India's economic growth accelerated to 8.4 per cent in the third quarter of 2023-24, mainly due to good performance by the manufacturing, mining & quarrying and construction sectors. The Indian economy recorded a growth of 8.4 per cent in the third quarter of this fiscal (October-December 2023), according to data released by the National Statistical Office (NSO) on Thursday.
The provision in the new mining bill approved by a group of ministers last week for 26 per cent profit sharing by mining companies with affected residents of the area they operate in hasn't been welcomed by many in the sector.
India's economy grew 7.8 per cent in the March quarter, pushing up the annual growth rate to 8.2 per cent, according to official data released on Friday. Growth in the January-March period was lower than the 8.6 per cent expansion in the December quarter.
Coal accounts for more than 60 per cent of India's electricity capacity, and the government plans to nearly double annual coal output by 2020, opening a new mine nearly every month
Overcoming a negative growth in mining sector and a meagre 2 per cent growth in agriculture, the economy continued on its upward trajectory, which was witnessed during the first quarter of the current financial year.
The strong message from the prime minister is of continuity of policies he considers right with strong emphasis on execution, points out T N C Rajagopalan.
In twin blows to Indian economic revival, higher food prices drove retail inflation to a five-month high of 7.4 per cent while factory output fell for the first time in 18 months. The second consecutive month of rise in consumer price index (CPI)-based inflation will add to the pressure on the Reserve Bank of India (RBI) to again raise interest rates to tame high prices. Inflation has been above the targeted zone for the ninth month in a row and as per statute, the RBI will now have to explain to the government in writing why it failed to keep prices below 6 per cent.
More than 85 percent of gold mined today will end up as jewelry tomorrow. Gold mining is not an essential industry like the harvesting of food or even paper production. It is certainly not sustainable, nor is it just.
India's corporate sector is likely to report a slowdown in revenue growth and earnings for the July-September 2023 period (Q2FY24), according to earnings estimates by brokerages, after the country's top listed companies posted higher than expected profits for the first quarter. The combined net profit of Nifty50 companies, based on brokerage estimates, is expected to have grown by 19.6 per cent year-on-year (Y-o-Y) to Rs 1.75 trillion in Q2FY24 - a sharp deceleration from 37.6 per cent Y-o-Y growth in the combined earnings of index companies in the April-June 2023 period. According to estimates, the combined earnings in the second quarter would be down 8.8 per cent on a quarter-on-quarter (Q-o-Q) basis and the lowest in the past three quarters.
India's economy grew 7.6 per cent in the September quarter of this fiscal and remained the fastest-growing large economy, mainly due to better performance by manufacturing, mining and services sectors, the government data showed on Thursday. The gross domestic product (GDP) expanded by 6.2 per cent in the July-September quarter of 2022-23. India remained the fastest-growing major economy, as China posted a 4.9 per cent growth in July-September 2023.
Minister of state for personnel Jitendra Singh said it is a major step to place the right talent for the right role.
The government expects foreign direct investment into India to cross $7 billion in 2005-06, with auto and mining sectors expected to attract huge funds.
Mining conglomerate Vedanta Limited has received approvals from the majority of its creditors for a proposed demerger of businesses, marking an important step in the company's plan to split into six independent listed companies. "I am happy to let all of you know that we have received the 52 per cent plus the additional percentage, which is required for us to reach 75 per cent. "We have crossed that threshold as well. Most of the lenders have approved it," a senior Vedanta executive said in a recent bondholder conference call.
Currently, only Coal India, the world's largest coal miner, and its smaller sister PSU Singareni Collieries besides mining agencies of state government are allowed commercial coal mining.
Faced with the prospect of yet another embarrassment in Rajya Sabha, Government on Tuesday night bowed to the opposition demand for sending the Mines and Minerals bill to a Select Committee after hours of battle of wits between rival sides.
South Korean steel giant Posco's wait for a mining licence in Orissa has got a little longer.
The private sector's new project announcements in the quarter ending March were among the highest on record. The value of new private sector project announcements for the three months ending March 2024 was Rs 9.8 trillion, shows data from tracker Centre for Monitoring Indian Economy (CMIE). This is the second-highest on record in data going back to 2009.
