Steel, ferro alloys industries seek Bengal CMs help to reduce tariff hike by DVC
In a joint statement, the Damodar Valley Power Consumers Association, the Steel Re-Rolling Mills Association of India and the West Bengal Sponge Iron Manufacturers Association claimed that the revised power tariff approved by the West Bengal Electricity Regulatory Commission (WBERC) for DVC sets the rate at ₹ 4.64 per unit for 2025–26.
Additionally, an extra ₹ 1.36 per unit is being charged toward arrears accumulated between 2014 and 2020, raising the effective tariff to ₹ 6 per unit, it added.
They also claimed that the DVC imposed extra charges through Energy Charge Rate (ECR) and Monthly Variable Cost Adjustment (MVCA), amounting to another 50 paise per unit.
"The net chargeable tariff to industries will now be around ₹ 6.80 per unit, a 30 per cent increase, which is unaffordable and threatens the survival of our units," the appeal stated.
Highlighting regional disparities, the stakeholders pointed out that DVC only charges ₹ 4.42 per unit from its consumers in Jharkhand.
"We are not against paying dues, but request that the ₹ 1.36 past arrears be recovered over the next six years to avoid tariff shocks," the appeal read.
They also demanded a forensic audit of ECR and MVCA charges levied since 2017-18, and urged that the DVC be restrained from collecting these amounts until the audit is complete.
"West Bengal is the second-largest contributor to India's secondary steel production, ferro alloys, pig iron, and pellets, and third in sponge iron output. Collapse of this sector will endanger the livelihoods of lakhs of people," the industry bodies warned.
Calling it a crisis, the stakeholders urged the CM to engage with WBERC and the DVC at the earliest.
"Your timely intervention will be instrumental in resolving this issue and saving these crucial industries in the state," the letter added.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
2 minutes ago
- Business Standard
Centricity WealthTech plans to double AUM to ₹20,000 crore by FY26
Wealth management company Centricity WealthTech plans to double its AUM to Rs 20,000 crore by March 2026 and has hired 30 senior private bankers to cater to the needs of High Networth Individuals (HNIs) and Ultra HNIs, to achieve the target. The asset under management (AUM) reached Rs 10,000 crore last month and the company is hoping to increase this to Rs 18,000-20,000 crore by the end of the current fiscal, Centricity WealthTech CEO Manu Awasthy told PTI. So, he said, effectively, the AUM should double in eight months and various initiatives would be taken to achieve this target. As part of the expansion strategy, the company has onboarded 30 senior private bankers to deepen presence across India's top 70 cities. This marks a significant step in Centricity WealthTech's vision to democratize accessibility of best-in-class financial advice beyond the traditional metros, backed by its proprietary technology and growing physical footprint, he said. The newly onboarded senior private bankers will operate under the company's marquee platform 'INVICTUS' that caters specifically to Ultra HNIs and single- family offices (SFOs) managing over 135 clients with portfolios above Rs 100 crore each, he said. With its unique positioning, the company aims to strengthen boutique wealth management practices through the onboarding of full-time region-focused private bankers, he said.
India Today
14 minutes ago
- India Today
PM internship scheme rolls out 1.53 lakh offers but only 6% students join
The Prime Minister Internship Scheme (PMIS), launched as a pilot in October 2024, has faced a lukewarm response from students despite a large number of offers rolled out by partner companies. According to official data shared in Parliament, while over 1.53 lakh internship offers were extended under the scheme, only about 6% of candidates actually joined the his written reply, Union Finance Minister confirmed that the acceptance rate stood at just 33%, with the eventual joining rate even lower. Minister of State for Corporate Affairs, Harsh Malhotra, elaborated that factors such as the location of the postings, the length of internships, and students choosing to continue higher studies were among the main reasons for declining Ministry of Corporate Affairs conducted feedback surveys, outbound calls, and consultations with stakeholders, including industry bodies, candidates, and state governments, to understand the underlying issues. Based on these findings, officials stressed that the nationwide expansion of the scheme will depend on learnings from the pilot project and feedback from all parties PROJECT RESPONSE The internship programme was announced in the Union Budget 2024–25, with the goal of creating 1 crore internship opportunities for youth in the country's top 500 companies over five the first round of the pilot (October 2024), 280 companies posted over 1.27 lakh internship positions. These attracted 6.21 lakh applications from 1.81 lakh students. Out of the 82,000 offers made, around 28,000 candidates were accepted, but only 8,700 eventually the second round (starting January 2025), 327 companies listed 1.18 lakh opportunities, drawing 4.55 lakh applications from more than 2.14 lakh applicants. So far, over 82,000 offers have been made, with around 24,000 more than 3.38 lakh students registered in round one and 3.46 lakh in round two. However, the conversion of applications into actual internships remains government has indicated that the scheme's future course will rely on careful evaluation of these pilot rounds, with refinements expected to address the challenges of low participation.(With PTI inputs)- Ends
Time of India
16 minutes ago
- Time of India
Centricity WealthTech aims to double AUM to Rs 20,000 cr by FY26, hires 30 senior pvt bankers
Wealth management company Centricity WealthTech plans to double its AUM to Rs 20,000 crore by March 2026 and has hired 30 senior private bankers to cater to the needs of High Networth Individuals (HNIs) and Ultra HNIs , to achieve the target. The asset under management (AUM) reached Rs 10,000 crore last month and the company is hoping to increase this to Rs 18,000-20,000 crore by the end of the current fiscal, Centricity WealthTech CEO Manu Awasthy told PTI. So, he said, effectively, the AUM should double in eight months and various initiatives would be taken to achieve this target. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Elegant New Scooters For Seniors In 2024: The Prices May Surprise You Mobility Scooter | Search Ads Learn More As part of the expansion strategy, the company has onboarded 30 senior private bankers to deepen presence across India's top 70 cities. This marks a significant step in Centricity WealthTech's vision to democratize accessibility of best-in-class financial advice beyond the traditional metros, backed by its proprietary technology and growing physical footprint, he said. Live Events The newly onboarded senior private bankers will operate under the company's marquee platform 'INVICTUS' that caters specifically to Ultra HNIs and single- family offices (SFOs) managing over 135 clients with portfolios above Rs 100 crore each, he said. With its unique positioning, the company aims to strengthen boutique wealth management practices through the onboarding of full-time region-focused private bankers, he said.
