ABSTRACT
Huge revenues were generated after successful oil explorations in the 1960s in the State of Alaska. The millions of dollars of revenue from the leasing of mines were quickly squandered by the politicians without any tangential benefits to the citizens of Alaska. The amendment mandated that 25 per cent of all mineral lease rentals, royalties, royalty sales proceeds, federal mineral revenue-sharing payments and bonuses received by the State of Alaska were to be invested in the 'Fund'. It is ironic, that some of 'the poorest people of this country live in the parts of India richest in mineral wealth'. The unemployment rate for 2010-11, according to the South Asian Association for Regional Cooperation, was 9.8 per cent nationwide. Malnutrition remains common particularly among children-40 per cent of children are underweight. Concrete benefits in terms of dividends from revenues of mineral development to the displaced poor are perhaps the first step in the battle for winning over the masses towards democracy.