Iron ore mining industry is facing a major crisis with the governments delaying issue of mining leases to companies.
Dual methodology for e-auction to introduce price ceiling for power sector
Maoists on Friday exploded a bomb in Meghatpur mine and planted another at Kiribur, both run by public sector Steel Authority of India Limited along the Orissa-Jharkhand border. The attack comes hours after the Maoists blasted rail tracks in Jharkhand's West Singhbhum district that derailed the Tata-Bilaspur passenger train leaving two passengers dead.
Gold production in India has dwindled in recent times.
A sharp slowdown in mining sector lowered industrial growth to 7.4 per cent during August 2005 as against 8.6 per cent in the same month last fiscal.
Ekka, who is embroiled in the controversy for allegedly signing official documents at a private place, was removed from the post following Bharatiya Janata Party's allegation of his conniving with middlemen.
It is up to the government to take a decision on this before it starts auctioning.
Concerned over rising coking coal prices and insecurity of supplies, Steel Minister Ram Vilas Paswan on Saturday asked public sector steel producers to scout for mines abroad.
Industrial production re-entered the negative territory by contracting 1.6 per cent in January, mainly on account of the decline in output of capital goods, manufacturing and mining sectors. The output of the manufacturing sector -- which constitutes 77.6 per cent of the Index of Industrial Production (IIP) -- shrank by 2 per cent in January, as against a growth of 1.8 per cent during the same month last fiscal, as per data released by the government on Friday. The worst performance was witnessed by the capital goods sector, which recorded a contraction of 9.6 per cent during the month under review, compared to a 4.4 per cent decline a year ago.
Adani group plans to invest about Rs 1.3 lakh crore across its portfolio companies this fiscal as it doubles down on its $100 billion investment guidance over the next 7-10 years to grow businesses, group CFO said on Tuesday. The investment across portfolio companies that range from ports to energy, airports, commodities, cement and media will be 70 per cent met through internal cash generation and the remaining through debt, Group CFO Jugeshinder 'Robbie' Singh told reporters in Ahmedabad.
The government on Friday approved a landmark draft mines bill which provides for miners to share 26 per cent of their net profits for the people affected by the coal projects, while the burden on the non-coal miners will be amount equivalent to royalty.
More than legal and illegal mining of sand, the issue which stares us in the face is sustainable sand mining, says Gopal Krishna
Sidhu's meeting came days after he called Mann as a "rubber doll", alluding to the Opposition charge that the state government is being run by the Aam Aadmi Party leadership from Delhi.
Key infrastructure sectors -- from railways to power, and from coal to petroleum -- will not only be part of the achievements but promises too, as the BJP fights to get a third term at the Centre.
Mining Minister Dinsha Patel, who piloted the Bill in the House, says the attempt is to let the mining projects not get scuttled by the locals.
India's industrial production growth rose to a 14-month high of 10.3 per cent in August, mainly due to good show by the manufacturing, mining and power sectors, according to the official data released on Thursday. The factory output growth measured in terms of the Index of Industrial Production (IIP) had contracted by 0.7 per cent in August 2022. The previous high was recorded at 12.6 per cent growth in June 2022.
The brokerage earnings estimate for the January-March 2024 quarter (Q4FY24) for Nifty 50 companies hints at a slowdown in corporate profit growth while revenue increase is likely to be in low single digits as in the previous two quarters. According to various brokerage estimates, the companies' combined net profits are expected to grow 3.1 per cent year-on-year (Y-o-Y) in Q4FY24, the slowest in the last five quarters. For comparison, the index companies' combined net profits were up 8.2 per cent Y-o-Y in Q3FY24 and 3.4 per cent Y-o-Y in Q4FY23.
Metal and mining companies, such as Tata Steel, JSW Steel, Hindalco, and Coal India, have been among the top-performing sectors on the bourses in recent months. The S&P BSE Metal Index is up 13 per cent in the past three months, rallying 29 per cent in the past year, outperforming the broader market. For comparison, the benchmark S&P BSE Sensex has only seen a 1.7 per cent increase in the past three months, with a 15 per cent gain since the end of September last year.
The first lot of 74 mines will be auctioned to specific end-users and allocated to state-owned entities by March.
The new mining policy must be rock solid
