Latest news with #17thBrics
Mint
12-07-2025
- Business
- Mint
The week in charts: Brics disjointed, power demand drops, Nvidia hits $4 trillion
The 17th Brics summit was held in Brazil earlier this week amid tariff threats from the US and geopolitical challenges. Meanwhile, India's electricity demand declined owing to a cooler summer and an early monsoon, and Nvidia stock soared, making it the world's first $4-trillion market cap company. Balancing Brics The 17th Brics summit was held in Brazil amid tariff threats and geopolitical conflicts, with the bloc seeking to strengthen the position of the global south. The absence of China's Xi Jinping and the virtual participation of Russia's Vladimir Putin owing to legal constraints underscored internal challenges. Brics+, now expanded to 11 members, represents 48% of the global population and is steadily closing the GDP gap with the G7, according to a Mint analysis. However, the bloc has more differences than similarities, with only a few countries, including India and South Africa, having strong democratic values. Electricity demand dips India's electricity demand fell 1.5% year-on-year in the June quarter to 445.8 billion kilowatt hours, according to the data from the Central Electricity Authority. This marks the first drop since the 2020 pandemic-hit first quarter of 2020. The decline in April-June 2025 was likely due to a cooler summer and an early monsoon, which reduced energy needs. The latest data from the India Meteorological Department showed that May saw a maximum temperature of 35.08 degrees Celsius, as against the normal trend of 36.60 degrees Celsius. The highest supply in a day (peak power demand met) in June also fell to about 242 GW last month from about 244 GW in June 2024. Nvidia is in a league of its own $4 trillion: That's the market cap Nvidia briefly hit on 9 July after its shares surged to an all-time high of $164.42, extending its lead over Apple and Microsoft as the world's most valuable publicly traded company. Nvidia's stock has seen strong demand in the past five years, driven by growing investor confidence in its critical role in powering AI technologies. The chipmaker's shares have gained around 21% since last year, Mint reported. The company, founded in 1993, first surpassed $2-trillion in market cap in February 2024 and $3 trillion in June 2024. Renewed US tariffs With the 9 July deadline for trade deal negotiations ending, the US has sent formal letters to 14 countries, outlining revised tariffs. Among these, Laos and Myanmar have been hit with 40% reciprocal tariffs, the highest in the current list. Five of these, including Japan and South Korea, have been hit with a 25% tariff. The new reciprocal tariffs for the listed countries are set to take effect from 1 August. India, which is trying to strike a trade deal with the US, is unlikely to receive such a formal notification, Mint reported. Accenture signals IT slump A 6% drop in Accenture's new bookings in Q3FY25 led to a sharp decline in its stock last month. This was mirrored by Indian IT stocks, highlighting the company's influence on the sector. As a major player with overlapping markets, especially in North America, Accenture is seen as a bellwether for Indian IT firms. All listed Indian IT companies earn over 50% of their revenue from the Americas, making them sensitive to demand shifts there. However, an analysis by shows that the Dublin-headquartered tech and consulting major differs from Indian IT firms in several ways, warranting a closer look beyond its quarterly numbers. Balrampur Chini's bio bet ₹2,850 crore: That's the investment Balrampur Chini Mills is making on bioplastics amid price controls and climate risks, Mint reported. The company is setting up a polylactic acid plant, India's first by a sugar firm, next to its Kumbhi mill in Uttar Pradesh, aiming for ₹2,000 crore in revenue by 2027. PLA, a biodegradable plastic made from sugar, will initially target single-use plastic substitutes. While analysts see it as an ESG-friendly growth engine, concerns persist over input risks, as the plant will still rely on sugarcane, which is a water-guzzling crop vulnerable to weather shocks. RCB's power play The Indian Premier League's (IPL) valuation rose 12.9% year-on-year to $18.5 billion in 2025, cementing its status among the world's top sporting leagues, according to a study by Houlihan Lokey. Royal Challengers Bangalore became the most valuable team after their maiden title win in 2025, replacing Chennai Super Kings. Mumbai Indians ranked second and Chennai Super Kings settled for third. Advertising revenues crossed $600 million, and viewership peaked at 678 million during the final on 3 June. With growing investor interest and cross-league expansion, IPL is evolving into a global media-sport brand, with longer seasons expected in future, the report said. Chart of the week: How urban Indians use their time Urban Indians love to watch TV and give a lower priority to reflection, relaxation and rest, a Mint analysis of the Time Use Survey 2024 showed. Watching TV is the top leisure activity, especially for urban women, while rural women, who work the hardest, prefer talking over screen time to unwind. Follow our data stories on the In Charts and Plain Facts pages.
