Metal stocks on Dalal Street have been moving in tandem with the benchmark indices since the beginning of the current financial year. Where the BSE Metal index has gained 7.5% since April 1, 2024, the 30-share Sensex advanced 7.4% during the same period. Meanwhile, the metal sector witnessed some pressure on August 14 after the Supreme Court ruled that states can levy tax and royalty on minerals, apart from central duties and collect past dues.

So what does the ruling mean for the metal and mining sector? Rakesh Arora, Founder of market research firm Go India Stocks, says the impact of the Supreme Court ruling is big and the impact has to be recognised in the P&L of each of the companies.

After falling over 1.5% on Wednesday, the BSE Metal index continued to underperform the Sensex. Where the former index traded 0.61% higher at around 11.50 am (IST) on August 16, the latter was up nearly 1% at around the same time. Shares of Tata Steel were up 0.68% at Rs 147.20. Vedanta, SAIL and Hindalco were up over 1% each.

Arora added that Tata Steel has a big impact—payment—has to be recognised in the P&L. For Tata Steel, the potential outgo could be over Rs 17,000 crore, with the estimate for all the players being upwards of Rs 1.5 lakh crore.

“Since it is a Supreme Court judgement, there is limited scope for further appeal,” he thinks. The government coming up with an amendment is a possibility.

A nine-judge Bench of the Supreme Court ruled that its July 25 decision, which allows state governments to impose taxes on mining and related activities, will be applied retrospectively, but only for transactions occurring after April 1, 2005.

Kranthi Bathini, Equity Strategist, WealthMills Securities said, “The ruling is going to be very stock specific. Some companies have made provision for this, while some have cash reserves. Changes are high that companies will pass the increasing cost to customers. It also depends on from which state the company is operating.”

Ravi Singh, SVP–Retail Research, Religare Broking told BTTV that the ruling will mostly impact PSU mining sector. “Most of the impact has already been factored in. This kind of news brings an opportunity to buy stocks at lower rates,” he said. Shares of Coal India, which declined 3.18% on August 14, traded 0.24% up at Rs 505.90. Likewise, NMDC, which retreated 6% in the previous session, was up 1% at around 12.18 pm (IST).

New Delhi: Techno Electric & Engineering Company, a prominent player in the power infrastructure sector, announced on Friday its strategic partnership with IndiGrid to co-develop two greenfield transmission projects. This partnership was formalized through the signing of a securities subscription cum shareholders agreement.

Details of the Partnership

Under this collaboration, Techno Electric will play a key role in the development of IndiGrid's two Interstate Transmission System (ISTS) projects — Ishanagar Power Transmission Ltd (IPTL) and Dhule Power Transmission Ltd (DPTL). These projects are pivotal for enhancing the transmission capacity and reliability of India's power grid, particularly in the context of integrating renewable energy sources.

According to the BSE filing, Techno Electric will invest minority capital in these projects, indicating its financial commitment to the partnership. In addition to its investment, Techno Electric will be responsible for the complete execution of the projects on a Lump Sum Turnkey (LSTK) basis. This means that Techno will handle all aspects of the project, from design and procurement to construction and commissioning, ensuring that the projects are delivered on time and within budget.

Significance of the Partnership

Techno Electric Chairperson Padam Prakash Gupta expressed his enthusiasm about the partnership, stating, "This partnership represents a significant milestone for us, reflecting our commitment to leading the transformation of the energy landscape in India." The collaboration with IndiGrid underscores Techno Electric's strategic focus on expanding its footprint in the transmission sector, which is critical for supporting the country's growing energy needs and the integration of renewable energy into the grid.

IndiGrid, India’s first Infrastructure Investment Trust (InvIT) in the power sector, has been at the forefront of acquiring and managing operational power transmission assets. This partnership with Techno Electric aligns with IndiGrid's strategy of expanding its portfolio of transmission assets, particularly in greenfield projects that are essential for meeting the future energy demands of the country.

About Techno Electric & Engineering Company

Techno Electric & Engineering Company, established in 1963, has earned a strong reputation as one of India's leading companies in the power infrastructure sector. The company provides comprehensive Engineering, Procurement, and Construction (EPC) services across the power generation, transmission, and distribution sectors. Over the decades, Techno Electric has successfully executed numerous high-profile projects, contributing to the development of India's power sector.

