Latest news with #HDKumaraswamy
Time of India
4 days ago
- Business
- Time of India
Govt eyes sops for rare magnets to reduce dependence on China
Govt is working on an incentive scheme for rare earth magnets and is likely to subsidise processing units as it seeks to develop a domestic base to reduce its dependence on China. A decision on rolling out the scheme will be taken in 15-20 days, heavy industries and steel minister H D Kumaraswamy said on Tuesday. Explaining the rationale, an official said, "There is hardly a 5% difference in prices of rare earth oxides and rare earth magnets... China wants to maintain its monopoly by keeping the price of magnets very low." According to official estimates, public sector undertaking IREL (India) can supply enough rare earths to make 1,500 tonnes of magnets. "Converting these rare earths to magnets will take two years," the official said. Consultations with stakeholders are underway to determine the quantum of subsidy to be offered under the scheme. "One Hyderabad-based company... they are showing interest. They have promised that they will deliver 500 tonnes by this year-end (Dec). We will have discussions with the mines minister," Kumaraswamy said. China's recent restrictions on exports have caused widespread disruption, particularly for auto players. While govt and industry are seeking alternative sources of procurement, officials said 30 auto companies sought authorisation from the Directorate General of Foreign Trade to import rare earth magnets from China a fortnight ago, so that production is not impacted.
New Indian Express
4 days ago
- Business
- New Indian Express
Pradhan, Oram discuss RSP expansion with Kumaraswamy
BHUBANESWAR: In a bid to expedite the pending proposal of Rourkela Steel Plant (RSP) for capacity enhancement, two Union ministers from the state held discussions with their counterpart in Heavy Industries and Steel HD Kumaraswamy in New Delhi on Wednesday. Union minister of Tribal Affairs, Jual Oram and Union Education minister Dharmendra Pradhan met Kumaraswamy and suggested to form a high-powered committee to remove the obstacles in the plant's expansion. Pradhan said the proposed expansion will boost steel production capacity, reduce imports and generate employment, aligning with Prime Minister Narendra Modi's 'Purvodaya' vision for eastern India's development. Pradhan and Oram praised the Union Steel minister's commitment to the steel sector in Odisha, and thanked him for his support in resolving the issues hindering the plant's expansion. With an existing hot metal production capacity of 4.5 million tonne per annum (MTPA), RSP, an unit of the Steel Authority of India Limited (SAIL) had submitted a proposal to the Steel ministry for capacity expansion to 9.3 MTPA in 2021. However, the expansion plan is hanging fire due to land-related issues. A portion of the land of RSP is now under unauthorised occupation of people who have developed slums in the area. In August last year, the issue of capacity expansion of RSP was discussed when Union Steel secretary Sandeep Pondrik met Chief Minister Mohan Charan Majhi in Lok Seva Bhawan. Though Pondrik said SAIL is fully committed for the expansion plan, there has been no progress so far.
Hans India
4 days ago
- Business
- Hans India
Kumaraswamy and Gadkari Discuss Karnataka's infrastructure future
Union Minister Nitin Gadkari's and H D Kumaraswamy, Union Minister for Heavy Industries and Steel, outlined critical infrastructure projects for Karnataka in a meeting held at New Delhi, aiming to enhance connectivity and alleviate Bengaluru's notorious traffic congestion. The discussion, detailed in a post on social media platform X by Kumaraswamy, focused on the Shiradi Ghat Road Project, the Peripheral Ring Road (PRR), and a proposed ultra-modern underground road network, marking a pivotal moment for the state's urban and rural development. The Shiradi Ghat Road Project, a vital link on National Highway 75 connecting Bengaluru to the coastal regions, was a primary concern. Currently, 80% of the Addahole to Maranahalli stretch is complete, but challenges remain due to the region's ecological sensitivity and landslide-prone areas. The 74 km Peripheral Ring Road, rebranded as the Bengaluru Business Corridor (BBC), aims to form an 8-lane expressway around Bengaluru, connecting key routes like Tumakuru and Hosur roads.
Time of India
4 days ago
- Automotive
- Time of India
Elon Musk's Tesla only keen on selling cars in India, not setting up local factory despite new EV manufacturing scheme
Elon Musk's Tesla has shown no interest in setting up a manufacturing plant in India and is currently focused only on selling its cars in the country. Union Minister for Heavy Industries and Steel , HD Kumaraswamy , said on Tuesday that the company is keen on opening a showroom in India. "Tesla is only interested in opening a showroom till now. They want to sell their car in India. There is no further development about Tesla," Kumaraswamy said during the launch of an application portal for electric vehicle (EV) manufacturers. The statement comes amid ongoing speculation about Tesla's plans to establish a production unit in India, especially as the government has rolled out a scheme aimed at encouraging local EV manufacturing. India rolls out new EV manufacturing scheme The Ministry of Heavy Industries (MHI) has launched a scheme to support the domestic production of passenger vehicles, with a particular emphasis on electric cars. The initiative is designed to attract investments from global EV players and promote India as a competitive manufacturing base. The scheme aligns with the government's broader "Make in India" objective and aims to create employment while enhancing India's role in the global EV market. Import concessions and investment requirements Under the scheme, applicants will be allowed to import Completely Built Units (CBUs) of electric four-wheelers, provided the CIF (Cost, Insurance, and Freight ) value of each unit is a minimum of $35,000. These imports will benefit from a reduced customs duty rate of 15% for a period of five years from the date of application approval. However, in return for these benefits, companies are required to invest at least ₹4,150 crore in India under the provisions of the scheme. This is aimed at encouraging long-term commitment to the Indian market by both global and domestic EV manufacturers. Application window open till October The government has opened a dedicated online portal for applications under this scheme. According to the Ministry, the portal will be active from 24 June 2025 at 10:30 am and will remain open till 21 October 2025, 6:00 pm. The ministry believes that the ₹4,150 crore minimum investment clause, combined with reduced import duties, creates an enabling environment for global EV players to consider long-term manufacturing operations in India. For now, Tesla's limited interest appears focused only on direct car sales, leaving questions open about whether the company will participate in India's push to become an EV manufacturing hub.
Time of India
4 days ago
- Automotive
- Time of India
Govt launches scheme for imported EVs
New Delhi: Govt on Tuesday opened the window for auto companies to sell imported EVs by paying lower duty in return for promising to invest in the country. While Tesla has opted to stay out, doors have been shut for Chinese companies, such as BYD. Heavy industries and steel minister H D Kumaraswamy said four-five companies have shown interest, while Tesla will sell its cars through its showrooms after importing them at full duty. The application window will remain open till early Oct. Heavy industries secretary Kamran Rizvi said OEMs applying under the scheme and availing of lower import duty will have to roll out a car with at least 25per cent domestic value addition within three years and increase it to 50% within five years.
