Just 30% of the highway construction target for 2016-17 was achieved in the first nine months of the year, reports Surya Sarathi Ray in New Delhi.
Keen on making domestic steel industry globally more competitive and actualising the ambitious target of nearly trebling capacity to 300 million tonne, steel minister Birender Singh will appoint an expert with the mandate to lay the road map for the sector’s development.
Domestic steelmakers may jack up prices by up to R4,000 per tonne in January for both long and flat products, used for construction and automotive sector respectively, to partially offset the inflated coking coal cost push.
The Union Cabinet will take the final call on the ways private sector highway operators could be compensated for their losses on toll collection due to the government’s move to waive off user fees.
The government’s efforts to rein in rising imports coupled with protectionist measures across the globe against China may make India a net exporter of steel after a gap of two years.
The cost for transportation of iron ore by the railways may come down by up to 14% if the rail ministry pays heed to its steel counterpart’s persistent demand.
Global steel production remained flat in the first 11 months of the current year at 1,468 MT even as four out of five major steel producing nations improved their output in November over the same month last year.
A parliamentary panel and the government are worried about the prospects of domestic steel firms getting hit as the customs duties on imports from Japan and Korea are being eliminated as part of India’s commitment towards Comprehensive Economic Partnership Agreements (CEPAs) even as anti-dumping duties are in place.
Sudhir Pai, CEO, Magicbricks.com, says that demonetisation has pushed the probable buyers of real estate to defer purchases, but the developers are still holding onto the prices even as it is a terrible market for a seller.
The steel ministry has signed a unique way-leave agreement with the railways under which slurry pipelines will be laid alongside railway tracks.
Central Board of Trustees (CBT) of the EPFO meets on Monday to decide on the interest rate to be provided for 2016-17 on provident fund accumulations for retirement fund body’s more than 4 crore subscribers.
After fortifying protection for domestic steel companies via anti-dumping duties, minium import prices and safeguard levies, the government is now considering reducing the basic customs duty (BCD) on a number of specified flat products of alloy and non-alloy steel
Having failed to pass pro-worker Bills in the current session of Parliament amid Opposition’s continuous protests over note ban, labour minister Bandaru Dattatreya on Thursday lashed out at Congress
The Employees’ Provident Fund Organisation has asked the labour ministry to raise the wage ceiling for mandatory EPF cover to R25,000 a month from R15,000 now for organised-sector workers.
Paying heed to the stainless steel industry’s demand, steel ministry has proposed an increase in the basic customs duty (BCD) on the product from 7.5% now to at least 10%.
The government has extended the minimum import price (MIP) for 19 colour-coated and galvanised steel products till February 4, 2017, without tweaking the price range.
The labour ministry’s efforts to capitalise on demonetisation to push financial inclusion even for temporary workers in unorganised sectors have begun to yield quick results. Following its November 25 missive to the states, banks and employers, 9.6 lakh new bank accounts have been opened till February 2, averaging 1.37 lakh per day.
The labour ministry is keen that the amendments to the Payment of Wages Act are passed in the current session of Parliament itself in order to ensure that all industrial workers get their wages only through the banking channel and not otherwise.
India is the second largest stakeholder in the AIIB. The purpose of the agency is to support sustainable economic development of the economy of Asia through infrastructure investment.
The current anaemic steel demand might prevent companies like Tata Steel and JSW Steel from passing on the additional burden to the customers.
As several non-coal mineral blocks are being auctioned off to exploration companies, the government may offer them 0.05% of the value of the estimated resources (VER) as incentive, provided the asset is explored up to G2 level, which requires identified deposits to be delineated.
Whenever the minister of road transport and highways Nitin Gadkari was asked if his target to accelerate the road construction to 40 km/day for FY17 was too ambitious, he used to exude confidence and assert the target would be achieved.
Jharkhand government has roped in Mahendra Singh Dhoni as the state’s brand ambassador for development.
The ministry of road transport and highways has sought a borrowing limit of close to R60,000 crore for the National Highways Authority of India (NHAI) for 2017-18, roughly the same as the ceiling for the current year.
Even as global steel output saw a 0.1% contraction during the first 10 months of the current year, India’s production growth rate remained not just in the positive terrain, but was also the highest among the major steel producing nations in the world including China and Japan.
Ranked a lowly 35th on the World Bank’s Logistics Performance Index (LPI) in 2016, India is an inefficient place as far as logistics is concerned, with the extant system falling far short of international standards in terms of costs, efficiency, sustainability, and safety.
The real estate sector, which was looking to return to normalcy after a prolonged lull, has been dealt a huge blow by the government’s decision to abrogate the legal tender status of R500 and R1,000 currency notes.