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.
The Prime Minister will formally launch the Rashtriya Kaushal Vikas Yojana and the National Skills Mission on July 15
At least three steel companies-JSW Steel, Jindal Stainless and Bhushan Steel-have decided to wait for the financial storm to pass before they take up their expansion plans. Ministry may not achieve target to cross 100 MT output by 2012.
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.
As many as 12,394 complaints of alleged corruption were received against railway employees.
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.
"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 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.
Mega greenfield steel projects announced in the country are set to add more than 100 million ton of capacity, but land acquisition activity for only 16 million ton has begun.
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.
A meeting between the steel ministry and steel makers on price cuts remained inconclusive. They are likely to meet again to decide on the price cuts.
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 steel ministry on Friday resisted pressure from the commerce ministry for maintaining status quo on quantity of ore exports, saying exports cannot be at the cost of domestic steel utilities.
Token rollback will only help middlemen, complain large producers.
There was a plan to increase the Railways' revenue by augmenting carrying capacity. This target has, however, become the source of a bitter battle between two ministries - the railways and steel - and provoked serious arguments over the "Make in India" programme.
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.
India's steel imports from China, the world's biggest producer of the alloy, doubled in April-September from a year ago though the country has enough capacity to meet its demand.
Union Steel Minister Beni Prasad Verma on Monday went about doling out cash and gifts to Congressmen and journalists in Uttar Pradesh to apparently ensure their allegiance to him before the forthcoming Lok Sabha polls.
Corrosion is a big menace for anything with steel application from rebars in construction, oil and water pipelines, railway track, power distribution poles to automobiles, says Kunal Bose.
Union Minister Beni Prasad Verma has kicked up another controversy by stating that nothing was wrong in spending Rs 2 to 4 crores on media as he was only "investing money to get good returns" in terms of publicity.
Prime Minister Narendra Modi will retain DoPT, Atomic Energy as well as all important policy issues and portfolios not allocated.
Projects include steel plant & railway line; Modi's visit first by a PM to the tribal belt in 30 yrs
Enunciating slew of measures initiated by the UPA to augment the sector, the finance minister said 19 oil and gas blocks were given out for exploration and 7 new airports are under construction.
Tata Steel is fine-tuning strategies to enhance revenues.
Jindal Steel and Power and JSW Steel, are in competing talks to buy parts of insolvent Italian steelmaker Lucchini.
With an aim of boosting manufacturing and exports amid sharp fall in the rupee, the government has decided to take a slew of steps, including enhancing steel production capacity to 300 million tonnes and raising textile exports by 30 per cent this year.
By refusing permission for the proposed ship-breaking facility, India can send a categorical message to the foreign ship owning countries that they should keep their own waste and recycle
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