With a track record of delivering high-quality projects, Techno Electric has positioned itself as a trusted partner for both public and private sector clients. The company is known for its technical expertise, innovative solutions, and commitment to sustainability, making it a key player in the ongoing transformation of India's energy infrastructure.

About IndiGrid

IndiGrid, established as India’s first Infrastructure Investment Trust (InvIT) in the power sector, focuses on owning and operating power transmission assets. The trust was created to provide stable and sustainable returns to its investors by acquiring and operating a portfolio of power transmission assets in India. IndiGrid’s portfolio includes several high-quality assets that are critical for the country's power transmission network.

With this partnership, IndiGrid aims to enhance its portfolio with the addition of new greenfield projects, ensuring that it continues to play a vital role in the development and modernization of India’s power infrastructure.

Looking Ahead

The collaboration between Techno Electric and IndiGrid is expected to set a precedent for future partnerships in the power sector, particularly in the development of transmission infrastructure. As India continues to expand its renewable energy capacity, the need for robust transmission networks will become increasingly important. Partnerships like this one are essential for ensuring that the country's power infrastructure keeps pace with its growing energy demands.

The successful execution of these projects will not only bolster India's power transmission capabilities but also contribute to the overall reliability and resilience of the national grid. This, in turn, will support the country's broader goals of achieving energy security and sustainability.

New Delhi: The National Coal Index (NCI) has shown a significant decline of 3.48 percent in June 2024, registering at 142.13 points compared to 147.25 points in June 2023. This decline is seen as an indicator of sufficient coal availability in the market to meet growing demands. “This notable decrease in the NCI reflects an abundant supply of coal, ensuring stability in the market,” stated the Ministry of Coal on Friday.

The National Coal Index is a comprehensive price index that consolidates coal prices from various sales channels, including Notified Prices, Auction Prices, and Import Prices. It takes into account the prices of both coking and non-coking coal across different grades, transacted in both regulated sectors (like power and fertilizer) and non-regulated sectors. Established with the base year as FY 2017-18, the NCI serves as a reliable barometer of market dynamics, offering valuable insights into price fluctuations and trends within the coal industry.

Decline in Coal Auction Premium Reflects Market Stability

In addition to the overall decline in the NCI, a sharp drop in the premium on coal auctions further underscores the market's stability. The auction premium is a crucial metric that reflects the industry's current state, and its decrease is a clear sign of sufficient coal availability. “The impressive growth of 14.58 percent in the country’s coal production during June 2024, compared to the corresponding period last year, ensures a stable supply to various coal-dependent sectors, significantly contributing to the overall energy security of the nation,” the Ministry of Coal highlighted.

This growth in coal production is pivotal in meeting the country's escalating energy demands. With coal being the backbone of India's energy sector, the increase in production not only ensures a steady supply but also helps in stabilizing prices and reducing the pressure on imports.

The Ministry of Coal also emphasized the broader implications of the declining NCI. “The downward trajectory of the NCI signifies a more equitable market, harmonizing supply and demand dynamics. With sufficient coal availability, the nation is well-positioned to address burgeoning demands while also laying the foundation for long-term energy security. This trend fortifies a more resilient and sustainable coal industry, fostering a prosperous future for the nation,” the ministry stated.

Impact on the Power Sector and Economy

The stable supply of coal, as indicated by the NCI and auction premiums, is particularly beneficial for the power sector, which relies heavily on coal for electricity generation. With nearly 70 percent of India's electricity generated from coal, the assurance of sufficient supply at stable prices is crucial for preventing power shortages and ensuring uninterrupted electricity supply across the country.

Furthermore, the ample availability of coal at competitive prices is expected to have a positive impact on the broader economy. Industries such as steel, cement, and chemicals, which are heavily reliant on coal, are likely to benefit from reduced input costs, thereby enhancing their competitiveness both domestically and internationally.

The Ministry's statement also suggests that the current trends could lead to increased investment in the coal sector, with both public and private players expanding their operations to capitalize on the favorable market conditions. This, in turn, could create more jobs and contribute to the overall economic growth of the country.

