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Economic Times
5 minutes ago
- Economic Times
India's critical minerals push gathers steam
India stands at the crossroads in its journey towards a green, tech-driven future where critical minerals like lithium, cobalt, and nickel, along with rare earth elements (REE), will play a vital role. Used in everything from solar panels to EVs and washing machines to fighter aircraft, they cannot be replaced. However, India's near-total import dependence has emerged as a significant strategic concern. ADVERTISEMENT China, which controls 70% of rare earth mining and 90% of refining, has leveraged its dominance. In 2023, on the heels of the US restricting exports of advanced semiconductor chips, China imposed export curbs on gallium, germanium, and graphite citing national security concerns. More recently, it restricted the supply of rare earth magnets in response to reciprocal tariffs. The resultant disruption to global supply chains was wide-ranging and, along with other steps targeted specifically at India, has raised questions about our industrial resilience. Addressing this will require strengthening domestic capabilities, including achieving technological self-reliance and diversifying global sourcing. Despite holding the world's third-largest REE reserve base, India contributes less than 1% to global output because deposits are largely low grade and there is hardly any processing capacity for downstream alloys and magnets. This is set to change dramatically with National Critical Minerals Mission (NCMM), led by the ministry of mines and supported by Geological Survey of India (GSI) and Khanij Bidesh India Limited (KABIL).Announced earlier this year with an outlay of Rs 34,300 cr ($4 bn), the mission aims to 'secure long-term sustainable supply of critical minerals and strengthen India's critical mineral value chains encompassing all stages from mine exploration and mining to beneficiation, processing, and recovery from end-of-life products'. Essentially, it will transform India from a vulnerable importer to a leader in the critical minerals GSI has been tasked with conducting 1,200 exploration projects by 2030, UGC has proposed setting up a Centre of Excellence in Mineral Processing, and the Anusandhan National Research Foundation has allocated Rs 1,000 cr to support advanced research. ADVERTISEMENT Additionally, a Rs 1,500 cr scheme launched in June under NCMM will promote a circular economy by supporting initiatives aimed at material recovery, reuse, and recycling. In this context, pilot projects in Telangana have shown potential for extracting scandium and strontium from the overburden of coal mines. More recently, Quad Critical Minerals Initiative was launched to focus on securing and diversifying supply chains through collaborative efforts in mineral recovery, recycling, sustainable mining, and technology sharing. It also looks to counter non-market practices like export restrictions and encourages private sector engagement through the Quad Business Roundtable. ADVERTISEMENT KABIL has entered into an agreement with CAMYEN, a state-owned enterprise in Argentina, for a lithium exploration and mining project, and the India-Australia Critical Minerals Investment Partnership will pursue lithium and cobalt assets Down agreements have also been signed with Peru, Malawi, Mozambique, and Zambia, among others, and the ministry of mines has initiated the process of entering into G2G MoUs with Brazil and the Dominican Republic. ADVERTISEMENT Further, with a view to amplifying its strategic positioning as a rising economic power, India is also part of multilateral platforms such as the US-led Minerals Security Partnership, Indo-Pacific Economic Framework (IPEF), Initiative on Critical and Emerging Technologies (iCET), and the G7 Critical Minerals Action Plan, which aim to promote innovation and circular economy practices to strengthen the critical minerals value there is a concerted effort to leverage the nation's increasing sphere of influence to underpin economic ambitions. However, recent developments reflect potential hurdles. China's export curbs on rare earth magnets, of which it controls 80% of global supply, have had a chilling effect on India's EV industry and can also derail the success achieved in electronics manufacturing. It drew the attention of PMO, which held a high-level review meeting to take stock of the situation and assess the Rs 1,345 cr incentive scheme aimed at bolstering domestic manufacturing of rare earth magnets. ADVERTISEMENT There are limitations on what can be done to significantly alleviate the impact of a continuing curb on exports by China. However, it is a definite call for action to develop indigenous capabilities and become self-reliant. India's clean energy ambitions and the renaissance of its manufacturing sector stand on a foundation of minerals it scarcely controls. NCMM is an ambitious roadmap to reduce import dependency by 30–40% by 2035 and, in conjunction with various policy initiatives and trade pacts, $100 bn in economic value stands to be unlocked by 2040. In effect, it is the bedrock of PM Narendra Modi's vision of Viksit Bharat. There will be challenges along the way but, if this strategy is executed with speed and at scale, the next decade will see India emerge as an important player globally in critical minerals, thereby securing its economic future while meeting climate commitments.