Mint
11-07-2025
- Business
- Mint
Rare earth magnet making to get a ₹1,345 crore govt push
India is working on a ₹ 1,345-crore scheme to encourage the local production of rare earth magnets, at a time when Chinese curbs on these critical items threaten large swathes of the automobile industry. The subsidy scheme is being discussed by various ministries, heavy industries minister H.D. Kumaraswamy said, adding the final proposal will be sent to the Union cabinet. "We have sent the first outline for inter-ministerial consultation," Kumaraswamy said in response to a query about rare earth magnets. Mint had reported on 17 June that an incentive programme for processing rare earth oxides and producing permanent magnets was in the works. Heavy industries secretary Kamran Rizvi said that incentives will be given to two manufacturers who can process rare earth magnets from rare earth oxides. The scheme will be for end-to-end processing of rare earth magnets, he said. The scheme comes as a response to an export control order issued by the Chinese commerce ministry in April, which led to a massive supply crunch of rare earth magnets widely used in electronic gadgets, automobiles and heavy machinery. China commands 90-95% of the world's rare earth metal processing capacity, allowing it to use its exports to its own advantage. Rare earth elements and their products are used in strategic sectors such as renewable energy, clean mobility and electronics. India has also flagged the disruption of supply chains on the global stage. Prime Minister Narendra Modi said on 7 July at the 17th Brics conference that making critical mineral supply chains reliable is critical, and that no one country uses these resources for its own selfish gains or as a weapon against others. "We need to work together to make supply chains for critical minerals and technology secure and reliable. It's important to ensure that no country uses these resources for its own selfish gain or as a weapon against others," Modi had said. India is also part of the Quad Critical Minerals Initiative, where the US, Australia, Japan and India have pledged to work together to secure and diversify supply chains on 2 July. IREL, a state-owned company, is the sole refiner of rare earths in India, with a capacity to make about 1,500 tonnes of rare earth magnets a year. Mint reported on 24 June that the government had received proposals during consultations with stakeholders for funding about 20-50% of the cost of processing rare earths to make magnets. 'Rare earths are relatively abundant in the earth's crust, but mineable concentrations are less common than for most other mineral commodities,' said the 2025 US Geological Survey, adding that substitutes to rare earths are available for many applications but generally are less effective.
Mint
11-07-2025
- Business
- Mint
Rare earth magnet making to get a ₹1,345 crore govt push
India is working on a ₹ 1,345-crore scheme to encourage the local production of rare earth magnets, at a time when Chinese curbs on these critical items threaten large swathes of the automobile industry. The subsidy scheme is being discussed by various ministries, heavy industries minister H.D. Kumaraswamy said, adding the final proposal will be sent to the Union cabinet. "We have sent the first outline for inter-ministerial consultation," Kumaraswamy said in response to a query about rare earth magnets. Mint had reported on 17 June that an incentive programme for processing rare earth oxides and producing permanent magnets was in the works. Heavy industries secretary Kamran Rizvi said that incentives will be given to two manufacturers who can process rare earth magnets from rare earth oxides. The scheme will be for end-to-end processing of rare earth magnets, he said. The scheme comes as a response to an export control order issued by the Chinese commerce ministry in April, which led to a massive supply crunch of rare earth magnets widely used in electronic gadgets, automobiles and heavy machinery. China commands 90-95% of the world's rare earth metal processing capacity, allowing it to use its exports to its own advantage. Rare earth elements and their products are used in strategic sectors such as renewable energy, clean mobility and electronics. India has also flagged the disruption of supply chains on the global stage. Prime Minister Narendra Modi said on 7 July at the 17th Brics conference that making critical mineral supply chains reliable is critical, and that no one country uses these resources for its own selfish gains or as a weapon against others. "We need to work together to make supply chains for critical minerals and technology secure and reliable. It's important to ensure that no country uses these resources for its own selfish gain or as a weapon against others," Modi had said. India is also part of the Quad Critical Minerals Initiative, where the US, Australia, Japan and India have pledged to work together to secure and diversify supply chains on 2 July. IREL, a state-owned company, is the sole refiner of rare earths in India, with a capacity to make about 1,500 tonnes of rare earth magnets a year. Mint reported on 24 June that the government had received proposals during consultations with stakeholders for funding about 20-50% of the cost of processing rare earths to make magnets. 'Rare earths are relatively abundant in the earth's crust, but mineable concentrations are less common than for most other mineral commodities,' said the 2025 US Geological Survey, adding that substitutes to rare earths are available for many applications but generally are less effective. Rare earth magnets, such as neodymium-iron-boron, are used in advanced automotive applications. They are essential components in traction motors for electric vehicles, and in power steering motors in passenger vehicles for both electric and fossil fuel-based vehicles.
