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MMDR Bill proposes mine expansion, relief on critical mineral charges
Saket Kumar Sudheer Pal Singh New Delhi
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The Union government on Monday introduced the Mines and Minerals (Development and Regulation) Amendment Bill, 2025 in the Lok Sabha, with provisions aimed at boosting domestic mining output. Key changes include easier expansion into contiguous areas for deep-seated minerals and exemption from additional charges for critical and strategic minerals when found within an existing lease.
Under the proposed amendments, holders of mining leases for deep-seated minerals will be allowed a one-time expansion of their lease area by up to 10 per cent to cover contiguous zones that would otherwise be uneconomical to mine separately. For composite licence holders, this limit
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Indian Express
a few seconds ago
- Indian Express
With IBC Amendment Bill, govt hopes to expedite insolvency process, maximise value: Key takeaways
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While the IBC has fostered a culture of accountability and credit discipline among debtors, its efficiency has been undermined by procedural delays, shortage of personnel, deviations from key principles, and slow implementation of critical provisions. Although the IBC has had a few successes, it has been marred by issues like high case backlog, lengthy delays in admission and resolution, and steep haircuts for creditors. Over the past couple of years, various stakeholders flagged concerns and the need to rethink the IBC's design. The amendment bill—referred to a select committee for consultations—is expected to help make the insolvency resolution process swifter and efficient, in addition to being in line with international best practices. The proposed amendments are to facilitate faster admission, resolution, and liquidation, maximise asset value, and improve governance. Changes to deal with admission delays One of the key changes proposed in the amendment bill is that an insolvency application filed by a financial creditor 'must' be admitted if the default is proven, procedural compliance is met, and there are no disciplinary proceedings against the resolution professional. This means that there will be no real scope for rejecting such applications on additional grounds, and the default would be the only real ground for consideration of an insolvency application. The bill also clarifies that records from financial institutions are to be considered as sufficient and conclusive proof of default by the debtor. While the National Company Law Tribunal (NCLT) should ideally decide on whether a case can be admitted under the IBC within 14 days of an insolvency application, it often takes months and sometimes even over a year to initiate insolvency proceedings. The average time taken for admission is around 434 days. In 2022, the Supreme Court had held that admission within 14 days was not a mandatory provision of the IBC and that the NCLT had discretionary powers on deciding whether or not to admit the insolvency application. This meant that the NCLT, instead of considering just the default as the sole basis of admission, was to also consider the default's circumstances and the debtor's arguments. That is going to change if the bill is enacted in its current form. The amendment bill also stipulates that the adjudicating authority — the NCLT — should strictly enforce the 14-day timeline to decide on admission of insolvency applications, and if there is a delay, it would need to 'record the reasons for such delay in writing'. Out-of-court initiation mechanism option The bill proposes a creditor-initiated insolvency resolution process (CIIRP), with an out-of-court initiation mechanism for 'genuine business failures' to facilitate faster and more cost-effective insolvency resolution with minimal business disruption. According to the government, once implemented, this will help ease the burden on the judicial system, promote ease of doing business, and improve access to credit. As per the proposed amendments, for CIIRP, a financial creditor would have to get the consent of creditors representing at least 51 per cent of the debtor's outstanding debt. Meanwhile, the corporate debtor can continue to manage the company with oversight from a resolution professional, who would attend board meetings and will have veto powers. The CIIRP process would be required to be concluded within 150 days. 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Time of India
4 hours ago
- Time of India
20 indigenous student-designed chips taped out from SCL Mohali: Ashwini Vaishnaw
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Economic Times
4 hours ago
- Economic Times
PM Modi uses Trump backlash in India to bolster support before vote