The recent Supreme Court (SC) ruling allowing state governments to retrospectively impose taxes on mining activities dating back to April 1, 2005, is expected to have far-reaching implications, according to analysts. One area where these changes might be felt is in electricity bills.

In the August 14 ruling, the SC allowed states to recover past tax dues without any interest, which are to be paid over the next 12 years starting from the next financial year. This directly impacts companies having large mining operations across mineral-rich states like Jharkhand, Odisha, and Chhattisgarh.

Here’s how this new minerals tax could potentially impact your electricity costs.

What is a minerals tax? 

It is a fee that is imposed by local, state, or federal governments on either the amount of minerals produced at a mine, or the revenue or profit generated by the minerals sold by a mine. A royalty can be imposed as either a “net” or “gross” royalty.

What did the SC say in its ruling?

A nine-judge constitution bench ruling of the SC says that states can collect previous dues on royalty and tax on mineral-bearing land dating from April 1, 2005. The SC  said the dues can be paid in instalments by mining companies and the Centre to mineral-rich states, spread over 12 years, starting April 1, 2026. However, interest and penalty on the past dues have been nullified in the ruling.

What is the connection between the minerals tax and electricity bills?  

India depends heavily on coal for power generation, with 48 percent, or 217 giga watts, of power generated using this resource. The material is mined in states like Chattisgarh, Jharkhand, Madhya Pradesh, West Bengal, and Odisha, and used as fuel in thermal power plants to produce electricity. The sector is largely dominated by public sector companies like Coal India Ltd (CIL), which is one of the largest and primary suppliers of the raw material for power plants. With the current ruling, analysts predict Coal India to take the biggest hit due to its extensive and long-standing mining operations in these states.

To date, only Jharkhand and Odisha have issued such demands. Earlier this month, the Jharkhand Assembly passed a bill to impose a cess on mined minerals to boost the state’s revenue. The bill proposes varying tax rates for different minerals on a per-metric-tonne basis: ?100 for coal and iron ore, ?70 for bauxite, and ?50 for manganese ore and other minerals.

Mahanadi Coalfields Limited, a subsidiary of Coal India operating in Odisha, is particularly vulnerable, as it accounts for nearly 27 percent of Coal India's coal production. The public sector entity also has a significant presence in Jharkhand, where it operates through three subsidiaries: Eastern Coalfields Limited, Bharat Coking Coal Limited, and Central Coalfields Limited, exposing it to potentially higher payouts. Analysts expect that other states could also come up with such a law, as it would significantly boost their revenues.

Meanwhile, minerals like iron ore, copper, and aluminium, which are derived from mining, are essential in building and maintaining electrical infrastructure, such as transmission lines, transformers, and generators.

The Modi Government's flagship Bharatmala Pariyojana Phase-I, which has overshot the expenditure limit, is expected to be completed by 2027-28, MoRTH said in its annual report

New Delhi: The Modi Government's flagship Bharatmala Pariyojana Phase-I, which has overshot the expenditure limit, is expected to be completed by 2027-28, the Ministry of Road Transport and Highways (MoRTH) said in its annual report.

The ministry, in its annual report 2023-24, said a revised financial proposal for the Bharatmala Pariyojana is under process for approval.

The Bharatmala Pariyojana Phase-1 entails a total length of 34,800 km in 31 states and UTs and more than 550 districts.

"The length awarded is 26,425 km, and the length constructed is 17,411 km so far. The programme is expected to be completed by 2027-28," the report said.

The Cabinet Committee on Economic Affairs (CCEA) approved the Bharatmala Phase-I in June 2017.

The Bharatmala Pariyojana envisages the development of about 26,000 km length of economic corridors, which, along with the Golden Quadrilateral (GQ) and North-South and East-West (NS-EW) Corridors, are expected to carry the majority of the freight traffic on roads.

Further, about 8,000 km of interstate corridors and about 7,500 km of feeder routes have been identified for improving the effectiveness of Economic Corridors, GQ and NS-EW Corridors.

The Bharatmala (approved for an estimated cost of Rs 6,92,324 crore, including other ongoing schemes) is to be funded from Central Road and Infrastructure Fund cess (Rs 2,37,024 crore) collected from petrol and diesel, remittances (Rs 46,048 crore), apart from additional budgetary support (Rs 59,973 crore), expected monetisation of national highways (through Toll-Operate-Transfer model) (Rs 34,000 crore), Internal and Extra Budgetary Resources (IEBR) (Rs 2,09,279 crore) and private sector investment (Rs 1,06,000 crore).

