New Delhi: The Noida International Airport is expected to commence flight services by April 2025, delayed from its initial September 2024 deadline due to construction setbacks.

Recently, reports indicated construction delays at the greenfield airport located in the Jewar area of Uttar Pradesh's Gautam Buddh Nagar district, approximately 75 km from Delhi.

The airport management stated on Monday, "Given the current construction progress, we anticipate beginning commercial operations by the end of April 2025."

"We are collaborating closely with our EPC (engineering, procurement, and construction) contractor Tata Projects Limited and other stakeholders to maintain momentum in construction activities and ensure operational readiness," the statement added.

Several airlines have already signed agreements for flight operations from the Noida International Airport, underscoring its strategic importance.

The airport emphasized that construction work is progressing well.

"The construction and development work at Noida International Airport is at an advanced stage, and we continue to achieve significant milestones towards operational readiness. The upcoming weeks are critical for completing construction activities," the airport management highlighted.

Key infrastructure components such as the runway, passenger terminal, and control tower are reported to be well underway. Recently, contracts for ground handling services, commercial operations, and essential maintenance have been awarded.

The mega project, a public-private partnership by the Uttar Pradesh government, aims to become India's largest airport upon completion. Spanning over 5,000 hectares across four phases, the airport's first phase is currently in progress.

Initially slated for completion by September 2024, the first phase includes a single runway and a terminal capable of handling 12 million passengers annually, as per project officials.

Punjab Power Minister Harbhajan Singh on Monday announced the recommissioning of the 10 MW biomass power plant in the village of Jalkheri, Fatehgarh Sahib district.

New Delhi: Punjab Power Minister Harbhajan Singh on Monday announced the recommissioning of the 10 MW biomass power plant in the village of Jalkheri, Fatehgarh Sahib district.

Designed to generate electricity using 100 percent paddy straw, the plant will consume around one lakh tonnes of the crop residue annually, which will help the state government curb the problem of stubble burning over nearly 50,000 acres of land.

"This initiative not only increases our green energy capacity and provides employment but also offers a solution to the persistent problem of stubble burning. It aligns perfectly with our government's commitment to energy security, environmental protection, and economic growth," said the minister in a statement.

The 10 MW biomass power plant at Jalkheri was originally commissioned in June 1992. It remained operational until July 1995, after which it was leased to Jalkheri Power Plant Ltd (JPPL) in July 2001.

The plant was recommissioned in July 2002 and remained operational until September 2007.

In 2012, efforts were made to restart the project by licensing a private developer to run it for a specific period by giving it on lease. In 2018, the plant was re-tendered to be leased out, it said.

Now the renovated plant has been recommissioned on June 21 and officially commenced operations, it said.

It utilizes advanced Denmark technology boilers and is designed to generate electricity using 100 percent paddy straw.

This biomass plant will consume approximately one lakh tonnes of paddy straw annually, helping the state government curb the problem of stubble burning in nearly 50,000 acres in Punjab.

This initiative will provide direct and indirect employment to 400-500 individuals, fostering economic growth in the region, it said.

The term of the Power Purchase Agreement (PPA) for this plant is 20 years starting June 21, after which the facility will be transferred to Punjab State Power Corporation Ltd (PSPCL).

In the recent tendering process, the final quoted tariff was found to be Rs 5.84 per unit after reverse bidding, which has been further reduced by Rs 0.07 per unit, saving Rs 10 crore over the lease period.

The lease agreement and power purchase agreement were signed with SAEL in 2019 and the plant was handed over to SAEL for renovation in the same year.

The power generated from this plant shall be purchased by Punjab State Power Corporation Ltd at a negotiated tariff of Rs 5.77 per unit.

The Government has canceled the auction of 14 critical mineral blocks that were put on offer in the second round of auctions.

New Delhi: The Government has canceled the auction of 14 critical mineral blocks that were offered in the second round of auctions.

The Ministry of Mines had put 18 mines of critical and strategic minerals on sale in the second tranche in February.

According to a recent notice by the Ministry of Mines posted on the MSTC website, no bids were received for five of the 14 blocks.

As a result, the auction process for these five mineral blocks has been annulled. These five blocks are located in Arunachal Pradesh, Maharashtra, and Rajasthan.

For the remaining nine blocks, the number of bids received was fewer than the minimum requirement of three. These nine blocks are located in Andhra Pradesh, Arunachal Pradesh, Chhattisgarh, Karnataka, Maharashtra, and Tamil Nadu.

