MINISTER OF STEEL
Modi will likely depart from privatisation plans, will overhaul state-run firms
UNION BUDGET: India plans to overhaul over 200 state-run firms to boost profitability, moving away from aggressive privatisation due to slowed progress and increased political resistance. The new strategy, expected to be announced in the July 23 budget, includes asset monetisation and long-term performance targets, aiming to raise $24 billion for reinvestment
Keep the foot on infra pedal: Tata Steel's message to FM Sitharaman for Union Budget 2024
BUDGET 2024: Finance Minister Nirmala Sitharaman should maintain the focus on capital expenditure in the Union Budget 2024 to benefit the steel industry, says Tata Steel CEO & MD TV Narendran. Continued investment in infrastructure and addressing unfairly priced steel imports from China are crucial for sustaining industry profitability and growth.
Sensex rises over 200 pts, Nifty above 24,350 in hopes of dovish stance from Fed
Indian indices rose as markets expected dovish signals from U.S. Fed Chair Powell. Sensex up 223 points to 80,184, Nifty50 up 59 points. Key gainers included Maruti Suzuki, M&M, Adani Ports, while Tech Mahindra, JSW Steel fell. Soft inflation increased odds of U.S. rate cut to 74%. Century Textiles rose 4%. Budget, Q1 results closely watched.
Prime Minister Narendra Modi makes first visit to ally Russia since the start of its war on Ukraine
Prime Minister Narendra Modi's two-day visit to Russia marks his first since Moscow's invasion of Ukraine, complicating their relationship and pushing Russia closer to China's orbit. Modi's talks with President Putin will address trade, energy, and defense cooperation amid India's balancing act of maintaining ties with Russia while diversifying its partnerships.
Britain prioritising jobs in Tata Steel talks: Minister
Tata, Britain's biggest steel producer, started closing one of its carbon-intensive blast furnaces on Thursday while the shutdown of its other one is slated for September, resulting in the loss of up to 2,800 jobs at Port Talbot in South Wales.
Congress govt in K'taka "unnecessarily quarrelling" with Centre: Union Minister Kumaraswamy
"I know this government (in Karnataka is) unnecessarily quarrelling with the Central government. First of all, I request the Karnataka government that -- quarrelling will not help. Or throwing mud against the Central government will not help. Whatever is the issue, come, discuss with us," Kumaraswamy said.
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India's coal import rises 5 pc to 52 MT in April-May
India's coal imports increased by 5.3% to 52.29 million tonnes in April-May FY24, compared to the previous year. However, May imports dropped slightly to 26.19 MT from 26.57 MT last year. Despite potential import demand slowing due to monsoons and rising coking coal prices, domestic production remains robust.
MUDA 'scam' an "outcome" of power struggle between CM and Deputy CM: Union Minister Kumaraswamy
Union Minister H D Kumaraswamy has accused the Mysuru Urban Development Authority (MUDA) of a land scam resulting from a power struggle between Chief Minister Siddaramaiah and his deputy D K Shivakumar. Kumaraswamy claims the scandal was a conspiracy to unseat Siddaramaiah by hiring lawyers and extracting documents from MUDA. The BJP has alleged irregularities in allotment of alternative sites to land losers, including Siddaramaiah's wife Parvathi, by MUDA.
Allies inducted in several Cabinet committees
The BJP-led NDA government established Cabinet committees and included allies in the critical panel on economic affairs, which convenes more frequently. The government also renamed the Cabinet Committee on Skill and Employment to include 'Livelihood'.
1 dead, 6 injured as roof collapses at Delhi Airport; Terminal 1 sees 123 flight cancellations
At least one person was killed and six others injured after a portion of the roof in the departure area of Delhi airport's Terminal 1 collapsed amid record rain. The tubular structure crushed cars, including cabs, shutting off entry into the building and leaving passengers stranded. Flights to and from the terminal at Indira Gandhi International Airport, one of the busiest in the world, were cancelled.
Budget in mind, D-St bulls cross 'historic' milestone
Analysts said the sustained run-up in indices of late is part of the pre-budget rally, aided by renewed flows from foreign investors in June. The optimism, however, did not rub off on the broader market where there were more losers than gainers.
Relationship between India, US 'multiplicative': US envoy Garcetti
"This (India-US) is a relationship that isn't just additive. It's not just the US plus India. It's multiplicative. It's the United States times India," Garcetti said at the meeting held in the suburbs of Washington on Monday.
PM Modi, senior ministers take oath as members of 18th Lok Sabha
Prime Minister Narendra Modi was sworn in as a member of the 18th Lok Sabha, marking his third consecutive term. He, along with his Council of Ministers, had previously taken oath on June 9. Modi, who retained the Varanasi seat, has been representing it since 2014. As the Leader of the House, he was the first to take the oath. Additionally, B Mahtab also took the oath as a member of the new House and as the pro-tem speaker earlier in the day at Rashtrapati Bhavan.
