Bilateral agreements with other mineral rich countries already done to offset crisis of rare earth minerals: Minister
The Union government was responding to a question raised by Hyderabad parliamentarian Asaduddin Owaisi in the Lok Sabha on the recent imposition of export restrictions on key rare earth magnets by China.
Responding to the question, Minister of State for Commerce and Industry Jitin Prasada pointed out that in an effort to take stock of the situation and find a solution, the government has been engaging with different stakeholders.
'Ministry of Mines has been working to ensure supply chain resilience for critical minerals, including Rare Earth Elements, which are used in producing Rare Earth Magnets, as they are key materials for different sectors, including electric vehicles,' the reply reads.
The Ministry has also entered into bilateral agreements with countries with rich mineral resources such as Australia, Argentina, Malawi, Mozambique, Peru and Argentina.
A joint venture called Khanij Bidesh India Limited has been set up so as to identify and acquire mineral assets overseas that 'hold critical and strategic significance'.
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Economic Times
8 minutes ago
- Economic Times
ETtech Explainer: What's the way forward for gaming industry after Lok Sabha clears Online Gaming Bill?
ETtech The Lok Sabha on Wednesday passed the Promotion and Regulation of Online Gaming Bill, 2025, seeking a blanket ban on real money gaming in India, minutes after it was introduced in the House. The government says this move addresses the risks of fraud, money laundering, and terror financing and encourages the growth of e-sports and skill-based online games in the country. However, industry stakeholders warn that the outright prohibition could backfire – pushing users to illegal offshore gambling and unregulated platforms. ETtech explains the details of the bill and what happens next. First, what are online money games? According to the bill, online money games are those played by the user by 'paying fees, depositing money, or other stakes, in expectation of winning in return for money or other stake, irrespective of whether such game is based on skill, chance, or both.' These include popular games such as Poker, RummyCircle, Junglee Rummy, WinZO Ludo, BigCash, Zupee, and Money Clicker, where players put in money with the expectation of cash rewards. In contrast, skill-based games such as chess, card games played without stakes, arcade games, puzzles, and even poker in a non-monetary context are seen as tests of ability and strategy rather than betting and continue to be encouraged under the bill. Meanwhile, it excludes e-sports and online social games in both casual entertainment and skill-based formats, which do not involve any monetary stakes. What does the bill say? According to the draft bill, which was cleared in the Lok Sabha today, there will be a complete ban on online money games falling under its definition. As a result: Anyone offering these services will face imprisonment of up to three years or a fine of up to Rs 1 crore, or both. Anyone advertising such services could face up to two years of jail and/or a fine of up to Rs 50 lakh. Banks and financial institutions facilitating transactions for such games will also face penalties, including up to three years in jail or a fine of Rs 1 crore. What happens to the companies? The representatives of the Rs 27,438 crore online money gaming sector fear the prospect of being shut down. Companies such as Dream11, MPL, Games24x7, Winzo, Zupee, and publicly listed Nazara Technologies, which has stakes in Classic Rummy and PokerBaazi, could be among those hit by the legal experts noted that there will be no immediate effect. 'There will be no immediate effect, as the bill has only just been passed in the Lok Sabha. It will next move to the Rajya Sabha for discussion and then to the President for assent, so it will take some time before it becomes an Act,' Apeksha Singh, a commercial lawyer at the Bombay High Court, told ET. Also Read: Gaming bodies write to Amit Shah; urge to block blanket ban, warn of Rs 20,000 crore tax loss What about the online money gaming ecosystem?The online gaming sector currently employs more than 200,000 professionals across over 400 startups and has drawn Rs 25,000 crore in foreign direct investment (FDI).Industry leaders warn that this bill will choke foreign investment and cost the exchequer an estimated Rs 20,000 crore in lost taxes. An allied ecosystem that spends nearly Rs 6,000 crore annually on advertising, technology, and infrastructure could also take a to the bill getting passed in Lok Sabha, the All India Gaming Federation (AIGF), the E-Gaming Federation (EGF), and the Federation of Indian Fantasy Sports (FIFS) wrote a joint letter to home minister Amit Shah, saying the draft bill, which seeks to prohibit all real money games, including those based on skill, would 'strike a death knell' for the entire industry. So, why is the government pushing for this bill? After the bill was passed in the Lok Sabha, IT minister Ashwini Vaishnaw said that online money gaming has become a bigger issue than drugs in the country, and many youngsters have died by suicide after losing their savings in such an interview with ET Now, Vaishnaw said that there are three segments to the bill — e-sports, online social gaming, and online money gaming. 