Critical minerals are the foundation of contemporary industrial economies and are important components of technological advancements. The global economy relies on technologies dependent on minerals such as lithium, graphite, cobalt, titanium, and rare earth elements.

Their scarcity or reliance on a few nations for extraction and processing could pose significant vulnerabilities to India's supply chains.

The Mines and Minerals (Development and Regulation) Act, 1957 (MMDR Act) was amended last year, giving the Centre the power to grant mineral concessions for 24 critical and strategic minerals.

The government had previously canceled the auction for 13 of the 20 critical mineral blocks put on sale in the first tranche due to a lukewarm response.

Of the 20 blocks put on offer, 56 physical bids and 56 online bids were received for 18 blocks.

Along with the launch of the 4th tranche of the auction of critical and strategic minerals, the government also announced the winners for the first tranche of auctions.

New Delhi: Minister for Mines G Kishan Reddy and Minister of State (MoS) for Mines Satish Chandra Dubey launched the 4th tranche of the auction of critical and strategic minerals on Monday in New Delhi. This latest tranche includes 21 blocks of critical minerals. Out of these 21 blocks, 11 are fresh blocks, spanning six states: Arunachal Pradesh, Chhattisgarh, Jharkhand, Karnataka, Rajasthan, and Uttar Pradesh. These blocks contain a variety of minerals including Graphite, Glauconite, Phosphorite, Potash, Nickel, PGE, Phosphate, and Rare Earth Elements (REE). Additionally, 10 critical mineral blocks are offered as “second attempt” blocks from previous tranches of auctions. These 10 blocks are located in Andhra Pradesh, Arunachal Pradesh, Chhattisgarh, Karnataka, Maharashtra, and Tamil Nadu and contain important critical minerals like Tungsten, Vanadium, Graphite, Glauconite, Cobalt, and Nickel.

Addressing a press conference on the occasion, the Union Minister announced that the Mines Ministry has planned to launch the first tranche of auctions for offshore mineral blocks within the first 100 days of the formation of the new government.

Winners of the First Tranche of Critical Mineral Blocks Auction Announced

During the event, successful bidders for the six blocks put up during the 1st tranche of critical mineral mine auctions were also announced. Agrasen Sponge Private Limited secured two Graphite and Manganese Ore blocks in Odisha, Kundan Gold Mines Private Limited obtained a Graphite mine in Odisha, Dalmia Bharat Refractories Limited won a Graphite mine in Tamil Nadu, Sagar Stone Industries acquired a Phosphorite mine in Uttar Pradesh, and Maiki South Mining Private Limited bagged a Lithium and REE Block in Chhattisgarh.

Reddy Hands Over Certificates to 2 New Private Exploration Agencies

The Union Minister of Coal and Mines also handed over certificates to two newly Notified Private Exploration Agencies (NPEAs) during the program. This aligns with the aim to increase the pace of exploration in the country and to bring advanced technology to mineral exploration. The MMDR Act, 1957 was amended in 2021 to allow the notification of private exploration agencies (PEAs) to undertake exploration operations without a prospecting license. With the notification of these two private agencies, the total number of NPEAs has increased to 22. To date, 31 projects for different commodities have been taken up by the NPEAs from the NMET fund, amounting to approximately Rs 35.23 crore.

Recognizing the paramount importance of safety, economy, speed, and efficiency in extracting mineral resources and converting them into viable economic alloys and metals, the Ministry of Mines has been funding research and development projects (R&D projects) of many research institutions in the mining and metallurgy sector since 1978. The Union Minister handed over sanction letters of grant funds to 24 R&D institutes and 10 start-ups, totaling Rs 12.37 crore and Rs 11.26 crore, respectively.

Further, Reddy also announced a scheme for partial reimbursement of exploration expenses for Exploration Licence holders. Under the scheme, exploration expenditure of up to 50 percent of the cost, subject to an upper limit of Rs 20 crore, will be reimbursed. The provision for an exploration license was introduced through an amendment to the MMDR Act in 2023. A total of 20 blocks for Exploration Licences were handed over to various states including Andhra Pradesh, Bihar, Chhattisgarh, Gujarat, Jharkhand, Karnataka, Madhya Pradesh, Maharashtra, Odisha, Rajasthan, Telangana, Uttar Pradesh, and the Union Territories of Jammu & Kashmir and Ladakh. The state governments of Karnataka and Rajasthan are the first to notify the auction of Exploration Licenses. Currently, auctions for nine exploration licenses are notified by various states. The scheme for partial reimbursement of exploration expenditures will encourage junior mining companies to participate in auctions for exploration licenses and will help build a strong exploration ecosystem in the country.