Time of India
5 minutes ago
- Time of India
Delhivery delivers in Q1; Google open to ‘real money'
Delhivery delivers in Q1; Google open to 'real money' Also in the letter: Delhivery Q1 profit jumps 68.5% ahead of festive season Details: Net profit up 68.5% year-on-year at Rs 91 crore. Operating revenue at Rs 2,294 crore, up 6% over the same period last year. Express parcel volumes hit 208 million in Q1FY26, up from 183 million in Q1FY25 and 177 million in Q4FY25. The company has also wrapped up the acquisition of its rival Ecom Express. Quick update: Quick update: Currently, the company operates 20 dark stores across Bengaluru, Hyderabad, and Chennai. By year-end, it plans to enter three new cities and add 30–40 more dark stores. What's coming: Board rejig: Google to allow real-money games on Play if self-declared Backstory: Details: Developers must prove their apps are in good standing with a recognised body such as the All India Gaming Federation (AIGF) or the EGF, which will confirm their legality under Indian law. These apps will still need to comply with Google's broader developer policies and local regulations. What's next: GenAI puts up to 15% of IT services revenue at risk: Motilal Oswal The details: What IT leaders are saying: Margins take a hit: Why it matters: Also Read: Apple hits 3 billion iPhones sold as Q3 sales rise 13% Q3 snapshot: Tailwinds and concerns: Why it matters: EU eyes Big Tech's acquihires for potential antitrust violations What's new: Context: Why it matters: What's next: Delhivery posted a 68.5% rise in net profit in April-June quarter on the back of operational efficiency. This and more in today's ETtech Top 5.■ GenAI impact on IT revenue■ Apple has sold 3 billion iPhones■ Big Tech 'acquihires' under EU lensDelhivery CEO Sahil BaruaLogistics services provider Delhivery delivered a strong first-quarter performance , driven by tighter operations and steady revenue, as it gears up for India's festive the rapid delivery front, Delhivery is scaling its intracity service , Rapid Commerce, which it launched in January . The service caters to businesses needing time-sensitive fulfilment.'This base network of dark stores and in-city delivery will allow us to build Rapid B2B fulfilment for time-sensitive categories such as automotive spare parts, electronics spares, tyres, critical industrial components, lubricants, specialty chemicals and certain FMCG products,' the company Sahil Barua said Delhivery is primed for the festive period. The company noted that while ecommerce volumes have grown 12–15% annually over the past three years, it expects long-term growth to top 15%, with a sharper focus on direct-to-consumer (D2C) brands and small and medium enterprises (SME).Srivatsan Rajan, its longest-serving independent director, will step down effective from September 30, the company said in a filing. Joining as non-executive members are PB Fintech chairman and CEO Yashish Dahiya and IIM Bangalore professor Padmini is set to open up its India Play Store to all real-money games (RMG) legally allowed in the country, provided developers self-declare their compliance and secure backing from a recognised industry move follows a probe by the Competition Commission of India (CCI) last year , triggered by a complaint from gaming platform Winzo. The watchdog had raised concerns that Google's tightly controlled pilot for select RMGs could amount to exclusionary the proposal, Google will scrap the closed pilot and introduce an open policy for RMG proposal is open for public comment until August 20. If the CCI approves it, Google will roll out the changes within 120 days. The shift could unlock fresh monetisation avenues for RMG developers and give Google a smoother regulatory ride in India's fast-growing gaming AI (GenAI) could shave 10–15% off Indian IT firms' revenue , brokerage firm Motilal Oswal has warned, as automation of software development eats into billable biggest hit is likely in Application development and maintenance (ADM), which contributes more than a third of the industry's topline. GenAI can handle up to 45% of coding, testing, and debugging, allowing clients to demand more output without incurring higher leaders acknowledge the shift. TCS, for instance, says clients are moving from pilots to production-grade GenAI projects. Yet full-scale deployments remain rare, and unlike previous tech waves, budgets are not pressure is already visible in Q1 FY26. Firms reported softer margins as pricing tightens, deal cycles stretch, and GenAI-led productivity accelerates deflation in legacy IT may be staring at a messy realignment. GenAI promises long-term efficiency, but without a new growth engine, the sector's old formula of linear scaling looks increasingly has crossed a milestone that few companies can dream of. CEO Tim Cook revealed during the Q3 earnings call that the tech giant has now sold over 3 billion iPhones since the device first hit shelves in iPhone remains Apple's undisputed cash cow. Sales jumped 13% year-on-year to $44.6 billion in the quarter, helping total revenue climb to $94.04 billion. Net profit rose 12% to $23.4 billion, a sign that the company can still find growth in a mature provided a lift, with revenue ticking from $14.7 billion to $15.3 billion, while India delivered record sales. Apple is now leaning on emerging markets for its next wave of growth, even as looming import tariffs threaten to squeeze demand in the months billion iPhones sold underlines Apple's enduring dominance and its bet that the next billion users may come from outside its traditional European Union is preparing to cast a sharper eye on Big Tech's 'acquihire' deals, where tech giants snap up key talent from startups without buying the entire company. Regulators fear these moves could be a backdoor to skirt antitrust Guersent, the outgoing head of the European Commission's antitrust unit, told Reuters that such transactions should qualify as mergers because 'staff are part of a company's assets.' He highlighted that national watchdogs in Ireland, Denmark, and Sweden already have 'call-in powers' that allow them to flag even small, below-threshold deals to scrutiny follows a string of headline-making acquihires:The Commission is increasingly focused on preserving competition in emerging sectors such as AI. Guersent, a key architect of the Digital Markets Act, warned that acquihires risk undermining the spirit of EU merger more national authorities expected to use their call-in powers, tech firms should brace for a tougher, wider net on talent-driven deals.
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Business Standard
5 minutes ago
- Business Standard
Ministry of coal awards 7 coal blocks in 12th round of commercial auction
Blocks expected to fetch Rs 720 crore in annual revenue, attract Rs 787.5 crore investment, and generate over 7,000 jobs, says Coal Ministry Saket Kumar New Delhi Listen to This Article The Centre has successfully auctioned seven non-coking coal blocks located in Jharkhand and Chhattisgarh under the 12th round of commercial coal mining, held between July 28 and July 31, 2025, the Coal Ministry said in a statement. The auctioned blocks include three fully explored and four partially explored coal blocks, with a combined geological reserve of approximately 1,761.49 million tonnes. The cumulative peak rated capacity (PRC) of these blocks is 5.25 million tonnes per annum, excluding the partially explored ones. The auctions witnessed 'intense competition,' recording an average revenue share of 26.70 per cent, which the Ministry said 'reflects sustained