'This bill aims to promote the first two segments, wherein an authority will be created. There will be more schemes, employment, and the creator economy grows,' he said, adding that the bill will protect from the harm that the third segment – online money gaming – causes. What are the stakeholders saying? According to the stakeholders, the outright prohibition could backfire, pushing users to illegal offshore gambling and unregulated platforms.'A restriction will push millions of Indian users toward offshore betting websites, matka operators, and unregulated platforms, exposing them to fraud, addiction risks, and zero consumer protection,' said Rameesh Kailasam, president and CEO of an industry group representing internet startups. 'The bill seems aimed at offshore gambling and betting apps but ends up targeting law-abiding, tax-paying Indian startups.''While the government is pursuing a comprehensive ban on online gaming, its enforcement poses significant challenges,' said Rishi Agrawal, chief executive and cofounder of Teamlease Regtech, a regulatory compliance management company. 'The internet's global accessibility makes it likely that new gaming platforms will emerge worldwide, targeting vulnerable Indian youth and heightening risks such as cyberbullying, identity theft, phishing, and other scams.'Further, industry representatives are urging the government to pursue 'smart regulation' that distinguishes games of skill from games of chance, ensures user safety and responsible gaming, enforces grievance redressal, and clarifies taxation policies. Also Read: Online gaming companies prepare for legal battle against new bill Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. Swiggy, Tencent backer Prosus gets Rajinikanth fan to script India AI play India's F&O boom puts spotlight on retail protection through education Can new shipping laws bury the ghost of British legacy? 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The Hindu
9 minutes ago
- The Hindu
Bill introduced by Amit Shah is a conspiracy to destabilise non-BJP governments: Dipankar Bhattacharya
Communist Party of India (Marxist-Leninist) General Secretary Dipankar Bhattacharya on Wednesday (August 20, 2025) said that 'The Constitution (One Hundred and Thirtieth Amendment) Bill 2025' introduced by Union Home Minister Amit Shah is a well-planned conspiracy to destabilise non-Bharatiya Janata Party (BJP) governments in States and obstruct their functioning. Also Read | No foreign voters in Bihar SIR list; Modi brings divisive agenda: CPI(ML) Addressing the press in the State capital, Mr. Bhattacharya said the Bill is the death knell for India's Constitutional federal system and parliamentary democracy. 'According to this Bill, if a Minister is sentenced to five years on any charge and remains in jail for 30 days, he will have to step down from the post. Obviously, the Prime Minister or the BJP ministers will not be sent to jail. This provision is a well-planned conspiracy to destabilise non-BJP governments and not to allow them to function,'Mr. Bhattacharya said. He further said, 'After the misuse of the ED [Enforcement Directorate], the CBI [Central Bureau of Investigation], the NIA [National Investigation Agency] and converting Governor offices into BJP offices, now if this law comes into effect, the existence of non-BJP governments will become almost impossible. Every citizen who believes in democracy, the Constitution and the rule of law should strongly oppose this Bill.' Mr. Shah today introduced three Bills in the Lok Sabha to provide a legal framework for the removal of the Prime Minister, Union Ministers, Chief Ministers and Ministers in States and Union Territories who are 'arrested and detained in custody on account of serious criminal charges' Praise for V-P candidate Mr. Bhattacharya also welcomed the selection of Justice B. Sudershan Reddy for the post of Vice-President by the Opposition asserting that it's a positive and timely decision. Praising him, Mr. Bhattacharya explained that Mr. Reddy's track record in protecting the Constitution and human rights has been remarkable. He added that Mr. Reddy had declared the Salwa Judum campaign in Chhattisgarh as unconstitutional. He also stressed that this country does not need a person associated with the RSS [Rashtriya Swayamsevak Sangh] ideology. Speaking about the ongoing 'Voter Adhikar Yatra' led by Congress leader Rahul Gandhi, Mr. Bhattacharya said that the march is becoming a mass movement to protect democracy and the Constitution, and is also garnering widespread public support. Lashing out at the Election Commission (EC), Mr. Bhattacharya said the names of migrant workers are being deleted, citing the excuse of Bangladeshi infiltrators. 'Any leader of Gujarat becomes a voter of Bihar, but the names of Biharis who go to Gujarat to earn money are being deleted. There is also Form 6A for NRIs but no form for the migrant workers of Bihar,'Mr. Bhattacharya said. He alleged that scams are going on as the names of lakhs of people are found without addresses, and the ECI is calling them homeless voters. Mr. Bhattacharya asked the EC how the verification happened and how it communicated with the voters. He also flagged the objections raised by the political parties and Booth Level Agents (BLAs), which have been denied by the EC, saying the political parties have registered no such claims. Attacking the Nitish Kumar-led National Democratic Alliance (NDA) in the State, the CPI-(ML) leader said that the government has been a burden for twenty years and had to be uprooted from the power.