IREDA CMD outlined IREDA's strategic vision, emphasizing the focus on business development, borrowing optimization and streamlining the operating model to support sustained growth
New Delhi: Indian Renewable Energy Development Agency Limited (IREDA) conducted its 37th Annual General Meeting (AGM) on Monday through video conferencing at its corporate office in New Delhi. The meeting was chaired by IREDA Chairman and Managing Director (CMD) Pradip Kumar Das and attended by all Directors on the board and many shareholders.
 

In his address, Das highlighted the significance of this AGM as the first one held after IREDA's successful IPO in November 2023. He said, “IREDA achieved its highest-ever sanction of Rs 37,354 crore and disbursement of Rs 25,089 crore in FY'24. The company also reported an all-time high net profit of Rs 1,252 crore for FY'24, reflecting a nearly 45 percent increase over FY'23. IREDA has published its annual audited financial results within 19 days, fastest in India’s banking and NBFC space.”

Das outlined IREDA's strategic vision, emphasizing the focus on business development, borrowing optimization, and streamlining the operating model to support sustained growth. He underscored the importance of expanding into emerging sectors like e-mobility, ethanol, green hydrogen & derivatives, utilizing international credit lines, and enhancing the borrower experience through digitisation and automation.

IREDA's loan book has grown at a compound annual growth rate (CAGR) of 33 percent in the last three years, with PAT increasing at a CAGR of around 41 percent. The company's net worth stood at Rs 8,559 crore in FY'24, boasting a robust Capital to Risk-weighted Assets Ratio (CRAR) of 20.11 percent. To meet the target of 500 GW of non-fossil fuel installed capacity by 2030, the country needs to increase its renewable energy capacity by 2.5 times. This will require an estimated investment of nearly Rs 30 lakh crore.

ECL has completed the first phase of India’s first-ever Underground Coal Gasification (UCG) project at Kasta coal block in Jamtara, Jharkhand
 

New Delhi: Eastern Coalfields Limited (ECL), a subsidiary of Coal India Limited (CIL), has completed the first phase of India’s first-ever Underground Coal Gasification (UCG) project at Kasta coal block in Jamtara district of Jharkhand. “Under the strategic direction of the Ministry of Coal, Eastern Coalfields Limited (ECL) has embarked on an innovative pilot project for Underground Coal Gasification (UCG) at the Kasta coal block in Jamtara District, Jharkhand,” said the Ministry of Coal in a statement on Monday.

“This first-ever groundbreaking initiative aims to revolutionise the coal industry by using in-situ coal gasification to convert it into valuable gases such as methane, hydrogen, carbon monoxide, and carbon dioxide. These gases can be utilised to produce synthetic natural gas, chemical feedstocks for fuels, fertilizers, explosives, and other industrial applications,” said the statement.

“This underscores the Ministry’s proactive diversification efforts within the coal sector… The Ministry of Coal is fully committed to promoting coal gasification projects, recognising their potential to transform coal into various high-value chemical products,” it added.

ECL Underground Coal Gasification project

Underground Coal Gasification offers a significant advantage by providing access to coal resources that are economically unviable through traditional mining methods. This pilot project represents a significant milestone for CIL and its subsidiaries.

In December 2015, the Ministry of Coal approved a comprehensive policy framework for UCG in coal and lignite-bearing areas. In alignment with this policy, Coal India selected the Kasta coal block to implement the UCG technology tailored to Indian geo-mining conditions. Managed by ECL, in collaboration with CMPDI Ranchi and Ergo Exergy Technologies Inc (EETI) from Canada, this project spans two years and comprises of two phases.

The first phase, which commenced on June 22, involves preparing a Technical Feasibility Report through borehole drilling and core testing. The second phase will focus on coal gasification at a pilot scale. “This ambitious R&D project, funded by the CIL R&D Board, exemplifies collaboration between Eastern Coalfields Ltd and Ergo Exergy as sub-implementing agencies. The successful execution of this pilot project is expected to create transformative opportunities for India’s energy sector, showcasing the sustainable and efficient use of the country’s coal resources,” said the Coal Ministry.

“The Ministry of Coal provides unwavering support for the successful implementation of this pioneering initiative and looks forward to its positive impact on India's energy landscape. This strategic initiative led by Eastern Coalfields Limited (ECL) represents a significant advancement in coal gasification technology, enhancing energy security and promoting sustainable development. As the pilot project progresses, it aims to establish new standards in coal resource utilisation, contributing to India’s journey towards energy self-reliance. The Ministry remains dedicated to fostering innovation and efficiency in the coal sector, paving the way for a resilient and environmentally sustainable energy future for the nation,” said the statement.