"However, due to the increase in the project cost as well as the cost of land acquisition, the revised financial proposal for the Bharatmala Pariyojana is under process for approval," the report said.

It also said the MoRTH has defined a Vision 2047 for the National Highways sector, which serves as the guiding principle for the Master Plan of National Highways and allied infrastructure.

According to the report, Vision 2047 aims to provide access to high-speed corridors within 100 - 150 km to all citizens.

Vision 2047 for the National Highways aims to improve passenger convenience with world-class passenger amenities.

New Delhi: A U.S. delegation led by Ms. Isabel Casillas Guzman, Administrator of the U.S. Small Business Administration (SBA) visited Innovations for Defence Excellence-Defence Innovation Organisation, Department of Defence Production, and witnessed the techno-showcase organised by iDEX-DIO at IIT Delhi on August 12, 2024. The delegation interacted with Indian side led by Shri Amit Satija, Joint Secretary (Defence Production).

An overview on iDEX was presented to the US delegation, highlighting how iDEX has been able to create a robust defence innovation ecosystem by fostering the development of deep-tech technologieQs by engaging with the startups and MSMEs.

Ms. Isabel Casillas Guzman, the 27th Administrator of the U.S. SBA, commended the start-up showcase and the way iDEX scheme has galvanised the defence innovation ecosystem in India. She said that SBA is looking forward to interact with iDEX and its startups during the forthcoming summit to explore collaborative avenues.

The U.S. SBA is an independent agency of the federal government, offering a range of financing options, from micro lending to debt and equity investment capital, to support small businesses.

Both sides also lauded the INDUS-X (India-US Defence Acceleration Ecosystem) initiative which is strengthening the technology partnership and defence industrial cooperation between the two countries. The key initiatives under INDUS-X include joint innovation projects in critical domains and the capacity building of startups.

Nearly a dozen candidates on Sunday appeared for interview before a search-cum-selection panel that is looking to appoint the new chairman of Indian Oil

New Delhi: Nearly a dozen candidates on Sunday appeared for interview before a search-cum-selection panel that is looking to appoint the new chairman of Indian Oil Corporation (IOC), the nation's largest oil firm, sources said.

While 10 out of the nearly 60 candidates who applied were called for interviews, GAIL chairman and managing director Sandeep Gupta is being considered a wildcard.
 

Gupta had not applied but was called for the interview, three sources aware of the matter said.

"They had invited 10 of the candidates who had applied. Gupta was the 11th person to be interviewed," one of them said.

Gupta, 58, was director (finance) in IOC before he was appointed the CMD of gas utility GAIL in October 2022.

Those interviewed on Sunday included two directors on IOC board - Satish Kumar Vaduguri (Director-Marketing) and Arvind Kumar (Director-Refineries).

Five executive directors of the company too were interviewed.

Bharat Petroleum Corporation Ltd (BPCL) Director (Marketing) Sukhmal Kumar Jain as well as company's Director (Refineries) S Khanna were also interviewed, sources said adding Hindustan Petroleum Corporation Ltd (HPCL) Director (Marketing) Amit Garg also appeared.

The panel is looking for a replacement for Shrikant Madhav Vaidya, whose one-year extension beyond his retirement age of 60 years ends on August 31. The Ministry of Petroleum and Natural Gas had in June sought applications from engineers, chartered accountants and cost accountants with post-graduate management degrees from leading institutions and having at least five years experience in leadership roles for the top job at Indian Oil.

The age eligibility cut off has been set at not more than 58 years for internal candidates and 57 years for outsiders with 60 years as the retirement age. But this was relaxable in the case of deserving candidates.

This discretion was used in the case of Gupta, who has less than two years before retirement in February 2026, and Satish Kumar Vaduguri, who has only 11 months of service left.

Sources said Gupta may have been the panel's choice.

"The entire process is being carried out in utmost secrecy," one of the sources cited above said.

