The Indian steel industry will take a decision on revising its prices after the goverment reviews the export duty on the alloy. The steel ministry has sought a review of the export duty, sources close to the development said, and a final decision on prices would emerge once the issue is settled. The notification, which happened over the weekend, caught the industry by surprise.
The Indian steel industry is poised to witness an investment of more than Rs 5 lakh crore (Rs billion), which is over six times the total money ploughed into the sector since independence.
The government on Friday issued fresh show cause notices to prior allottees of coal blocks like JSPL, JSW and Tata Steel, asking reasons behind delays in mines development and warned of deduction in their bank guarantees if they failed to furnish replies.
Contrary to reports, the defence ministry has not opened any other deal for investigation besides the AgustaWestland chopper contract, defence sources said on Friday.
Posco's mega steel plant in Orissa is inching forward with the Union Ministry of Environment and Forests clearing a proposal under which Posco will plant trees on an area equivalent in size to the forest land where the project is coming up.
The world's largest steelmaker, Mittal Steel Co. will buy 36.7 per cent stake for $316 million in China's Hunan Valin Steel Tube & Wire Co.
The MCA has written letters to various ministries following a request by the Satyam board that public sector undertakings should not insist on the financial statements and other information like details of turnover from the company while seeking bids.
One of the demands is that export duty should be rolled back in view of industry promising to hold the price line. A decision will be taken soon," Steel Minister Ram Vilas Paswan told reporters. The industry has also promised to restrict export at the existing level and the government is monitoring the situation closely, the minister said, adding that "we are satisfied with the industry's action."
India's economic growth will be above 6 per cent in the current fiscal as the country has managed to strengthen its macroeconomic stability and performance even in a period of large global shocks, RBI Monetary Policy Committee (MPC) Member Ashima Goyal said on Monday. Goyal further said that a global slowdown reducing India's export growth, geopolitics fueling oil and food prices, and erratic weather are some of the continuing risks that the country faces. "India has managed to strengthen its macroeconomic stability and performance even in a period of large global shocks.
Sai said the revenue on account of steel exports stood at Rs 29,994 crore (Rs 299.94 billion) in 2013-14.
From the Sensex pack, Reliance Industries fell the most by 2 per cent. Tata Steel, Bajaj Finserv, ITC, NTPC, Bharti Airtel, Tech Mahindra, Titan, Axis Bank and Bajaj Finance were among the other major laggards.
'These are people whom very few give importance and they were doing a mammoth job for the nation.'
'I decided to send a bat and a ball which was smaller in size so that it shouldn't get stuck in the pipe. And with that, they had a little good time.'
From the Sensex pack, HDFC, HDFC Bank, Mahindra & Mahindra, UltraTech Cement, Tata Steel, Bajaj Finance, State Bank of India, Reliance Industries, Bajaj Finserv and ICICI Bank were the major gainers. Power Grid, Maruti, Tech Mahindra, IndusInd Bank, HCL Technologies and Axis Bank were among the laggards.
The department for promotion of industry and internal trade (DPIIT) has suggested to the home ministry to allow limited activity in certain sectors such as heavy electricals and telecom equipment with reasonable safeguards. In a letter to Home Secretary Ajay Kumar Bhalla, the department said that these activities are essential to improve the economic situation and provide liquidity in the hands of the people.
From the Sensex firms, Tech Mahindra, NTPC, Tata Steel, Maruti, Infosys, Power Grid, Larsen & Toubro, Axis Bank, Titan, Reliance Industries, Wipro and Mahindra & Mahindra were the biggest gainers. Sun Pharma, UltraTech Cement, Tata Motors, Kotak Mahindra Bank, Bajaj Finance, State Bank of India and Nestle were among the laggards.
It was touted as a game changer but big-ticket privatisation has been a mixed bag as the government faces unanticipated challenges of lukewarm investor response, employee union agitation and legal hurdles. Prime Minister Narendra Modi's often-repeated statement 'the government has no business to be in business' guided the drawing up of an ambitious privatisation pipeline. While Air India sale succeeded, Bharat Petroleum Corporation Ltd (BPCL) divestment failed.
Following is a look at some new and the more unusual events in the schedule of the 19th edition of the Asian Games:
A combination of externalities such as global trade wars and slowing growth, continuing glitches in accessing offsets under the GST regime, which has created a liquidity crunch for smaller exporters, and the growing competitiveness of smaller countries are causing the slowdown.
'It is not a question of stature. I had expected Railways,' said the Chemicals and Fertilizer Minister.
Balasore district hospital looked like a war zone with the injured lying on stretchers in the corridor and rooms bursting at its seams with extra beds propped up.
Shares in Jindal Steel and Power Ltd were heading towards their biggest daily loss in almost two years on Monday.