Radico Khaitan's luxury brands: Rampur Jugalbandi No 4 and Jaisalmer Indian Craft Gin received Double Gold medals, while Rampur Asava, Rampur Double Cask Indian Single Malt whiskies, and Sangam world malt whisky were honoured with gold medals.
 

Indian whiskies and spirits are not only gaining popularity across the world but are taking home top honours at various international award ceremonies. Radico Khaitan Limited, formerly known as Rampur Distillery, announced on June 24 that its Rampur Jugalbandi #3 has been awarded Best World Whisky, achieving an impressive 94 points and a Double Gold medal.

Similarly, the Jaisalmer Gold Indian Craft Gin was recognised as the Best Gin with an identical score. Additionally, Radico Khaitan's luxury brands: Rampur Jugalbandi No 4 and Jaisalmer Indian Craft Gin received Double Gold medals, while Rampur Asava, Rampur Double Cask Indian Single Malt Whiskies, and Sangam World Malt Whisky were honoured with gold medals.

The John Barleycorn Awards, which has a stringent evaluation process for spirits, implemented a rigorous process this year, including a secondary blind tasting of the highest-scoring entries to determine Double Gold winners and category champions.

Radico Khaitan's whisky aging process at Rampur Distillery adopts the unique Himalayan climate that has been pivotal in distinguishing its products. The Rampur Jugalbandi #3, part of a series inspired by traditional Indian musical duets, showcases a blend of American Bourbon and Port wine cask influences. This limited-edition Indian single malt offers a complex palate with tropical fruit undertones, spiced notes, and a smooth finish reminiscent of plum cake and vanilla.
 

Radico Khaitan's Rampur Jugalbandi No 3 wins Best World Whisky at John Barleycorn Awards 2024

Abhishek Khaitan, Managing Director of Radico Khaitan said, "The company's commitment to showcasing India's best in the global spirits market. Sanjeev Banga, President of International Business, highlighted Rampur's growing global presence and popularity, especially in the Global Travel Retail sector."

NEW DELHI, June 21 (Reuters) - ArcelorMittal's India joint venture has privately warned trade officials in New Delhi that a plan to curb imports of a key raw material for steelmaking overlooks the implications of the Red Sea crisis, according to a letter obtained by Reuters.

The curbs planned by the world's second-largest producer of crude steel could impact output, as they cap imports of a steelmaking fuel, low ash metallurgical coke, also known as met coke, at 2.85 million metric tons per year.

The April proposal, which followed growing shipments that caused "serious injury" to domestic producers, also recommended setting quotas on met coke for exporting nations.

"India should not close its eyes to the geopolitical situation and implement a measure that may adversely affect its steel industry," the company wrote to the Directorate General of Trade Remedies (DGTR) in the June 3 letter.

The proposed quotas for European countries "will very seriously affect" imports from the region, the letter added.

ArcelorMittal Nippon Steel India (AM/NS India), the commerce ministry, and the trade remedies body did not respond to requests for comment.

No date has yet been set for the proposal, which is currently under review by the commerce ministry, to take effect.

India's plan to allocate about 40% import quota to European nations will impact AM/NS India as the Red Sea crisis has already forced the rerouting of vessels and increased ocean shipping rates, the company stated.

AM/NS India does not use domestic met coke. India's imports of the fuel have more than doubled over the past four years, with top suppliers including Poland, Switzerland, China, and Indonesia.

Attacks on ships in the Red Sea by Yemen's Iran-aligned Houthi militants are disrupting trade, causing freight firms to switch to routes around the Cape of Good Hope to avoid the Suez Canal.

India must reconsider the proposal as it could harm the steel industry, urged the company, which has not commented on the matter publicly.

This month, Reuters reported that India's steel ministry also did not favor limits on imports of met coke, citing risks to domestic output.

In its letter, AM/NS India argued that authorities proposing the curbs did not consider the potential increase in demand for met coke as steelmakers plan to expand capacity.

"The quantitative restraint on imports will reduce the ability of the steel industry to raise its capacity and growth levels," it added.

A binding agreement between the Dutch government and Tata Steel on the transition to low-carbon steelmaking at the company’s Ijmuiden plant in the Netherlands is expected to be concluded in the current financial year.

