Prime Minister Narendra Modi dedicated to the nation the Hindustan Urvarak & Rasayan Ltd (HURL) Sindri Fertiliser Plant, developed at a cost of more than Rs 8,900 crore, in Sindri, Jharkhand, on Friday. The fertiliser plant is owned jointly by Maharatna PSUs like, Coal India Limited (CIL), NTPC Limited, Indian Oil Corporation Ltd (IOCL), Fertiliser Corporation of India Limited (FCIL) and HFCL. “The fertilizer plant is a step towards self-sufficiency in the Urea Sector. It will add about 12.7 LMT per annum indigenous urea production in the country benefiting the farmers of the country,” said a statement.

This is the third fertilizer plant to be revived in the country, after the revival of fertilizer plants at Gorakhpur and Ramagundam, which were also dedicated to the nation by the Prime Minister in December 2021 and November 2022, respectively.

“This was Modi ki Guarantee and today this guarantee has been fulfilled,” said the PM. The Prime Minister had laid the foundation of the fertilizer plant in 2018. He said with the starting of this plant new avenues for employment of the local youth have been opened. He said that every year, India requires 360 lakh metric tonnes of urea and in 2014, India was producing just 225 lakh metric tonnes of urea. The massive gap necessitated huge imports. “Due to the efforts of our government, in the last 10 years, urea production has risen to 310 lakh metric tonnes,” he informed. The Prime Minister talked about the revival of Ramagundam, Gorakhpur and Barauni fertilizer plants. Sindri has been added to this list, he said. PM Modi pointed out that Talcher Fertilizer plant will also start in the next year and a half. Expressing confidence that he will dedicate that plant to the nation also, the Prime Minister informed that these five plants will produce 60 lakh metric tonnes of urea, rapidly taking India towards Aatamnirbharta in this critical area.

NMDC Limited on Friday posted around 13 percent jump in iron ore production to 40.24 million tonne during the April-February period of the 2023-24 fiscal.

Its cumulative production was 35.62 MT in the year-ago period, the steel PSU said in an exchange filing.

However, the company's production in February fell 12 percent to 3.92 MT as against 4.48 MT in the same month last year.

The cumulative sales in April-February this fiscal was 40.48 MT, up 21 percent from 33.42 MT in the last financial year.

In February, the sales increased to 3.99 MT from 3.78 MT in February 2023, a rise of about 6 percent. NMDC, under the Ministry of Steel, is the country's largest iron ore mining company that meets around 20 percent of the country's demand of key raw material for steel making.

The Cabinet has approved on Thursday the rates of royalty for 12 critical and strategic minerals — Beryllium, Cadmium, Cobalt, Gallium, Indium, Rhenium, Selenium, Tantalum, Tellurium, Titanium, Tungsten and Vanadium. “The Union Cabinet chaired by Prime Minister Shri Narendra Modi approved the amendment of Second Schedule to the Mines and Minerals (Development and Regulation) Act, 1957 ('MMDR Act') for specifying rate of royalty in respect of 12 critical and strategic minerals…,” said an official statement.

This completes the exercise of the rationalisation of royalty rates for all 24 critical and strategic minerals. Earlier, the government had notified the royalty rate of four critical minerals — Glauconite, Potash, Molybdenum and Platinum Group of Minerals — on March 15, 2022 and of three critical minerals — Lithium, Niobium and Rare Earth Elements — on October 12, 2023.

Recently, the Mines and Minerals (Development and Regulation) Amendment Act, 2023, which has come into force on August 17, 2023, had listed 24 critical and strategic minerals in Part D of the First Schedule of the MMDR Act. The amendment provided that mining lease and composite licence of these 24 minerals shall be auctioned by the Central government.

“Today’s approval of the Union Cabinet for specification of rate of royalty will enable the Central Government to auction blocks for these 12 minerals for the first time in the country. Royalty rate on minerals is an important financial consideration for the bidders in the auction of blocks. Further, the manner for calculation of average sale price (ASP) of these minerals has also been prepared by the Ministry of Mines which will enable determination of bid parameters,” said the statement.

The Cabinet has approved on Thursday PM-Surya Ghar: Muft Bijli Yojana with a total outlay of Rs 75,021 crore for installing rooftop solar and providing free electricity up to 300 units every month to one crore households. The scheme had been launched by Prime Minister Narendra Modi on February 13. The scheme provides a Central Financial Assistance (CFA) of 60 percent of system cost for 2 kW systems and 40 percent of additional system cost for systems between 2 to 3 kW capacity.

The CFA will be capped at 3 kW. At current benchmark prices, this will mean Rs 30,000 subsidy for 1 kW system, Rs 60,000 for 2 kW systems and Rs 78,000 for 3 kW systems or higher.