Vaidya, who took over as the Chairman of India's biggest oil company on July 1, 2020, was to retire on August 31, 2023, when he attained the superannuation age of 60 years. But he was in a rare move "re-employment on a contract basis" for one year "beyond the date of his superannuation i.e with effect from September 1, 2023, till August 31, 2024," according to an official order dated August 4, 2023.

Thereafter a three-member search-cum-selection committee was constituted to find who will head Indian Oil after August 31, 2024. The panel is headed by the government headhunter Public Enterprises Selection Board (PESB) chairperson and includes the oil secretary and former Hindustan Petroleum Corporation Ltd (HPCL) chairman M K Surana as members.

The committee, however, couldn't make much progress over the age eligibility issue.

Sources said the Ministry initially proposed allowing anyone who has not attained the age of 61 years to be considered for the job. This made Vaidya eligible for the job.

However, the proposal did not find favours with the Prime Minister's Office (PMO).

Thereafter the government reverted to the old system of appointing PSUs head with 60 years as the retirement age.

Prior to Vaidya, no chairman of a Maharatna PSU was given an extension beyond 60 years in recent years. In fact, the government had last year denied Ranjan Kumar Mohapatra an eight-month extension as director (human resources) of IOC till his superannuation age.

The Oil Ministry recommended an extension of service for Vaidya after PESB in May last year did not make any recommendation for the next chairperson of IOC after interviewing 10 candidates, including Arvind Kumar who at that time was managing director of Chennai Petroleum Corporation Ltd (CPCL).

Indian Oil's was the second instance in recent months where PESB did not find a suitable candidate for the top job at blue-chip oil companies and retired personnel were given charge.

On June 3, 2021, PESB did not find anyone suitable from nine candidates, including two serving IAS officers, to head ONGC.

The Ministry thereafter constituted a search-cum-selection panel and named Arun Kumar Singh, who had retired after attaining 60 years of age from BPCL, to head ONGC. Singh wasn't eligible to apply in the first place but the eligibility rule was changed to allow consideration of persons who have attained 60 years of age.

A similar but bigger age relaxation (allowing persons up to the age of 61 years to be considered) was being sought for Indian Oil.

Existing rules for hiring board-level positions in PSUs allow consideration of candidature of an internal person with at least two years of service left before retirement and three years in case of outside candidates.

New Delhi: State-owned Rashtriya Chemicals and Fertilizers Limited (RCFL) reported an 84 percent decline in consolidated net profit for the first quarter of the financial year 2024-25, with profits falling to ?10.80 crore. This significant drop, compared to ?67.79 crore in the same quarter of the previous year, is attributed to higher finance costs, as disclosed in the company's latest regulatory filing.

Despite the sharp decline in profit, RCFL's total income for the quarter rose to ?4,396.06 crore, up from ?4,042.95 crore in the corresponding period of the previous year. However, the increase in expenses, which surged to ?4,409.93 crore from ?4,009.02 crore, outpaced the rise in income, further pressuring the company's profitability.

A key factor contributing to the decline in profits is the government's decision to reduce the rates of Nutrient Based Subsidy (NBS) since October 1, 2023. This policy change has particularly impacted the profitability of phosphatic and potassic fertilizers, sectors where RCFL has significant exposure.

RCFL, a major player in the Indian fertilizer industry, is heavily reliant on government subsidies to maintain competitive pricing for its products. The reduction in NBS rates has therefore squeezed margins, making it more challenging for the company to sustain profitability in these segments.

Additionally, the company's share price reflected investor concerns, with shares of RCFL closing down 1.40 percent at ?200.35 apiece on the Bombay Stock Exchange (BSE) on Monday.

Looking ahead, RCFL may need to focus on cost optimization and exploring alternative revenue streams to counteract the adverse effects of subsidy cuts and rising finance costs.

New Delhi: State-owned Power Grid Corporation of India Ltd (Power Grid) announced on Monday that it has successfully secured a significant transmission project in Rajasthan through tariff-based competitive bidding (TBCB). The project, named "Bhadla-III Power Transmission Ltd," is crucial for establishing an additional transmission system to evacuate power from the Bhadla-III Power Station as part of the Rajasthan Renewable Energy Zone (REZ) Phase-III Scheme, which aims to facilitate the evacuation of 20 GW of renewable energy.