Tata Steel chairman, N Chandrasekaran, said in the company’s annual report that the discussions with the Dutch government over the decarbonisation strategy for Tata Steel Nederland had commenced. The decarbonisation will be implemented in two phases, with one blast furnace to be replaced before 2030, followed by the second one. 
“For the first phase, we have outlined a plan to transition to green steel production by 2030 through the direct reduced iron (DRI) and electric arc furnace (EAF) route. The DRI, set to initially operate on natural gas, will seamlessly transition to hydrogen when it emerges as an accessible and economically feasible energy source,” he said in his message to shareholders.
 

We hope to conclude an agreement in this fiscal year,” Chandrasekaran added.

The discussions with the Dutch government are on financial and policy-level support.

Green Steel Plan

The Green Steel Plan or the blueprint for the transition at the 7-million-tonne plant at Ijmuiden was presented to the Dutch government by Tata Steel in November 2023. On March 28, 2024, the Dutch Parliament confirmed that the government was willing to support the proposal from Tata Steel and had given a mandate to the government to negotiate.

The Green Steel Plan entails significant investment by Tata Steel and can succeed only with policy and financial support from the government, the company’s annual report mentioned.

Media reports earlier this month indicated that the Netherlands might provide up to 3 billion euros to support the transformation at the Ijmuiden plant. The company had clarified in a stock exchange filing that discussions with the Dutch government on proposed decarbonisation were on, adding that it may be premature to draw any final conclusion.

Election impact on Port Talbot

Transition to low-carbon steelmaking in Europe has been a focus area for Tata Steel. In the UK, the company reached an agreement with the Conservative-government in September 2023 for transition from blast furnace to EAF at Port Talbot in South Wales.
 

The project cost is pegged at 1.25 billion pounds inclusive of a grant from the UK government of up to 500 million pounds. However, the deal is caught in a political row ahead of general elections in the UK on July 4, as the restructuring at Port Talbot puts 2,800 jobs at risk.

The Labour party wants Tata Steel to halt its plans and wait until the general election to engage in talks with the government, indicating that there is a ‘better deal to do’.

Trade union, Unite, on Friday, announced strike action from July 8. Around 1,500 workers in Port Talbot and Llanwern, according to the union, will begin an all-out strike over plans to cut 2,800 jobs and close its blast furnaces. In a statement on Friday, Tata Steel indicated if the safety and stability of operations were put at risk, it would be forced to accelerate the closure of blast furnaces and associated plants.

 The company also pointed out that it was losing 1 million pounds a day in the UK as existing steelmaking assets were near the end of their life and operationally unstable, causing unsustainable losses.

European challenge

The last financial year was challenging for Tata Steel’s European operations. Tata Steel Europe’s turnover stood at Rs 78,144 crore in FY24 compared to Rs 90,300 crore in FY23. Ebitda loss at Rs 7,612 crore during FY24 was lower than the Ebitda profit of Rs 4,632 crore during FY23.

The company attributed it to the impact of the relining of a blast furnace in the Netherlands coupled with lower spreads in the market. Tata Steel UK’s performance was impacted by the performance of end-of-life assets apart from subdued market conditions. Tata Steel Europe’s net loss stood at Rs 19,603 crore in FY24 compared to a net loss of Rs 3,263 crore in FY23.

Essar Group is awaiting final approvals to start investing about $ 4.5 billion in building a low-carbon steel plant in Saudi Arabia, its top official Prashant Ruia said.

The approvals are expected anytime now, after which the conglomerate will start working on the 4 million tonne per year steel plant along with port facilities at Ras Al-Khair in Saudi Arabia.
 

"We still haven't got all the final approvals," Ruia, director of Essar Capital, which manages the group's portfolio of investments, said in an interview with PTI.

The plant will meet domestic steel demand in Saudi Arabia.

"Saudi Arabia is going through a large growth phase, a large part of steel today is getting imported into Saudi Arabia. So this is basically a domestic plant," he said.

The oil-rich kingdom is eyeing becoming an electric vehicle manufacturing hub, manufacturing more than 3 lakh cars annually by 2030. Essar is looking to tap into the demand for steel for such cars as well as for other consumer goods industry.

The Essar plant will take three to three-and-a-half-years to build.

Essar, which turned debt-free two years back after selling some infrastructure assets, is investing in decarbonisation projects and green mobility to fuel the next growth phase.

The Saudi Arabia plant will be Essar Group's first steel project outside India. The metals-to-infrastructure conglomerate earlier owned and operated an integrated steel plant in Hazira, Gujarat, which it lost to ArcelorMittal in an insolvency battle.

The work on the project will start after receiving all the necessary approvals, Ruia said, adding the company already has the land for the multibillion dollar project.

