Demonetisation has turned out to be a double whammy for the non-coal mining sector. On the one hand, miners are finding it increasingly difficult to pay the daily wagers they employ and on the other, transportation bottlenecks have impacted sales of minerals.
The ministry of mines has drawn up plans to spend around Rs 400 crore over the next three years to carry out exploration work throughout the potential non-coal and non-fuel resource-bearing areas in the country.
After three months of lull due to monsoon rains, the pace of highway construction has gathered momentum in October.
Establishments employing 10 or more persons will be required to grant 26 weeks of paid maternity leave as against 12 weeks at present with Parliament set to pass the Maternity Benefit (Amendment) Bill, 2016, during the winter session.
With nearly half of banks’ gross advances of over R3.1 lakh crore to the steel industry under stress and three-fourths of these already classified as non-performing assets (NPAs), domestic steelmakers have approached the government seeking a relief package, reports Surya Sarathi Ray in New Delhi.
Growth in India’s steel production was sustained during the April-October period of the current fiscal even as consumption failed to keep pace, thanks to rising exports and dwindling imports.
The toll-operate and transfer (ToT) model, through which the government intends to lease out 75 operational national highways essentially to private players, including global funds with patient capital, is likely to open up a new set of business opportunity for existing players as well as new entrants into the operation and maintenance (O&M) space
NRI billionaire Anil Agarwal-led Vedanta may take the inorganic route to enter India’s steel sector, the firm’s chief executive officer Tom
`10,000-cr project to be developed via EPC route
The pace of construction, from about 20 km a day in April-July, fell largely due to the monsoon that slowed down activities on the ground.
Prime Minister Narendra Modi has directed labour ministry officials to ensure that those working in the private sector get all their due retirement benefits on the day of superannuation itself, in line with those working in the government sector.
Firmly poised to achieve its ambitious targets on road construction, the ministry of road transport and
highways will ask for budgetary allocation of R91,000 crore for 2017-18, up 57% from the current year’s outlay, which the ministry is set to overshoot by about R4,500 crore.
Nearly six lakh ‘kaali-peeli’ taxis will soon get a new lease of life with the government formulating rules to let them attach with taxi aggregators such as Ola and Uber.
State-run steel maker Steel Authority of India (SAIL), which had reported net losses during the April-June period and the previous four quarters, might have witnessed a turnaround in the September quarter.
On course to rationalise the country’s labour laws for ensuring the ease of doing business as also welfare for workers, the government is considering pruning the codes in this regard from four proposed earlier to one, a move that experts feel would help eliminate inspector raj, reduce documentation hassles and improve industrial productivity.
Clocking an impressive 5.9% production growth during the January-September period of the current year, India remained the only bright spot among major steel-producing nations in the world.
Anti-dumping duty on 21 flat-rolled products of non-alloy steel such as corrugated sheets are in the offing, steel secretary Aruna Sharma said, adding that the notified provisional anti-dumping duty on 15 wire rod of alloy or non-alloy products would be implemented soon.
In their pre-Budget consultation with the steel ministry, domestic steel majors such as JSW Steel, Essar Steel and others have asked for abolition of 2.5% extant import duty on coking coal, a scarce commodity in the country.
The Centre could raise about R2,200 crore from the imminent buyback of shares by Vedanta-controlled Hindustan Zinc (HZL).
Concerned with anaemic consumption growth, steel minister Chaudhary Birender Singh has initiated talks with other ministries governing infrastructure sectors on ways to step up the use of the alloy.
Keen on making greenfield investments in India’s steel sector, global major ArcelorMittal is all set to finalise a 50:50 joint venture agreement with the state-run Steel Authority of India
State-run miner NMDC is likely to offer majority stake in its upcoming R15,525-crore steel plant at Nagarnar in Chhattisgarh to a strategic partner having expertise in making steel using the latest technology.
Even as it implements reform proposals aimed at improving the ease of doing business, the labour ministry will also focus on improving the lives of the vast workforce in the unorganised sector through a host of initiatives, including giving them some sort of social security cover.
Notwithstanding a fall in steel imports in recent months, the government has extended the minimum import price (MIP) regime for 66 product lines for two more months from October 4.
The steel ministry has recommended continuation of minimum import price (MIP) for 21 flat-rolled products of non-alloy steel such as corrugated products while suggesting no action on 30 semi-finished products.
The government notification that any beach sand mining lease containing more than 0.75% monazite in the total heavy minerals (THM) would only be allocated to public sector firms has put private miners in a fix. Of the 81 extant beach sand mineral (BSM) leases, 72 are with the private sector.
The country’s unemployment rate went up to its highest in five years to 5% in 2015-16, the labour ministry’s annual employment-unemployment survey (EUS) for persons aged 15 years and above has revealed.