The Power Grid Corporation received the Letter of Intent (LoI) on August 12, 2024, for acquiring the Project Special Purpose Vehicle (SPV) for this venture. The company emerged as the top bidder, outperforming several private sector competitors in the TBCB process.

The scope of work under this project includes the augmentation of transformation capacity at the existing Bhadla-III substation, which plays a critical role in integrating renewable energy into the national grid. This project is part of the broader efforts by the Government of India to strengthen the transmission infrastructure and support the growing renewable energy sector in Rajasthan, which is a key state in India’s renewable energy landscape.

Bhadla Solar Park, located in the Jodhpur district of Rajasthan, is one of the world’s largest solar parks and a cornerstone of India’s renewable energy expansion. The augmentation project will enhance the park's capacity to transmit solar power, thereby contributing to India’s ambitious goal of achieving 500 GW of renewable energy capacity by 2030.

The successful acquisition of this project further consolidates Power Grid’s position as a leading player in India’s power transmission sector, reinforcing its role in facilitating the country's energy transition.

The government has approved the allocation of gas from ONGC’s and Oil India Limited’s new wells at 20 percent premium over APM price

New Delhi: The government has approved the allocation of gas from Oil & Natural Gas Corporation’s (ONGC) and Oil India Limited’s (OIL) new wells at 20 percent premium over the administered price, said ONGC in a statement on Monday. “… MOP&NG has now notified the allocation of gas produced from new wells or well interventions from nominated fields of ONGC/OIL at 20 percent premium over the APM price,” said ONGC.

Gas pricing regime

The price of domestic gas in India is governed by two pricing regimes as of now. Gas produced from fields given to ONGC and OIL by the government on nomination basis, often called legacy fields, is priced at 10 percent of the prevailing price of crude oil that India produces. This price is, however, subject to a price cap of USD 6.5 per Metric Million British Thermal Unit (mmBtu). Because of the price cap imposed by the government, this pricing regime is known as Administered Price Mechanism (APM).

The other pricing regime is for gas produced from difficult fields or deep sea, where the cost of production is high. This price is fixed bi-annually and the current price for six months, starting April 1, is USD 9.87 per mmBtu. At the time the government adopted these new pricing regimes last year, it had said that gas produced from new wells in legacy fields will be eligible to be sold at a premium of 20 percent over the APM price. And this is the change that has been notificed by the Ministry of Petroleum and Natural Gas now.

“As per Guidelines for domestic gas pricing, domestic natural gas price (APM Price) was fixed at 10 percent of the Indian Crude basket price as announced by Petroleum Planning and Analysis Cell (PPAC) on a monthly basis. It was provided in the guidelines that for the gas produced from new wells or well intervention in the nomination fields of ONGC/Oil India Limited, there would be a premium of 20 percent over APM prices (ie total 12 percent of Indian Crude basket price for new gas). The modalities for the same had to be worked out by Directorate General of Hydrocarbon (DGH) for approval of the Ministry of Petroleum and Natural Gas (MOP&NG),” ONGC said.

Enhanced price for new gas from legacy fields will make projects viable: ONGC

“The enhanced price for new gas will make the new gas development projects viable and help ONGC to augment the production of Natural Gas from nominated fields in challenging areas that require higher amount of capital and technology. This will enhance the investment capacity in the Company to take up development projects which are otherwise capital intensive and involve higher degree of risks requiring commensurate prices,” said ONGC.

“The ONGC board has recently approved the Daman Upside Development project in our nominated field of Mumbai High at a cost of ~ Rs 7,800 crore for increasing the domestic gas production and the job has already been awarded for execution. The peak production envisaged from this project is around 5 MMSCMD,” the statement added.

NEW DELHI: The Ministry of Steel has reported a significant increase in crude steel production, which reached 144.3 million tonnes (Mt) in the fiscal year 2023-24, compared to 109.14 Mt in 2019-20. This data, sourced from the Joint Plant Committee (JPC), highlights the robust growth in India’s steel sector over the past four years.

According to the Ministry of Steel, steel production in India, is largely driven by market dynamics, logistics for raw materials, and other commercial considerations. The government plays a crucial role as a facilitator, creating a conducive policy environment to support the development of the steel industry, especially in rural areas.