The households will apply for subsidy through the National Portal and will be able to select a suitable vendor for installing the rooftop solar. The National Portal will assist the households in their decision-making process by providing relevant information such as appropriate system sizes, benefits calculator, vendor rating etc. Households will be able to access collateral-free low-interest loan products of around 7 percent at present for the installation of residential RTS systems up to 3 kW.

The Government on Thursday approved proposals to set up three semiconductor units in Gujarat and Assam with an estimated investment of Rs 1.26 lakh crore.

The construction of all three units will start within the next 100 days, Telecom Minister Ashwini Vaishnaw said after the Union Cabinet cleared proposals.

Tata Electronics Private Limited will set up a semiconductor fab in partnership with Powerchip Semiconductor Manufacturing Corp (PSMC), Taiwan. This unit will be constructed in Dholera, Gujarat. The plant will attract Rs 91,000 crore investment.

Tata Semiconductor Assembly and Test Pvt Ltd will set up a semiconductor unit in Morigaon, Assam, at an investment of Rs 27,000 crore.

Vaishnaw also informed that CG Power -- in partnership with Renesas Electronics Corporation, Japan, and Stars Microelectronics, Thailand -- will set up a semiconductor unit in Sanand, Gujarat.

Investment in the Sanand unit is estimated at Rs 7,600 crore.

India's economy grew by better-than-expected 8.4 percent in the final three months of 2023 - the fastest pace in one-and-half years, fortifying Prime Minister Narendra Modi's record of providing a world-beating growth rate ahead of general elections.

The growth rate in October-December was higher than 7.6 percent in the previous three years, and it helped take the estimate for the current fiscal (April 2023 to March 2024) to 7.6 percent, according to the data released by the National Statistical Office (NSO) on Thursday.

The estimate for 2023-24 is better than the 7.3 percent projection made in January and exceeds by a significant margin the outlook of 6.7 percent and 6.3 percent made by the IMF and World Bank, respectively.

The third quarter (October-December) growth came on the back of a double-digit (11.6 percent) surge in the manufacturing sector. The services sector too saw a significant uptick, but the agricultural sector saw a modest contraction of 0.8 percent during the quarter.

Private consumption growth too was sluggish at 3.6 percent, and according to some economists remains an area of concern in the context of high GDP growth.

Commenting on the growth numbers, Prime Minister Narendra Modi said his government will continue to make efforts to keep fast economic growth. "Robust 8.4 percent GDP growth in Q3 2023-24 shows the strength of the Indian economy and its potential. Our efforts will continue to bring fast economic growth which shall help 140 crore Indians lead a better life and create a Viksit Bharat!".

The growth rate in the third quarter and projections for the full fiscal mean that India will retain its fastest-growing economy tag, especially at a time when global growth is trending down.

The government's capital expenditure plan for FY25 and the recent announcement on bringing in fresh investments in the defence and manufacturing sector are possibly paving the way for India's increased manufacturing and investment-led economic growth story.

Significantly, the differential between GVA (6.5 percent) and GDP (8.4 percent) growth in the third quarter was large. Also needing further exploration is GVA growth remaining at 6.9 percent for the current fiscal, while GDP growth is being revised upwards to 7.6 percent.

Also, the average GDP growth for the first three-quarters of FY24 is 8.2 percent, implying that the fourth quarter growth would only be at 5.9 percent.

Suman Chowdhury, Chief Economist & Head of Research, Acuite Ratings, said one of the key reasons for the material shift in the GDP print is the revisions in the GDP data for some quarters of the previous fiscal. "Clearly, the higher-than-expected momentum in the economy may lead to a tight monetary policy from the RBI for a longer period and any reversal in the current stance is unlikely over the next 6 months".

The gross domestic product (GDP) growth was 4.3 percent in the October-December 2022 quarter, according to NSO.

The manufacturing sector's output, as per the gross value added in the third quarter of this fiscal, grew by 11.6 percent compared to a contraction of 4.8 percent in the year-ago period.

Mining and quarrying grew at 7.5 percent in the third quarter, up from 1.4 percent a year ago. The construction sector kept the growth momentum at 9.5 percent against the same growth rate in the year-ago period.

However, the output of the farm sector declined by 0.8 percent during the quarter compared to a growth of 5.2 percent a year ago.

The national accounts data showed electricity, gas, water supply, and other utility services segment has grown by 9 percent year-on-year against an 8.7 percent rise.

The GVA growth in the services sector -- trade, hotel, transport, communication and services related to broadcasting -- was 6.7 percent during the third quarter against 9.2 percent earlier.

Financial, real estate and professional services grew by 7 percent in the third quarter over 7.7 percent.

Public administration, defence and other services posted 7.5 percent growth against 3.5 percent in the third quarter of the last fiscal.