As per additional information provided by Essar Group, the integrated steel project will be executed through its arm Green Steel Arabia over a land parcel of 1,000 acre in Ras Al-Khair province of Saudi Arabia at an estimated total project cost of $ 4.5 billion.
 

The plant will integrate gas-based direct reduced iron (DRI) and electric arc furnace (EAF) technology to cater primarily to local needs of Saudi Arabia.

Essar also plans to invest in constructing two dedicated berths at Ras Al-Khair port, exclusively for its steel project.

Ruia also hoped for a re-entry into the Indian steel industry. He said the group is looking for an appropriate time to make its entry into the Indian steel industry.

"It's a very very interesting space to be in. We've done it for 25-30 years. Once the right opportunity comes we will absolutely look at it. We are trying to build a plant in Odisha for iron ore pellets but it's not a full steel plant," he added.

Garden Reach Shipbuilders Secures $54 Million Order for Multi-Purpose Vessels

Defence PSU Garden Reach Shipbuilders & Engineers Limited (GRSE) signed an agreement on June 22 with German firm Carsten Rehder Schiffsmakler and Reederei GmbH & Co KG for the construction and delivery of four multi-purpose vessels, each with a capacity of 7,500 DWT. The contract, valued at $54 million, includes an option to build an additional four ships in the future.

Under the terms of the agreement, GRSE will design, build, and deliver the vessels within a timeframe of 33 months. The vessels will be 120 meters long and 17 meters wide, with a maximum draft of 6.75 meters, capable of carrying 7,500 metric tonnes of cargo. Each ship will feature a single cargo hold to accommodate bulk, general, and project cargoes, with containers carried on hatch covers. The ships are specifically designed to transport multiple large windmill blades on deck.

According to an exchange filing by GRSE, "The agreement was signed between GRSE and M/s Carsten Rehder Schiffsmakler and Reederei GmbH & Co, represented by Cdr Shantanu Bose, Director (Shipbuilding), and Carsten Thomas Rehder, Managing Director, respectively, in the presence of Cmde PR Hari, IN (Retd), Chairman & Managing Director, GRSE."

"Among the senior officials present were RK Dash, Director (Finance), GRSE, DIG Subrato Ghosh, ICG (Retd), Director (Personnel), GRSE, and Jonas Meinhardt, Managing Director of M/s Carsten Rehder," the filing added.

On Friday, Garden Reach Shipbuilders & Engineers Ltd share price closed at Rs 1,649.00, down Rs 112.20 (6.37 percent).

GRSE reported a 48 percent increase in net profit to Rs 49.69 crore during the quarter ended March 2020, despite a decline in income during the period. The warship maker had reported a net profit of Rs 33.62 crore in the corresponding period of 2018-19. Total income decreased by 5.51 percent to Rs 509.48 crore in the quarter under review from Rs 539.17 crore in the year-ago period.

In 2014, GRSE manufactured the CGS Barracuda, an offshore patrol vessel exported to Mauritius, marking the first warship exported by India. In 2021, the GRSE-built fast patrol vessel PS Zoroaster was exported to the Seychelles and returned to GRSE earlier this year for a refit completed in record time.

The shipyard is also currently working on six patrol boats and a TSH dredger for the Government of Bangladesh. In 2023, GRSE delivered the MV Ma Lisha, a passenger-cum-cargo ocean-going ferry to the Cooperative Republic of Guyana, which is now the largest and most advanced ferry in that country.

India's business activity surged in June, bolstered by significant gains in both the manufacturing and services sectors. HSBC's flash India Composite Purchasing Managers’ Index (PMI), compiled by S&P Global, climbed to 60.9 from May’s final reading of 60.5. This marks nearly three years of the index staying above the 50-level, which separates growth from contraction on a monthly basis.

"June's composite flash PMI increased, supported by rises in both the manufacturing and service sectors, with the former recording a faster pace of growth," stated Maitreyi Das, global economist at HSBC.

Manufacturing and Services Sectors Drive Growth

The manufacturing index saw a notable increase, rising to 58.5 in June from 57.5 in May. The services sector also posted a slight gain, with the index moving up to 60.4 from 60.2. This robust performance at the end of the first fiscal quarter sets a strong tone for India's economy in the current financial year, following an impressive 8.2% expansion last year, which was the fastest among major economies, largely driven by a buoyant manufacturing sector.

Export Orders and Employment Surge

New export orders expanded for the 22nd consecutive month, albeit at a slightly slower pace than the record growth witnessed in May. Robust demand conditions prompted companies to increase hiring, with overall employment generation rising at the fastest rate since April 2006. Notably, job creation in the manufacturing sector outpaced that in the services sector.