Synopsis Amidst escalating trade tensions with the US, Indian Prime Minister Narendra Modi is leveraging the friction with US President Donald Trump to rally support from farmers ahead of a crucial state election. Modi has vowed to protect farmers' interests, signaling resistance to US pressure on agriculture and dairy markets. ANI Prime Minister Narendra Modi, Union Home Minister Amit Shah, Defence Minister Rajnath Singh and others (file photo) Indian Prime Minister Narendra Modi and his ruling party have seized on growing friction with US President Donald Trump to bolster support from farmers ahead of a crucial state election.A day after Trump stunned New Delhi by slapping 50% tariffs on the nation's exports to the US, Modi promised supporters he'd protect the interests of farmers, even if it means he pays a personal price for it. Modi's top aides, including his trade minister, have signaled India won't give in to US pressure to open up its agriculture and dairy markets to American imports. On Tuesday, leading farmer groups met with India's agriculture minister in New Delhi to pledge support to the about-turn on India in recent weeks — slamming the Asian nation for its trade barriers and ties with Russia — has shifted public sentiment against the US president and pushed Modi into defensive mode. Opposition parties and farmer groups have also repeatedly warned the government against offering the US excessive concessions to clinch a trade deal.'India's tone has changed quite dramatically. This is a smart political spin by Modi,' said Shumita Deveshwar, chief India economist at Lombard. 'The US is pushing for access to agriculture, and external forces trying to pry open the sector won't go down well with farmers,' she said. 'India can't be seen cowing down to a foreign power.' All of this is playing out in the run up to a crucial election in the eastern state of Bihar, where nearly half the population work in farming and related sectors. Modi's Bharatiya Janata Party is reliant on its allies in the state to hold on to power, with some analysts seeing the election as a close contest. Modi's approval ratings have held steady in the face of Trump's actions, according to daily tracker data from polling agency C-Voter. About 46% of respondents surveyed on Aug. 1 were 'very much satisfied' with Modi as prime minister, compared with 45.8% on April 15.'Modi has maintained momentum and edge, and the latest on Trump-US will only aid it,' said Yashwant Deshmukh, the founder and director C-Voter. 'There is no swing towards the opposition and I don't see electoral fortune shifting away from Modi.'Farmers — one of the most influential voting blocs in the world's most populous nation — include millions of smallholders with less than two hectares (five acres) of land. They've proved powerful in the past in effecting political change. A year-long protest by hundreds of thousands of farmers forced Modi's government to repeal three contentious agricultural reform laws in late 2021. In a meeting with farmer groups on Tuesday, Agriculture Minister Shivraj Singh Chouhan hailed the importance of the sector. An official statement that followed the meeting cited several farmer groups pledging their support to Modi's government.'The courageous decision not to allow American companies into our agriculture and dairy sectors is echoing in every field, village, and cowshed,' Virendra Lohan of the Chhattisgarh Youth Progressive Farmers' Association said in the statement. 'You have shown that the Indian farmer is not just a food provider but the very soul of this nation, a soul no foreign power can ever control.'Nalin Kohli, spokesperson for the ruling BJP, said India will continue to be driven by national priorities and 'at no cost can we cause any prejudice or risk to our farmers, agriculture and other similar sections of society.'Domestic media have largely rallied behind the government's pushback against US pressure. Prominent commentators — and even some opposition figures — have called Trump a 'bully' in recent days. Meanwhile, Swadeshi Jagran Manch, a group linked to the BJP, is pushing Indians to boycott some American goods and food chains, like McDonald's, Reuters reported on the sharpest rhetoric from Modi's officials, Defence Minister Rajnath Singh said Sunday efforts to penalize India reflect unease with the country's rising global stature. Without naming anyone, he took a veiled swipe at the US president, saying someone who sees himself as 'everyone's boss' is rattled by India's US tensions are also serving to shift attention away from recent scrutiny over a controversial revision of electoral rolls in Bihar that opposition leaders warned could disenfranchise millions from marginalized communities. Opposition groups led by the main Indian National Congress have accused the Election Commission of India of voter fraud and demanded an end to the exercise. Lawmakers have repeatedly disrupted the current parliamentary session taking place in New Delhi, demanding a debate on the matter. On Monday, police prevented Rahul Gandhi, the main face of the Congress party, from leading a protest march to the commission's offices, briefly detaining some of the protesters. Gandhi has called out Modi for his friendly ties with Trump, saying it was a misstep to align so early with a leader who's proved to be fickle. Congress President Mallikarjun Kharge accused Modi of failing to do enough to cushion the impact on farmers, even though Trump had been threatening reciprocal tariffs for months. Modi's strategy may hold for now, but analysts warn it could falter if economic pain from Trump's tariffs intensifies. Citigroup Inc. estimates that 50% tariffs would reduce India's annual economic growth by as much as 0.8 percentage points.'Trump is being a bully with regards to India and its natural for Indians to want to stand with the leaders,' said Neelanjan Sircar, an associate professor at Ahmedabad University. 'Modi might use this for his advantage but it will all depend on how economic pain pans out.'
