The Prime Minister will formally launch the Rashtriya Kaushal Vikas Yojana and the National Skills Mission on July 15
He is acknowledged as the person behind transforming Tata Steel into the world's 11th largest steel-maker.
The total incentive outgo under the ambitious production-linked incentive (PLI) scheme is estimated to be less than Rs. 40,000 crore by the fiscal year 2024-25 (FY25), when it completes the fourth year of implementation, according to the government's internal estimates. This means only a fourth of the allocated Rs 1.97 trillion is expected to be utilised by the end of FY24, indicating that not all the 14 PLI schemes would have taken off fully. While three of the 14 schemes - large-scale electronics manufacturing, bulk drugs, and medical devices - were introduced in 2020, the remaining were launched the following year.
100-day agenda: Commerce ministry pushes for separate logistics department
Production of eight infrastructure sectors recorded an almost flat growth rate of 6 per cent in February as against 5.9 per cent in the same month last year, according to official data released on Friday. The growth in February is lowest in the last three months. The output of core sectors had increased by 8.9 per cent in January 2023 and 7 per cent in December 2022.
The officer can use the Evidence Act to bring VBS' identity to light.
The agreement, which will be reviewed at the end of five years, will boost profitability of the steel firms who had been buying expensive LNG or naphtha to meet feedstock shortage at their plants, a senior official said. The ministry of petroleum and natural gas had last week asked Reliance to sell natural gas to steel firms like Essar, Ispat and Vikarm Ispat to help the nation's most prolific gas field to produce at optimum level.
In a major development, India and the US have agreed to end six trade disputes at the WTO through mutually agreed solutions, while New Delhi will remove retaliatory customs duties on certain American products such as almonds, walnuts, and apples.
State-run RITES provides engineering, consultancy and project management services in transport infrastructure sector under single roof.
The government was aware that the prices have shot up in the international market but at the same time it was the duty of the government to keep inflation under check as for the aam aadmi, he said. The minister said the long term solution to moderate the steel price was increasing production.
South Korea's steel makers, struggling with competition from global peers and heavy tariffs in export markets, have lodged a complaint against Japan, India and Spain for alleged dumping of stainless steel bars.\n\n\n\n
It is not often that the head of a regulator is removed by the nodal ministry, even after the Appointments Committee of the Cabinet (ACC), headed by the prime minister, clears an extension.
According to exporters, withdrawal of incentives under GSP would impact India's export worth $5.6 billion to the US.
A 25 per cent year-on-year (Y-o-Y) increase in budget allocation towards the roads sector for FY24 has led to renewed interest among investors. However, a combination of escalating costs for Bharatmala and unseasonal rains to some extent have impacted progress. Bharatmala's cost has nearly doubled from Rs 5.35 trillion to Rs 10.6 trillion and the finance ministry has asked MoRTH to go slow until Cabinet approval is received.
The steel ministry has sent the proposal to sell 10 per cent of the government's holding in state-run Manganese Ore India Ltd to the Department of Disinvestment, Parliament was told on Friday.
Noticing irregularities in coking coal purchases, the Steel Ministry has set up a committee to look into the rationale behind PSUs buying more of the commodity when it is expensive, and less of it when cheaper.
SAIL is awaiting the steel ministry's approval for its proposed public issue to raise funds to part finance its Rs 70,000-crore expansion project.
There is no proposal to merge Nilachal Steel Corporation with SAIL but the process for the government's proposed merger of Nilachal Ispat Nigam Limited with Steel Authority of India Ltd is underway, the Lok Sabha was informed on Monday.
The country's largest steel producer, SAIL, has proposed trimming its board size by almost a fourth to speed up its decision-making process, official sources said.
Out of the total of 25,359 complaints received during 2010, the highest of 8,330 were against Railways, 6,520 against banks, 1,836 against petroleum department and 1,572 were against telecom officials.
The 20 per cent FPO will be a combination of five per cent dilution of government's equity and five per cent issue of additional shares in each phase, a senior steel ministry official told PTI.
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.
Singh said it is the principle of BJP not to promote nepotism and fight against dynasty rule and his decision to resign is in line with the party's principles.
Fresh formal job creation cooled for the second consecutive month to decline to a six-month low in September, signalling a downturn in the labour markets this financial year. The number of new monthly subscribers under the Employees' Provident Fund (EPF) declined by 6.45 per cent to 891,583 in September from 953,092 in August, shows the latest payroll data released by the Employees' Provident Fund Organisation (EPFO). Besides, the net payroll additions -- calculated by taking into account the number of new subscribers, the number of exits, and the return of old subscribers -- increased by 14.9 per cent to 1.72 million in September from 1.49 million in August.
Contrary to reports, the defence ministry has not opened any other deal for investigation besides the AgustaWestland chopper contract, defence sources said on Friday.
The Cabinet Committee on Economic Affairs on Wednesday approved seven multi-tracking projects of Indian Railways at an estimated cost of around Rs 32,500 crore, Union minister Ashwini Vaishnaw said. The proposed projects, which will be fully funded by the Centre, will help increase the existing line capacity, smoothen train operations, reduce congestion and facilitate ease of travelling and transportation. The projects covering 35 districts in nine states -- Uttar Pradesh, Bihar, Telangana, Andhra Pradesh, Maharashtra, Gujarat, Odisha, Jharkhand and West Bengal -- will increase the existing network of Indian Railways by 2,339 km and provide employment of an estimated 7.06 crore man-days to the people of the states.
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 secondary steel producers have assured that they will reduce prices of their flat products by Rs 4,000 per tonne and maintain the new price line for the next three months," Steel Ministry Secretary R S Pandey said after a meeting with the steelmakers. He said the government was examining the request by the steel industry to lower export duty. He also made it clear that reduction of prices by steelmakers was conditional.
The California walnuts shipped from the US to India have seen a sharp uptick with imports more than doubling from September to November against the same period last year. This comes after New Delhi removed its retaliatory customs tariffs on the key dry fruit. Two days ahead of US President Joe Biden's visit to New Delhi to attend the G20 Summit on September 9-10, India dropped additional customs duties on about half a dozen US goods that were imposed in 2019 in response to America raising tariffs on certain steel and aluminum products coming from India.
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."
The government's ambitious plan to make Steel Authority of India Limited a mega PSU may hit a roadblock with several smaller PSUs under the Steel Ministry expressing unwillingness to merge with the steel behemoth.
Sai said the revenue on account of steel exports stood at Rs 29,994 crore (Rs 299.94 billion) in 2013-14.
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