Karnataka forest minister halts leasing of forest land for iron ore mining in Sandur
Karnataka's Minister of Environment has halted the handover of a forest area to a mining company, citing concerns over the felling of over 99,000 trees and potential environmental damage. The decision comes after Union Minister HD Kumaraswamy approved mining in the area. Social activists have raised objections, highlighting the risk of soil erosion and flooding. The mining company has faced allegations of violating forest rules in the past. The minister's directive aims to prevent further environmental degradation and has sparked a campaign against mining on social media.
Karnataka ready to offer 20% subsidy for semiconductor investments, says minister, seeks Centre's support
Karnataka is prepared to offer 20% subsidy support for investments in semiconductor projects if the Centre provides 50% equity support, as stated by state's industry & infrastructure minister MB Patil.
What needs to be on returning Finance Minister Nirmala Sitharaman’s to-do list
Back as FM, Sitharaman’s new challenges include economic costs of climate change, low job creation & tepid private investment
Aim to make Viksit Bharat by 2047: Commerce and industry minister Piyush Goyal
Commerce and industry minister Piyush Goyal aims to make India a Viksit Bharat by 2047, emphasizing new opportunities for youth. Goyal, who recently took charge for the second time, is focused on promoting economic growth and addressing challenges ahead.
Ministers who won, but still didn't make it to team Modi
Prime Minister Narendra Modi has retained key leaders in his new Council of Ministers. However, some notable omissions include Anurag Singh Thakur, Narayan Rane, Parshottam Rupala, Ajay Bhatt, and Faggan Singh Kulaste who were not included despite winning their respective elections.
Kumaraswamy says he will take businesses into confidence & focus on adding jobs
The JDS leader, who spoke to the media in Delhi soon after the portfolios were announced, said he believed India’s development hinged on his portfolio. There were lots of expectations from the government in the manufacturing sector, he said, while thanking the PM for giving him such a crucial ministry by reposing faith in him.
Jyotiraditya Scindia: Ex-Congress stalwart retains berth in Modi-led cabinet as BJP MP
Jyotiraditya Scindia's induction into PM Narendra Modi-led council cements his importance in BJP setup since quitting Congress. Secured landslide victory in 2024 general elections from Guna seat as BJP candidate. BJP won all 29 MP constituencies, including Chhindwara from Congress stronghold.
China risks trade war on two fronts as low-tech exports soar, too
Rising trade tensions as the EU, US, and potentially Canada impose tariffs on Chinese electric vehicles, are impacting global trade dynamics.
Lok Sabha Elections 2024: 61.41 pc voter turnout recorded till 5 pm in Jharkhand
A voter turnout of 61.41% was recorded in Jharkhand's Lok Sabha constituencies. Dhanbad sees a contest between BJP's Dulu Mahato and Congress' Anupama Singh.
Tata Steel signs grid agreement to make its UK project green
"This will help us replace our aging and carbon-intensive blast furnaces with a state-of-the-art electric arc furnace capable of producing our customers' most demanding steel products," said Rajesh Nair, chief executive of Tata Steel UK, in a website statement.
Defunct iron factory linked to Dalai Lama sees renewed hope of resurrection every election season
Once a major avenue for employment in the region, the factory has been shut for the better part of four decades now. Despite this, the people of the region hold out hope that it will be returned to its former glory. These hopes are fuelled every election cycle, with promises forgotten every results day while administrative apathy pushes the people of Koderma out of the region.
Government working on policy for low grade iron ore beneficiation: Steel Secy
The government is developing a policy for low grade iron ore beneficiation to increase steel production using low-grade iron ore. Steel Secretary Nagendra Nath Sinha and Union Steel Minister Jyotiraditya Scindia are involved in emphasizing low-carbon emitting steel-making processes.
Andhra Pradesh Lok Sabha Elections: Visakhapatnam to witness a 3-corner contest
Ruling Yuvajana Sramika Rythu Congress Party (YSRCP's) candidate Botsa Jhansi Lakshmi faces a tough battle in Visakhapatnam against Telugu Desam Party's Sri Bharat and Congress's P Sathyanarayana Reddy. Botsa Lakshmi is the wife of the State Education Minister and YSRCP senior leader, Botsa Satyanarayana.
Wales First Minister holds meeting with Tata Steel on likely job losses at Port Talbot plant
Wales First Minister Vaughan Gething held a meeting with Tata Steel to discuss expected job losses at the company's Port Talbot plant in South Wales. The company plans to close two furnaces and replace them with electric furnaces as part of its green steel manufacturing plans, potentially affecting around 2,500 jobs in the next 18 months. However, trade unions have opposed the move, and 1,500 workers have reportedly voted in favor of an industrial action.
Jindal Stainless supplies steel for Kolkata Metro's underwater project
Jindal Stainless supplied 'SS 301LN' grade steel for Kolkata Metro's Esplanade-Howrah Maidan section under the Hooghly River, inaugurated by PM Narendra Modi. The project offers a low-maintenance, cost-effective solution for the metro infrastructure.
Union Minister Jyotiraditya Scindia inaugurates India's first green hydrogen plant in stainless steel sector
The inauguration of India's first green hydrogen plant within the stainless steel sector represents a significant leap forward in India's quest for sustainable development and economic growth. While inaugurating it, Scindia emphasized the pivotal role played by this project in not only revolutionizing the steel sector in India but also setting a benchmark for sustainable practices across the globe.
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