Skip to main content

News and Updates

India Needs 1.3 to 1.5 Billion Tonnes of Coal by 2030

  Due consultations were held for finalizing India's approach for negotiations at COP 21 and prior to signing the Paris Agreement.   As per Economic Survey, the demand for coal is expected to remain in the range of 1.3-1.5 billion tonnes by 2030. Coal is the most important and abundant fossil fuel in India and accounts for 55% of the country's energy need. Commercial primary energy consumption in India has grown by about 700% in the last four decades. The current per capita commercial primary energy consumption in India is about 350 kgoe/year. Coal is not only the primary source of energy in the country but is also used as an intermediary by many industries such as steel, sponge iron, cement, paper, brick-kilns etc. Similarly, with increase in growth of industries using coal, their demand for coal has also been increasing; hence, there has been an overall increase in the demand of coal over the years. Being an affordable source of energy with substantial reserve, coal is going

PRICE INCREASE OF RAW MATERIALS

 The National Small Industries Corporation Limited (NSIC) a Public Sector Undertaking under the Ministry of Micro, Small and Medium Enterprise (MSME) facilitates MSMEs to meet their raw material requirement by making arrangements with bulk manufacturers for procuring the materials and supplying the same to MSMEs. NSIC also provides financial assistance to MSMEs under their Raw Material Assistance (RMA) Scheme against bank guarantee for payment to the suppliers. The issue of regular increase in prices of raw materials specifically post-pandemic was regularly taken up by NSIC with the bulk producers. Further, the Government of India has taken several measures to deal with the issue of rise in raw materials including MSME sector, which include:

  1. To ensure enhanced production and availability of iron ore and steel, steps like reforms in mining and mineral policy early operationalization of forfeited working mines of Odisha by the State/Central PSUs and ramping up production and capacity utilization by steel producers have been taken by the Government.
  1. In Union Budget 2021-22, Customs Duty has been reduced uniformly to 7.5% on Semis, Flat and Long products of non-alloy, alloy and stainless steels. Further, Basic Custom Duty (BCD) on steel scrap has been exempted for a period up to 31st March, 2022. In addition to the above, ADD and CVD on certain steel products have also been revoked / temporarily revoked.
  1. To give relief to secondary and MSME sector steel industry engaged in Housing/construction sector, TMT bars below 8 mm have been exempted from the purview of the Quality Control Order, as these are primarily used for non-critical applications.
  1. Ministry of Steel has also issued clarifications to CPWD, MoRTH etc. that steel produced through various routes of production using iron ore, steel scrap and DRI should be treated at par if the steel produced conforms to the relevant BIS standards.

Popular Posts