Mint
10-07-2025
- Business
- Mint
Goyal sounds alarm on 'particular geographies' for supply chains
New Delhi: Commerce and industry minister Piyush Goyal told an energy conference India must cut its dependence on "particular geographies" and look at alternative sources of supply to build resilient supply chains. Addressing an India Energy Storage Week event in New Delhi on Thursday, Goyal said India must also look at newer technologies to reduce dependence on imports. "We must work to prevent distortions. We must reduce our dependence on particular geographies and look at alternative sources of supply where we can have resilience in our supply chain. We must also look at newer technologies so that we are not overly dependent on imports and can focus on self-reliance," said Goyal, speaking virtually at the conference. He added that critical minerals, the semiconductor industry and other strategic sectors are part of India's 'holistic' ambitions for the future. "Our ambition cannot be restricted only to self-production. The whole value chain, raw materials, battery banks, semiconductors, management systems, the recycling of used equipment, the entire value chain is our holistic ambition," he said. Goyal also said India was progressing towards its target of generating 500 gigawatt of renewable energy by 2030. He said that efforts made by the government to promote solar energy have been successful. He suggested a four-pronged approach to promote energy efficiency--focusing on innovation, analysing the co-existence of charging and battery-swapping infrastructure, preventing supply chain distortions, and focusing on becoming part of the full value chain instead of focusing only on production. This comes days after Prime Minister Narendra Modi, in a veiled nudge to China, called for diversified supply chains in the critical minerals sector, in order to prevent any one nation weaponizing its resources. It also follows India's commitment as a part of the Quad grouping to form the Quad Critical Minerals Initiative, pledging to work together to secure and diversify supply chains. Speaking at the 17th Brics summit in Brazil on 7 July, Modi said it was important to make critical mineral supply chains reliable to ensure that no country uses these resources for its own selfish gain or as a weapon against others. These calls for making supply chains more resilient come amid a global supply shortage of rare earth metals and allied products due to an export control order by China in April. China has approximately 90-95% of the world's rare earth metal processing capacity, allowing it to use its exports to its own advantage. These rare earth metals and their products are used in strategic sectors such as renewable energy, clean mobility, and electronics.
Mint
07-07-2025
- Business
- Mint
Modi calls for urgent reform of global institutions at Brics summit
New Delhi: Prime Minister Narendra Modi on Monday called for urgent reforms to global 'governance institutions', underlining the need to give developing countries a stronger voice in international decision-making. Speaking at the 17th Brics summit in Rio de Janeiro, Modi said institutions such as the UN Security Council, International Monetary Fund (IMF), World Bank, and World Trade Organization (WTO) must be overhauled to reflect 21st-century realities. "Highlighting that the global organizations of the 20th century lacked the capacity to deal with the challenges of the 21st century, he (Modi) underscored the need for reforming them," the Prime Minister's Office (PMO) said in a statement. Calling for a multipolar and inclusive world order, the Prime Minister stated that global governance institutions must undergo urgent reforms to reflect contemporary realities. Modi reaffirmed India's commitment to representing the interests of the Global South and called for enhanced support to developing countries through improved access to climate finance and technology. The Indian Prime Minister also thanked the Brics leaders for highlighting the urgency of UN Security Council reforms and adopting strong language on the issue in the Summit Declaration. Finance minister Nirmala Sitharaman last week reaffirmed India's commitment to advancing Global South priorities, deepening strategic ties, and fostering greater cooperation within the Brics grouping during a meeting with her Brazilian and Russian counterparts on the sidelines of the summit in Rio de Janeiro. Modi also called for the New Development Bank (NDB) of the Brics grouping to adopt a demand-driven approach and ensure long-term sustainability in project financing. Speaking at a special session on Strengthening Multilateralism, Economic-Financial Affairs and Artificial Intelligence, Modi said that as the world grapples with growing geopolitical and economic challenges, Brics must lead efforts to build a more balanced, multipolar global order. "He stated that at a time when the world order was under pressure and the global community facing uncertainty and challenges, the relevance of Brics was evident," the PMO statement said. "He further added that Brics could play an important role in shaping a multipolar world," it added. The NDB, formerly the Brics Development Bank, was established in 2014 by Brazil, Russia, India, China and South Africa to mobilize funding for infrastructure and sustainable development projects. Headquartered in Shanghai, it serves as an alternative to Western-led institutions like the World Bank and the International Monetary Fund. On the issue of peace and security, Modi condemned terrorism as one of the gravest threats facing humanity, noting that the 22 April terror attack in Pahalgam was not just an attack on India, but an onslaught on the entire humanity. "Calling for strong global action against terrorism, the Prime Minister noted that those funding, promoting or providing safe havens to terrorists must be dealt with in the harshest terms. He also emphasized that there should be no double standards in dealing with terrorism," the statement said. "Calling upon the Brics countries to strengthen the global fight against terrorism, he emphasized that there should be zero tolerance in dealing with the menace," the statement added. The July 6–7 summit focused on reforming global governance, strengthening multilateralism, and fostering cooperation on peace, security, and emerging technologies. Leaders adopted the Rio de Janeiro Declaration, calling for inclusive global institutions, united action against terrorism, and collaboration on climate finance, critical minerals, and responsible AI (artificial intelligence).