JSPL, Tata Power, Monnet Power, Jindal Photo in the dock.
Tata Steel is fine-tuning strategies to enhance revenues.
Both were rescued from the Shalimar-Chennai Central Coromandel Express that derailed near Bahanaga Bazar Station on June 2 that had claimed 275 lives and left around 1,200 injured.
It was only a matter of hours before I would be declared persona non grata; all my work would turn to ashes, and I would be revealed as a typical untrustworthy Indian. I steeled myself for the axe to fall.
'A large portion of youngsters who aspire to join the civil services are not motivated by the spirit of public service and idealism of which the civil services offer in abundance.' 'When they join the mandarin club they look for the loaves and fishes of office, rather than make a difference and wipe what Mahatma Gandhi called 'every tear from every Indian',' points out Rup Narayan Das.
Coal production by Coal India (CIL) has grown slower than the captive mines, awarded over the last six years. During 2020-22, production from the captive mines jumped by 38.5 per cent while CIL saw a tepid growth of 3.4 per cent, according to government data. In terms of dispatch to the power sector, captive mines have raced ahead, witnessing a growth of 72 per cent compared to 15 per cent for CIL. For the current fiscal year, CIL's production is expected to be around 565 million tonnes.
Road Transport Minister Nitin Gadkari on Tuesday said the government will approach the capital market next month to raise funds for four road projects. The money will be raised through Infrastructure Investment Trusts (InvITs), and there will be an investment limit of Rs 10 lakh for retail investors, he added. "We will be approaching the capital market to raise funds for the four road projects... there will be an assured return of 7-8 per cent," Gadkari said while addressing a Ficci event.
The government is targeting export of goods and services worth $2 trillion by 2030.
The top five decision makers in the oil ministry collectively have around 20 months of experience in the sector even as India, the third largest consumer of oil in Asia, struggles to keep pace with oil prices, which have doubled in the last one year.
Chouhan had earlier announced constitution of 'happiness ministry' on the lines of Bhutan, the only country to have the gross national happiness index.
The government is likely to extend fiscal incentives for production of toys, bicycles and leather and footwear in the forthcoming budget as it looks to expand production linked incentive (PLI) scheme to cover more high-employment potential sectors, sources said. The government has already rolled out the scheme with an outlay of about Rs 2 lakh crore for as many as 14 sectors, including automobiles and auto components, white goods, pharma, textiles, food products, high efficiency solar PV modules, advance chemistry cell and speciality steel. The scheme aims to make domestic manufacturing globally competitive and create global champions in manufacturing, and it is yielding solid results, sources said.
India's production-linked incentive (PLI) scheme, which aims to make domestic manufacturing globally competitive, has attracted investment worth over Rs 45,000 crore and has also created three lakh jobs, NITI Aayog CEO Parameswaran Iyer said on Monday. The government has rolled out the scheme with an outlay of about Rs 2 lakh crore for as many as 14 sectors, including automobiles and auto components, white goods, pharma, textiles, food products, high efficiency solar PV modules, advanced chemistry cell and speciality steel. "The PLI programme has already started showing results.
JSPL is under CBI lens for giving wrong information about its land, water supply and previous allocations to get coal block in Jan 2008.
Coal, refinery products, electricity and cement production registered a growth of 14.5 per cent, 8.1 per cent, 10.2 per cent and 11.3 per cent, respectively in November, as per the data released by the Commerce and Industry Ministry.
Talking to PTI Amarjeet Kaur, General Secretary of All India Trade Union Congress (AITUC), said, "The two-day nationwide strike by the joint forum of central trade unions has begun this morning". About the impact of the agitation, she said that the entire coal belt (mining area) is affected in Jharkhand, Chhattisgarh and Madhya Pradesh. She also said that there is a good response in industrial areas of Assam, Haryana, Delhi, West Bengal, Telangana, Kerala, Tamil Nadu, Karnataka, Bihar, Punjab, Rajasthan, Goa, Andhra Pradesh and Odisha. The AITUC official noted that the banks and insurance sectors are affected all over India, while steel and oil sectors are also seeing partial impact due to the strike. Kaur said that she has got preliminary reports that markets are closed in Odisha.
Coming Wednesday, Finance Minister (FM) Nirmala Sitharaman will present the 2023 Union Budget - the last full Budget ahead of the 2024 Lok Sabha elections. While India exited 2022 as a relatively bright spot in the global economy, the FM will endeavour to present a Budget that insulates India's economy against global headwinds and recession in advanced economies, while sticking to the path of fiscal consolidation. In this, she is being helped by her core team of trusted advisors.
HCL Tech was the top gainer in the Sensex pack, rising around 3 per cent, followed by Tech Mahindra, Tata Steel, Wipro, NTPC and Titan. Nifty advanced 187.05 points to 16,801.25.
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