rs 303.34 crore in April, Rs 304.01 crore in May, Rs 283.35 crore in June, Rs 274.90 crore in July, Rs 310.60 crore in August, and Rs 340.31 crore in September 2023. This directorate earns revenue mainly from crude oil, besides coal, lignite, non-ferrous mining, metallurgical industries, etc. The royalty from crude oil largely depends on the oil prices on the international market. The State Government gets the highest amount of royalty in the oil sector from Oil India Ltd. (OIL).

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