Boosting employment remains a critical challenge for the Narendra Modi government, which secured a rare third term in office earlier this month. A Reuters poll highlighted this as one of the top priorities for the administration.

Inflation and Price Trends

Price increases at firms have eased since May, which bodes well for the outlook on retail inflation. The rise in services input costs fell to a four-month low, while the rate of increase in prices charged to clients remained broadly unchanged. "Input cost inflation eased slightly in June but remained elevated, with panellists citing increases in labour and material costs. The output price index suggests manufacturing firms were able to pass on higher costs to customers," added Ms. Das.

Future Outlook

Despite a slight weakening in business optimism to a three-month low, the overall outlook for the coming year remains positive. Companies expect output gains based on planned proposals, efficiency improvements, and forecasts for favourable exchange rates. "Optimism about future output weakened in June, but remained above the historical average," noted Das.

This strong performance at the beginning of the financial year indicates resilience in India’s economic activities, even as the global economy faces challenges. The continued expansion in manufacturing and services sectors, coupled with robust export orders and significant job creation, underscores the positive trajectory of India's economy.

New Delhi [India], June 20 (ANI): In a significant shift from its status as a net exporter of steel since fiscal 2017, India has become a net importer in fiscal 2024, recording an overall steel trade deficit of 1.1 million tonnes (MT), according to a CRISIL report.

This development underscores a dynamic change in the country’s steel trade landscape, primarily driven by soaring domestic demand and increased imports from major steel-producing nations.

India’s imports of finished steel reached 8.3 MT in fiscal 2024, marking a substantial 38 percent year-on-year increase. The primary contributors to this surge were China, South Korea, Japan, and Vietnam. Chinese steel imports alone accounted for 2.7 MT, while South Korea and Japan exported 2.6 MT and 1.3 MT of steel to India, respectively.

Notably, imports from Vietnam surged by a staggering 130 percent year-on-year, positioning Vietnam as a significant steel exporter to India and reversing its previous status as a major importer of Indian steel.

The influx of steel product imports has outpaced India’s export growth. Despite an 11.5 percent increase in exports of finished steel, totaling approximately 7.5 MT in fiscal 2024, the surge was insufficient to offset the growing volume of imports.

The increase in exports came from a low base and was mainly bolstered by the latter half of the fiscal year, particularly the last quarter, where exports rose by 37 percent year-on-year.

The European Union (EU), India’s largest export market for steel, presented a mixed scenario. Exports to the EU increased by 51 percent in fiscal 2024, contributing to 36 percent of India’s overall steel export basket.

This rise followed a challenging first half of the fiscal year 2023-24, where exports had declined, only to recover strongly in the latter half.

The fourth quarter saw a notable 37 percent increase in exports to the EU compared to the previous year. Despite this recovery, the competitive pressures from Chinese steel in the global market have significantly affected India’s export potential.

China’s aggressive export strategy has been a key factor negatively impacting India’s steel exports.

The Chinese steel industry, known for its overcapacity, has increasingly targeted international markets, including India’s key export destinations, with competitively priced steel, putting pressure on Indian exports.

Despite the challenges on the export front, the Indian steel industry has been buoyed by strong domestic demand. India’s steel consumption saw a healthy growth of 13.6 percent in fiscal 2024, reaching 136 MT.

This growth reflects the country’s ongoing infrastructure expansion and vibrant development in related sectors.

The increased domestic demand is a positive indicator for the steel industry, underscoring the robust economic activities and government-led infrastructure projects that are driving steel consumption.

Concurrently, finished steel production in India increased by 12.7 percent year-on-year, reaching 139 MT.

This production growth has been supported by favorable government policies and substantial investments in the expansion of steel production capacities.

These investments have not only boosted production but have also ensured a steady supply of steel to meet the rising domestic demand.

The transition from a net exporter to a net importer of steel presents both challenges and opportunities for India.

The need to manage the inflow of cheaper imported steel while bolstering domestic production and maintaining export competitiveness will require strategic adjustments.

Policymakers and industry stakeholders must navigate these dynamics to sustain growth and strengthen the country’s position in the global steel market. (ANI)

This report is auto-generated from ANI news service. ThePrint holds no responsibility for its content.

Thermal plant load factor or capacity utilisation is expected to remain healthy at 70 percent in FY2025 on power demand growth of 6 percent, ICRA said on Thursday
 

New Delhi: Thermal plant load factor or capacity utilisation is expected to remain healthy at 70 percent in FY2025 on power demand growth of 6 percent, ICRA said on Thursday.