To further promote the steel sector, the government

 has implemented several measures aimed at boosting steel consumption and investment in rural regions.
The government’s focus on infrastructure development, particularly through the Gati-Shakti Master Plan, and initiatives such as ‘Make in India’ for the manufacturing sector, have significantly increased the demand and consumption of steel across the country, including in rural areas.

The Ministry of Steel has initiated a project under the Pradhan Mantri Awas Yojana to develop type designs of Aanganwadis and houses using structural steel. This initiative is expected to enhance the use of steel in rural housing projects, promoting its benefits and increasing demand.

Central Public Sector Enterprises (CPSEs) like Steel Authority of India Limited (SAIL) and Rashtriya Ispat Nigam Limited (RINL) have appointed rural dealers and are actively engaged in promotional activities. These efforts are aimed at educating rural communities on the advantages of using steel, thereby expanding its market reach.

Iron ore mining, a critical activity for steel production, is predominantly carried out in rural areas. This sector is a significant source of employment for local communities, contributing to rural economic development.

The Minister of State for Steel and Heavy Industries, Bhupathi Raju Srinivasa Varma, shared this information in a written reply in the Rajya Sabha, Thursday.
The ministry’s initiatives are designed to not only increase steel production but also ensure that the benefits of this growth extend to rural populations, thereby contributing to broader national development goals.

Cooperation Minister Amit Shah on Saturday called on sugar mills to explore alternatives to sugarcane for ethanol production, pushing for a multi-dimensional approach to biofuel manufacturing

New Delhi: Cooperation Minister Amit Shah on Saturday called on sugar mills to explore alternatives to sugarcane for ethanol production, pushing for a multi-dimensional approach to biofuel manufacturing.

Speaking at an event organized by the National Federation of Cooperative Sugar Factories (NFCSF), Shah said India would achieve its 20 per cent ethanol blending target by 2025-26, ahead of the original 2030 deadline.

The Minister highlighted that the government's ethanol blending programme has helped reduce the country's crude oil import bill and address environmental concerns.

"You need to be futuristic and look at opportunities and expand. Ethanol can be made from multiple sources," Shah said, urging cooperative sugar mills to shed their "orthodox" approach and explore alternative feedstocks such as maize and bamboo.

Shah said about 1,000 crore litres of ethanol is required for blending, and the necessary infrastructure to achieve this target is in place.

He emphasised the need for sugar mills to modernise and adopt new technologies, citing potential export opportunities once the Global Biofuels Alliance is established.

The minister challenged NFCSF to expand its operations, suggesting the federation to set up one cooperative sugar mill for every three districts in four states within a year.

Shah also advised NFCSF to hire professionals to guide loss-making cooperatives and set a target of increasing mills' annual turnover by 25 per cent in two years.

"We have a habit of working inefficiently and seeking help from the government. The government will be willing to help more if you work efficiently. ....Make a dynamic Federation, not a demand-driven Federation," he added.

The push for diversification comes as India seeks to reduce its dependence on fossil fuels and promote sustainable energy alternatives.

Shah also gave away the NFCSF awards for best performing cooperative mills under different categories.

NFCSF President Harshavardhan Patil said the sector faces several challenges and demanded an increase in the minimum selling price of sugar, the rates of B-Heavy molasses and sugar syrup used for ethanol making, and export of 10-20 lakh tonnes of sugar.

The federation is in the process of preparing a roadmap for the sector for the next ten years and is likely to be ready by September 5.

Around 280 cooperative sugar mills from nine states are members of the NFCSF.

New Delhi: India’s defense export sector has seen remarkable growth, with a 78% increase in the first quarter of 2024-25 compared to the same period in the previous fiscal year. According to the Defence Ministry, exports surged to Rs 6,915 crore in Q1 of 2024-25, up from Rs 3,865 crore during the corresponding period of the previous year.

This impressive growth reflects the concerted efforts of India's defense industry, which includes both the private sector and Defence Public Sector Undertakings (DPSUs). The DPSUs have played a significant role in this success, contributing 60% of the total exports, while the private sector accounted for the remaining 40%. This balance highlights the increasing participation of private enterprises in India’s defense sector, which has traditionally been dominated by public sector entities.

