India hopes to commence EEU-FTA negotiations early next year
The Dollar Business Bureau Expressing satisfaction on the progress made in India- Eurasian Economic Union (EEU) free trade agreement, India and Kazakhstan on Friday hoped that the process of obtaining internal clearances would be completed by December-end, thereby paving the way for the commencement of formal trade negotiations in early 2017. India and Kazakhstan agreed that early commencement and conclusion of formal negotiations on FTA would serve to boost bilateral trade. The two sides also discussed the current state and prospects of development of Indian - Kazakh economic and trade cooperation, while also exchanging views on the possibilities of expanding bilateral cooperation. The two countries held India - Kazakhstan joint working group on trade & economic cooperation in New Delhi on December 22-23, and agreed ...
NMDC e-auctions pellets for the first time
The Dollar Business Bureau NMDC, India's single largest producer of iron-ore had for the first time put up iron-ore pellets for commercial sale on Nov 15. The sale was conducted via e-auction by NMDC. The pellets which were manufactured at NMDC's Donimalai plant Bellary, ranging in size from 6-16mm were placed in 12 different lots of 1000 MT each. According to market sources, the auction received a good response with the base price of the pellets hovering around Rs.5219/MT (basic). Market sources confirmed that parties outside the state of Karnataka showed a keen interest, as a result, the bids went up by Rs.50/MT and the entire quantity was sold. Information on the same remains to be confirmed as the bid sheets have not been made ...
JIPB gets 27 investment proposals worth Rs.1 lakh cr
The Dollar Business Bureau The government of Jharkhand organized the inaugural of Jharkhand Investment Promotion Board, chaired by Chief Minister Raghubar Das, in Mumbai. The JIPB will likely include ten representatives from the industry, who will be elected by the government with focus onto the areas of automobiles, information technology, energy, food processing, tourism, education, infrastructure development and healthcare. The state government has already received 27 investment proposals ranging from the sectors of agriculture, food processing, mining, power, healthcare, education and tourism. The 27 proposals are worth Rs.1 lakh crore. The investors inclusive of industry giants like Essar, Tata Steel, Adani, JSW, NTPC, SAIL and NDMC. Of late, the government beefed up the efforts to project Jharkhand as investment hub of eastern India. Jharkhand CM ...
Niti Aayog submits roadmap to PMO for PSU reforms
The Dollar Business Bureau To initiate improvements in public sector units (PSUs), a roadmap reform has been submitted by NITI Aayog to the Prime Minister's Office (PMO). This is with regard to the closing and strategic sale of government shareholdings in some earmarked PSUs. “NITI Aayog has provided two different lists of public sector companies - one is that of sick companies which are in the list-of-probables for closure and the second is of companies which should be divested,” a source said. Through a strategic sale, the government will reduce its stake to 49 percent or less in these PSUs, the source added. In his Budget speech 2016-17, Finance Minister Arun Jaitley had referred to the sales of PSUs that NITI Aayog will undertake. In line with that ...
Ministry pitches for minimum import price on steel
The Dollar Business Bureau The ministry is in talks with the National Mineral Development Corporation (NMDC) to explore the possibility of further reducing the iron ore prices In an attempt to impose duty on steel imports, the Steel Ministry on Wednesday said it has sent a note to the Prime Minister's Office (PMO) seeking permission to fix minimum import price for various steel products. “The Ministry is looking into the industry’s suggestion to impose minimum import price on steel products and it has been sent to the PMO last week,” the Union minister of state for Steel and Mines Vishnu Deo Sai said. Deo said the ministry was also in talks with the National Mineral Development Corporation (NMDC) to explore ...
Long Term Agreement of NMDC, to Japan and South Korea
Dated October 16th, 2015 | Copy of | Notification No.50/2015-Customs | In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.27/2011-Customs, dated the 1st March, 2011, published in the Gazette of India, Extraordinary, vide number G.S.R. 153(E), dated the 1st March, 2011, namely :- In the said notification, in the Table, after S.No.20A and the entries relating thereto, the following S.No. and the entries shall be inserted, namely:- Sd/- (Anurag Sehgal) Under Secretary to the Government of India F.No.354/231/2014 -TRU Issued ...
China troubles may sound positive to India but impact may be negative: ASSOCHAM
The Dollar Business Bureau Economic troubles for China will not be good news for India as there would be more negatives than positives from the ripples of a 'dragon' dragging the shaky world economy, The Associated Chambers of Commerce of India (Assocham) said. The industry body’s paper analysed the impact of the problems in China on Indian economy. According to their research, the dip in commodity prices is linked to slow demand in China. The news may not be as positive as it sounds for metal producers like SAIL, Tata Steel, NMDC and upstream oil producers. A steep fall in iron ore, steel and copper prices has an equal impact on Indian companies as any other manufactures around the globe. However, ...
Renewal of long-term agreements for supply of iron ore to Japan, South Korea okayed
Source: PIB, Government of India The Union Cabinet, chaired by the Prime Minister Narendra Modi, has given its approval to renew Long Term Agreement with Japanese and South Korean Steel Mills for supply of high grade Indian iron ore, during the three year period from April, 2015 to March, 2018. The quantities covered under the agreement will be in the range of 3.8 million tonnes to 5.5 million tonnes per year, and will be supplied primarily from the mines of the National Mineral Development Corporation (NMDC). The contract will be executed by the Metals and Minerals Trading Corporation of India Limited (MMTC) under the Department of Commerce. Iron ore of higher grade have been supplied by India to Japan and ...