ICRA's outlook for the thermal power segment is "Stable", following the improvement in the thermal plant load factor (PLF) and healthy demand growth, thereby improving visibility on signing of new power purchase agreements (PPAs), an ICRA statement said.
 

Also, it stated that the implementation of the Late Payment Surcharge (LPS) scheme enabled an improvement in payment discipline from state distribution utilities (discoms) to power generation companies from August 2022.

However, it stated that ICRA's outlook for the power distribution segment remains "Negative" amid limited tariff hikes and continued loss-making operations.

According to the statement, ICRA projects the all-India thermal PLF level to rise marginally to 70 percent in FY2025, from 69 percent in FY2024, led by the growth in electricity demand and limited thermal capacity addition.

The rating agency projects the full-year demand growth for FY2025 at 6 percent, slightly lower than its expectation for the GDP growth for this fiscal (6.8 percent).

While this trails the growth of 7.6 percent reported in FY2024, it remains higher than the historical average seen over the past 10 years.

The healthy growth in electricity demand over the past three years has necessitated a rethink on thermal capacity addition, with the government looking to encourage new thermal power projects, including private sector participation, it stated.

Vikram V, Vice President & Co-Group Head - Corporate Ratings, ICRA, said in the statement that ICRA expects the generation capacity addition to increase to 30 GW in FY2025 from 25 GW in FY2024, with the overall installed power generation capacity surpassing 470 GW by March 2025.

The thermal segment is expected to add 5.0-5.5 GW capacity in FY2025, with the balance 25 GW contributed by the renewable energy (RE) segment, he added.

While the RE segment would remain the key driver of the generation capacity addition going forward, ICRA expects the thermal segment to witness new project announcements, given the healthy demand growth, he stated.

According to an Energy Institute (EI) report, fossil fuel consumption in India rose 8 percent in 2023, accounting for almost all demand growth, while its share of overall consumption stood at 89 percent

New Delhi: Fossil fuel consumption in India rose 8 percent in 2023, accounting for almost all demand growth, while its share of overall consumption stood at 89 percent, according to a report.

According to an Energy Institute (EI) report, for the first time, more coal was used in India than Europe and North America combined.

EI and co-authors KPMG and Kearney on Thursday released the 73rd annual edition of the Statistical Review of World Energy, presenting for the first time full global energy data for 2023.
 

The report suggests that five key stories emerge from the 2023 data, starting with record global energy consumption, with coal and oil pushing fossil fuels and their emissions to record levels.

"Global primary energy consumption overall was at a record absolute high, up 2 percent on the previous year to 620 Exajoules (EJ). Global fossil fuel consumption reached a record high, up 1.5 percent to 505 EJ (driven by coal up 1.6 percent, oil up 2 percent to above 100 million barrels for first time, while gas was flat)," said the report.

As a share of the overall mix they were at 81.5 percent, marginally down from 82 percent last year. Emissions from energy increased 2 percent, exceeding 40 gigatonnes of CO2 for the first time.

Solar and wind push global renewable electricity generation to another record level. Renewable generation, excluding hydro, was up 13 percent to a record global high of 4,748 TWh, it said.

This growth was driven almost entirely by wind and solar and accounted for 74 percent of all net additional electricity generated.

As a share of primary energy use, renewables (excluding hydro) were at 8 percent, or 15 percent, including hydro. Meanwhile, the ongoing Ukraine conflict has cemented gas rebalancing in Europe.

European gas demand fell 7 percent, following a fall of 13 percent the previous year. Russia's share of EU gas imports fell to 15 percent, down from 45 percent in 2021, with LNG imports outflanking piped gas to Europe for a second year in a row. Dependence on fossil fuels in major advanced economies is likely to have peaked.

In Europe, fossil fuels fell to below 70 percent of primary energy for the first time since the industrial revolution, driven by demand reduction and renewable energy growth. US consumption of fossil fuels fell to 80 percent of total primary energy consumed.

Growth economies struggle to curb fossil fuel growth, but renewables accelerate in China. In Africa, primary energy consumption fell in 2023 by 0.5 percent. Fossil fuels accounted for 90 percent of overall energy consumption, with renewables (excluding hydro) at only 6 percent of electricity.

China's full return post-Covid saw fossil fuel use increase to a new high, up 6 percent, but as a share of primary energy it has been in decline since 2011, down to 81.6 percent in 2023, the report said.

China added 55 percent of all renewable generation additions in 2023 -- more than the rest of the world combined. It also overtook Europe on an energy per capita basis for the first time.