Time of India
9 minutes ago
- Time of India
ETtech Explainer: What's the way forward for gaming industry after Lok Sabha clears Online Gaming Bill?
Anyone offering these services will face imprisonment of up to three years or a fine of up to Rs 1 crore, or both. Anyone advertising such services could face up to two years of jail and/or a fine of up to Rs 50 lakh. Banks and financial institutions facilitating transactions for such games will also face penalties, including up to three years in jail or a fine of Rs 1 crore. The Lok Sabha on Wednesday passed the Promotion and Regulation of Online Gaming Bill , 2025, seeking a blanket ban on real money gaming in India, minutes after it was introduced in the government says this move addresses the risks of fraud , money laundering, and terror financing and encourages the growth of e-sports and skill-based online games in the country. However, industry stakeholders warn that the outright prohibition could backfire – pushing users to illegal offshore gambling and unregulated explains the details of the bill and what happens to the bill, online money games are those played by the user by 'paying fees, depositing money, or other stakes, in expectation of winning in return for money or other stake, irrespective of whether such game is based on skill, chance, or both.'These include popular games such as Poker, RummyCircle , Junglee Rummy, WinZO Ludo, BigCash, Zupee, and Money Clicker, where players put in money with the expectation of cash rewards. In contrast, skill-based games such as chess, card games played without stakes, arcade games, puzzles, and even poker in a non-monetary context are seen as tests of ability and strategy rather than betting and continue to be encouraged under the it excludes e-sports and online social games in both casual entertainment and skill-based formats, which do not involve any monetary to the draft bill, which was cleared in the Lok Sabha today, there will be a complete ban on online money games falling under its definition. As a result:The representatives of the Rs 27,438 crore online money gaming sector fear the prospect of being shut down . Companies such as Dream11, MPL, Games24x7, Winzo, Zupee, and publicly listed Nazara Technologies, which has stakes in Classic Rummy and PokerBaazi, could be among those hit by the legal experts noted that there will be no immediate effect.'There will be no immediate effect, as the bill has only just been passed in the Lok Sabha. It will next move to the Rajya Sabha for discussion and then to the President for assent, so it will take some time before it becomes an Act,' Apeksha Singh, a commercial lawyer at the Bombay High Court, told online gaming sector currently employs more than 200,000 professionals across over 400 startups and has drawn Rs 25,000 crore in foreign direct investment (FDI).Industry leaders warn that this bill will choke foreign investment and cost the exchequer an estimated Rs 20,000 crore in lost taxes. An allied ecosystem that spends nearly Rs 6,000 crore annually on advertising, technology, and infrastructure could also take a to the bill getting passed in Lok Sabha, the All India Gaming Federation (AIGF), the E-Gaming Federation (EGF), and the Federation of Indian Fantasy Sports (FIFS) wrote a joint letter to home minister Amit Shah, saying the draft bill, which seeks to prohibit all real money games, including those based on skill, would 'strike a death knell' for the entire the bill was passed in the Lok Sabha, IT minister Ashwini Vaishnaw said that online money gaming has become a bigger issue than drugs in the country, and many youngsters have died by suicide after losing their savings in such an interview with ET Now, Vaishnaw said that there are three segments to the bill — e-sports, online social gaming, and online money gaming.'This bill aims to promote the first two segments, wherein an authority will be created. There will be more schemes, employment, and the creator economy grows,' he said, adding that the bill will protect from the harm that the third segment – online money gaming – to the stakeholders, the outright prohibition could backfire, pushing users to illegal offshore gambling and unregulated platforms.'A restriction will push millions of Indian users toward offshore betting websites, matka operators, and unregulated platforms, exposing them to fraud, addiction risks, and zero consumer protection,' said Rameesh Kailasam, president and CEO of an industry group representing internet startups. 'The bill seems aimed at offshore gambling and betting apps but ends up targeting law-abiding, tax-paying Indian startups.''While the government is pursuing a comprehensive ban on online gaming, its enforcement poses significant challenges,' said Rishi Agrawal, chief executive and cofounder of Teamlease Regtech, a regulatory compliance management company. 'The internet's global accessibility makes it likely that new gaming platforms will emerge worldwide, targeting vulnerable Indian youth and heightening risks such as cyberbullying, identity theft, phishing, and other scams.'Further, industry representatives are urging the government to pursue 'smart regulation' that distinguishes games of skill from games of chance, ensures user safety and responsible gaming, enforces grievance redressal, and clarifies taxation policies.