The NSO also released the second advance estimate for the current fiscal and pegged the economic growth at 7.6 percent against 7.3 percent estimated in the first advance estimate released in January.

"Real GDP or GDP at Constant (2011-12) Prices in the year 2023-24 is estimated to attain a level of Rs 172.90 lakh crore, against the first revised estimates of GDP for the year 2022-23 of Rs 160.71 lakh crore. The growth rate of GDP during 2023-24 is estimated at 7.6 percent compared to the growth rate of 7.0 percent in 2022-23," the NSO statement said.

According to the statement, the nominal GDP or GDP at current prices in 2023-24 is estimated to attain a level of Rs 293.90 lakh crore against Rs 269.50 lakh crore in 2022-23, showing a growth rate of 9.1 percent.

The NSO revised downward the GDP growth for 2022-23 to 7 percent from 7.2 percent estimated earlier.

"Real GDP or GDP at constant (2011-12) prices for the years 2022-23 and 2021-22 stands at Rs 160.71 lakh crore and Rs 150.22 lakh crore, respectively, showing a growth of 7.0 percent during 2022-23 as compared to growth of 9.7 percent during 2021-22," the statement said.

The per capita income -- per capita net national income at current prices -- is estimated at Rs 1,50,906 and Rs 1,69,496, respectively, for 2021-22 and 2022-23. Per capita PFCE at current prices, for 2021-22 and 2022-23 is estimated at Rs 1,05,092 and Rs 1,18,755, respectively, it noted.

The NSO has also revised GDP estimates for the first and second quarters of this fiscal to 8.2 and 8.1 percent from 7.8 percent and 7.6 percent, respectively.

The economy has expanded 8.2 percent in April-December 2023 compared to 7.3 percent a year ago.

The intention is to be Atmanirbhar in critical minerals and stop import of minerals that are available in India,” said Minister for Mines Pralhad Joshi as he launched the second tranche of critical mineral mine auctions on Thursday. A total of 18 critical mineral blocks are being put up for auction in this 2nd Tranche, out of which 17 mineral blocks are put up for grant of Composite Licence and one mineral block for grant of Mining Lease. The value of these 18 mineral blocks is Rs 30 lakh crore, said the minister.

The launch of the second tranche comes three months after the first tranche and a few hours after the Cabinet approved the royalty rates for 12 remaining critical minerals out of a list of 24 that are available in India.

Addressing on the occasion, the Union Minister stated that in the first tranche, 20 blocks were put up for auction. “We are delighted with the interest shown by the mining industry players for their encouraging response. Almost 180 tender documents have been sold so far,” said the minister.

The blocks that are put for auction in the second tranche represents a diverse array of critical and strategic minerals essential for various industries. These minerals consisted of Tungsten, Vanadium, Graphite, Rare Earth Elements, Glauconite, Phosphorite, Nickel, Platinum Group of Minerals, Cobalt, Potash, etc. The Minister highlighted that Potash mining is starting in India, for the first time, with this launch.

The mineral blocks being put up for auction in the second tranche are spread across eight states of Andhra Pradesh , Arunachal Pradesh, Chattisgarh, Karanataka, Madhya Pradesh, Maharashtra, Rajasthan and  Tamil Nadu.

The government plans to increase the share of Railways in coal transportation from 65 percent at present to 87 percent by 2030, said Minister for Coal Pralhad Joshi on Thursday. Releasing the national Coal Logistics Plan and Policy, Joshi said, “With the energy demand set to soar, coal consumption is projected to rise from 980 MT to 1.5 BT by 2030, necessitating efficient logistics. My ministry aims to boost the railways’ share in coal transportation to over 87 percent by 2029-30.”

“We need to continuously expand coal mining and scale up the evacuation infrastructure,” said the minister. The Coal Logistics Plan proposes a shift towards increasing transportation of coal through railways through first mile connectivity (FMC) projects, aiming for a 14 percent reduction in rail logistic costs and an annual cost saving of Rs 21,000 crore. “This transformative approach is expected to minimise air pollution, alleviate traffic congestion, and reduce carbon emissions by approximately 100,000 tonnes per annum. Moreover, a 10 percent saving in average turnaround time of wagons nationwide is expected,” Joshi said.

India’s steel trade deficit widened to over ?11,500 crore for April - January period, up 30 per cent in a one-month-period and 15 per cent on a y-o-y basis, as imports from China continued to surge, up 80 per cent-odd on a y-o-y basis a Steel Ministry report reviewed by businessline, said. 

The country was a net importer of steel for the period under review with 6.8 mt (up 35 per cent) coming in, as against export which stood at 5.5 mt (up 3.6 per cent).