The Ministry of Defence emphasized that this leap in exports is a testament to the country's unwavering commitment to the vision of Viksit Bharat (Developed India) and Aatmanirbharta (self-reliance) in defense. The growth is not just a numerical achievement but also a significant milestone in India's journey towards becoming a global defense exporter, fostering innovation, and achieving self-sufficiency in defense production.

In the last fiscal year, India set a record by achieving defense exports worth Rs 21,083 crore (approximately US$ 2.63 billion), marking a 32.5% increase over the previous fiscal year (2022-23), when exports stood at Rs 15,920 crore. This continuous upward trend in defense exports underscores India’s growing prowess in the global defense market and its strategic focus on building a robust and self-reliant defense manufacturing ecosystem.

The government’s initiatives, including policy reforms, export facilitation, and the promotion of indigenous defense manufacturing through the Make in India initiative, have significantly contributed to this growth. These efforts are not only aimed at enhancing India’s defense capabilities but also at positioning the country as a key player in the international defense market.

In addition to traditional defense products, the export portfolio now includes a diverse range of advanced technologies, including missile systems, surveillance systems, and various other defense equipment, showcasing India’s capability to produce high-end defense technologies.

The continued collaboration between the public and private sectors, along with the government’s supportive policies, is expected to further propel India’s defense exports in the coming years, reinforcing the nation’s role as a global defense supplier.

The team started their journey from the base camp, and reached Kibu Hut, situated at an altitude of 15500 feet on August 7, 2024

New Delhi: In run-up to 78th Independence Day, the Divyangjan expedition team of Himalayan Mountaineering Institute (HMI), under the aegis of Ministry of Defence, has unfurled 7800 sq ft Indian national flag atop Uhuru Summit of Kilimanjaro, the highest peak of African continent.

The team led by Group Captain Jai Kishan, including Divyang Shri Uday Kumar and others undertook Mission Kanchanjanga National Park to Mt Kilimanjaro (Mission K2K) to script another historic achievement, as for the first time an amputee climber successfully completed the endeavor using crutches.

The team started their journey from the base camp, and reached Kibu Hut, situated at an altitude of 15500 feet on August 7, 2024, where they proudly displayed the national flag, measuring 7,800 square feet, with the aid of ropes, ground nets and anchors.

Taking into account the weather conditions and the medical fitness of all members, the team began their ascent to Uhuru Peak at 0300 hours on August 8. After a grueling 10-hour climbing through treacherous terrain characterized by loose scree, a steep climb of 85 degree gradient and alpine desert, they successfully reached the summit of Uhuru Peak at 1300 hours, standing at an altitude of 5,895 meters (19,341 feet) and unfurled the 7800 sq ft Indian national flag over the summit of Uhuru Peak of Mt. Kilimanjaro.

The defence ministry in a statement said, the historic expedition serves as a beacon of hope and a reminder of what can be achieved through perseverance and support. It aims to inspire future generations of Divyangjan and other underprivileged youth to pursue their dreams, no matter how daunting they may seem.

Reserve Bank of India (RBI) Governor Shaktikanta Das announced on Saturday that the trading of sovereign green bonds could begin at the International Financial Services Centre (IFSC) in Gujarat during the second half of the current fiscal year.

"We are in discussions with the IFSC, and it will be operational very soon. I believe it will be possible in the second half of the current financial year," Das stated.

In April, the RBI declared its intention to establish a framework for enabling the trading of sovereign green bonds in GIFT City. The government has been raising funds through green bonds since 2022-23, accumulating a total of Rs 36,000 crore over the past two years.

During the current fiscal year, the government has raised Rs 1,697 crore out of the Rs 12,000 crore scheduled to be raised by the end of September through green bonds, as the bids received were not favorable.

Addressing concerns about the lukewarm investor response, Das mentioned, "As the government's debt manager, we are closely monitoring the situation. If necessary, we will engage with the government to address any issues."

Das also highlighted the significance of a climate taxonomy, which was announced in this year's budget, stating, "This will have a substantial long-term impact on mobilizing funds for the green sector, not only through green bonds but also for overall financing of the green sector."

Finance Minister Nirmala Sitharaman, in her 2024-25 Budget speech, emphasized the importance of developing a taxonomy for climate finance to enhance the availability of capital for climate adaptation and mitigation, supporting India's climate commitments and green transition.