As per the report, import of total finished steel was valued at ?56,461 crores ($6,822 million) whereas export of total finished steel was valued at ?44,898 crores ($5,425 million) for the April to January (10M FY24) period. In comparison, trade deficit for nine-months (April – Dec) stood at ?8,888 crore, with imports being valued at ?48,027 crore, whereas exports stood at ?39,139 crore.

In the year ago period (10-Months FY23), India despite being a net exporter of steel reported a trade deficit of ?10,071 crore. Imports stood at ?54,534 crore, whereas exports were valued at ?44,463 crore.

The Central Electricity Authority  on will be organising the celebration of the fourth edition of 'Lineman Diwas', in New Delhi on March 4 to felicitate frontline workers of power sector.

According to an official statement, the day is being celebrated to recognize the tireless dedication and service of the linemen and ground maintenance staff who form the backbone of electricity distribution across the length and breadth of the nation. The theme for the fourth edition of the celebration, which is being held in collaboration with Tata Power Delhi Distribution Ltd (Tata Power-DDL), is ‘Seva, Suraksha, Swabhiman’, which acknowledges the selfless service of linemen across the country.

SJVN Limited on Tuesday said that it has commissioned its 100 MW Raghanesda Solar Power Station located in the district Banaskantha, Gujarat. With the addition of this project, SJVN's installed capacity now stands at 2377 MW. This is the second project commissioned by SJVN within the month. 

SJVN Green Energy Limited, the renewable arm of SJVN Limited had secured the 100 MW Raghanesda Solar Power Station at a tariff of Rs 2.64 per unit through Competitive Tariff bidding conducted by Gujarat Urja Vikas Nigam Limited. The construction and development cost of the project is Rs 642 crores.

According to the company, this project will generate 252 million units in the first year and the estimated cumulative energy generation over a period of 25 years shall be 5805 million units. Under a long-term Power Purchase Agreement signed in January 2022, the power generated by the Raghanesda Solar Power Station will be procured by GUVNL for 25 years.

Mahanagar Gas said on Tuesday that it has entered into a shareholders’ agreement with 3EV Industries Private Limited to acquire 30.97 percent shareholding in the company that manufactures and operates three-wheeler electric vehicles (EVs). “… we wish to inform that subsequent to execution of Share Subscription Agreement (“SSA”), Mahanagar Gas Limited (“Company”) has entered into Shareholders’ Agreement (“SHA”) with 3EV Industries Private Limited (“3ev”), Founders, Promoters and other Shareholders of 3ev, to acquire 30.97% shareholding in 3ev,” Mahanagar Gas told the stock exchanges in a regulatory filing.

With domestic coal production clocking good numbers, the government is aiming to reduce overall coal imports to 10 percent by FY26, two ministry sources in the know of the matter told PSU Watch. “The government’s plan is to reduce the overall import of coal to 16 percent by FY25 and further down to 10 percent by FY26, which will mostly be coal that can be substituted via domestic coal,” said one of the two sources quoted above. A day ago, the Ministry of Coal reported that there has been a decline of 36.69 percent in coal imported for blending by the power sector to 19.36 MT during April-January period from 30.58 MT in the corresponding period of the previous year.

In a significant stride towards enhancing operational efficiency and procurement accuracy within India’s steel industry, the Steel Authority of India Ltd. (SAIL) recently released a pivotal publication titled 'List of acceptable makes'. The event, orchestrated at the Management Training Institute (MTI) in Ranchi, marks a noteworthy development under the leadership of AK Singh, SAIL's Director (Technical, Projects & Raw Materials). 

The unveiling of the 'List of acceptable makes' book coincided with the Annual Business Plan meeting, gathering an assembly of SAIL's top brass including Anirban Dasgupta, Atanu Bhowmik, BP Singh, KK Singh, and SK Verma among others. This compendium, a brainchild of the Centre for Engineering & Technology (CET), serves as a cornerstone in addressing the procurement challenges faced during project execution phases. By offering a meticulously curated list of equipment and suppliers, the book aims to streamline the sourcing process, thereby ensuring that only the highest quality materials are used in SAIL’s steel plants. The emphasis on updating this list to mirror the current market scenarios, including the latest mergers and acquisitions, underscores SAIL's commitment to maintaining operational excellence and competitive edge in the fast-evolving steel industry landscape.

Union Minister Jyotiraditya M Scindia will on Tuesday inaugurate the stainless steel industry's first green hydrogen project set up by Jindal Stainless Ltd (JSL).

The Union Steel Minister will virtually inaugurate the company's green hydrogen project, according to officials. 

With the inauguration, JSL will become India's first stainless steel company to install such kind of plant on a commercial scale, the officials said.

"This project is a state-of-the-art green hydrogen facility with a target to reduce carbon emissions considerably by around 2,700 metric tonne per annum and 54,000 tonne Co2 emissions over 20 years," one of the officials said without divulging more information.