'Grow beyond frontiers…' Piyush Goyal pitches India-Sweden economic ties
The proposed India-European Union Free Trade Agreement (FTA) will be a great enabler, Union Commerce and Industry Minister Piyush Goyal has said, adding that India will be able to offer greater opportunities for Sweden.
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Hindustan Times
an hour ago
- Hindustan Times
India moves to conserve its rare earths, seeks halt to Japan exports: Report
Indian Commerce Minister Piyush Goyal asked IREL to stop its exports of rare earths, mainly neodymium, a key material used in magnets for electric vehicle motors, one of the sources said. (Image used only for representational purpose) (REUTERS) Check Offers India has asked state-run miner IREL to suspend a 13-year-old agreement on rare earth exports to Japan and to safeguard supplies for domestic needs, two sources familiar with the matter told Reuters, aiming to reduce India's dependence on China. IREL also wants to develop India's capacity for rare earth processing, which is dominated globally by China and has become a weapon in escalating trade wars. China has curbed its rare earth materials exports since April, pressuring automakers and high-tech manufacturers worldwide. In a recent meeting with auto and other industry executives, Indian Commerce Minister Piyush Goyal asked IREL to stop its exports of rare earths, mainly neodymium, a key material used in magnets for electric vehicle motors, one of the sources said. The Commerce Ministry, IREL and the Department of Atomic Energy, which oversees IREL, did not immediately respond to requests for comment. The sources declined to be identified because of the sensitivity of the matter. Under a 2012 government agreement, IREL supplies rare earths to Toyotsu Rare Earths India, a unit of Japanese trading house Toyota Tsusho, which processes them for export to Japan where they are used to make magnets. In 2024, Toyotsu shipped more than 1,000 metric tons of rare earth materials to Japan, commercially available customs data showed. That is one-third of the 2,900 tons mined by IREL, although Japan relies mainly on China for its rare earths supply. Toyota Tsusho and Toyotsu did not immediately respond to requests for comment. IREL has been exporting rare earths due to a lack of domestic processing capacity, but following the recent disruptions to supplies of Chinese material it wants to keep its rare earths at home and expand domestic mining and processing, a second source said, adding that IREL is awaiting statutory clearances at four mines. However, India may not immediately be able to stop supplies to Japan because they fall under a bilateral government agreement, the person said. IREL wants this to be "amicably decided and negotiated because Japan is a friendly nation", the person added. Japan's Trade Ministry said in a statement to Reuters: 'We would like to refrain from answering questions about bilateral exchanges in general, not just about this matter." EXPANSION PLANS China's recent export controls on rare earth materials have rocked the global auto industry, which has warned of supply chain disruptions and production halts. China also weaponised its supplies in 2010, when it briefly stopped shipments to Japan. That prompted the Japanese to turn to India for rare earths. India has the world's fifth-largest rare earth reserves, at 6.9 million metric tons, but there is no domestic magnet production. India relies on imported magnets, mainly from China. In the fiscal year to March 2025, India imported 53,748 metric tons of rare earth magnets, government data showed. These are used in automobiles, wind turbines, medical devices and other manufactured goods. Rare earth mining is restricted to IREL, which supplies India's Atomic Energy Department with materials for nuclear power projects and defence-related applications. India lacks wide-scale technology and infrastructure to mine rare earths, and the development of any commercially viable domestic supply chain is years away, analysts said. IREL has a rare earths extraction plant in the eastern Indian state of Odisha and a refining unit in Kerala, in southern India. The miner, founded in 1950, plans to produce 450 metric tons of extracted neodymium in the fiscal year to March 2026, with a plan to double that by 2030, the second person said. It is also looking for a corporate partner for the production of rare earth magnets for the auto and pharmaceutical industries, the person said. India is firming up plans for incentives to companies to set up rare earth processing and magnet production facilities to meet local demand, people familiar with the matter told Reuters earlier this month. Get insights into Upcoming Cars In India, Electric Vehicles, Upcoming Bikes in India and cutting-edge technology transforming the automotive landscape. First Published Date: 14 Jun 2025, 14:02 PM IST
Time of India
2 hours ago
- Time of India
India-based GCCs lead global shift in tax operations, says Deloitte whitepaper; 76% handling cross-border functions
India-based Global Capability Centres (GCCs) have emerged as strategic hubs for multinational companies to manage complex global tax operations, including corporate tax, indirect tax, transfer pricing, and litigation, according to a whitepaper released by Deloitte India. The report, titled Transforming Global Tax Functions: The GCC Advantage, highlights how GCCs are evolving beyond back-office functions to offer high-value tax expertise, driven by a combination of deep technical capabilities, digital transformation, and cost efficiency. 'GCCs have become an integral part of the global tax ecosystem, providing organisations with a competitive edge in managing their tax functions,' the whitepaper noted, as quoted ANI. Authored by Manisha Gupta, Partner at Deloitte India, the report also points to a surge in the establishment of tax Centres of Excellence (CoEs) within Indian GCCs. The findings reveal that 76 per cent of respondents surveyed already run global tax processes from their Indian GCCs, underscoring the country's growing significance in enterprise tax transformation. 'As more organisations pursue centralising tax functions, many have already established a tax CoE. The focus is now on key tenets and building blocks for scaling these centres successfully,' the paper stated. India's GCC ecosystem has rapidly expanded, with over 1,700 GCCs employing 1.9 million professionals and generating $64.6 billion in revenue as of 2024. The sector is projected to grow to $105 billion by 2030, housing more than 2,400 centres and employing 2.8 million people. Key GCC hubs in India include Bengaluru, Hyderabad, Pune, Chennai, Mumbai, and the National Capital Region (NCR). The whitepaper adds that nearly 40 per cent of all digital transformation projects are currently being executed through these centres. The report also highlights a shift in GCC focus from data processing to knowledge processing, with newer entrants emerging from geographies such as Germany, the UK, Japan, and Nordic countries—signaling a diversification in global investment sources and functions. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
United News of India
4 hours ago
- United News of India
Ahmedabad plane crash ;HDFC Life Simplifies Claim Submission Process for Affected Families
TOYO, MODEC inaugurate Global Capability Centre in Bengaluru 14 Jun 2025 | 7:45 AM Bengaluru, Jun 13 (UNI) Toyo Engineering Corporation (Toyo Japan) and MODEC, Inc (MODEC) on Friday announced the inauguration of their joint Global Capability Centre (GCC), TOYO MODEC OFS India Private Limited (OFS India) here, marking a key milestone in their global expansion and innovation strategy. see more.. EEPC India holds open house session on India-US bilateral trade 14 Jun 2025 | 7:31 AM New Delhi, June 13 (UNI) EEPC India, the country's apex engineering exports promotion body, on Friday held an Open House Session on the India-US Bilateral Trade Agreement (BTA) here in which participating members shared that buyers in the US are delaying orders due to policy uncertainty, making it hard for businesses to plan and grow. see more.. Ahmedabad plane crash ;HDFC Life Simplifies Claim Submission Process for Affected Families 14 Jun 2025 | 12:46 AM Mumbai, June 13 (UNI) In order to provide prompt assistance to families impacted by the recent airplane tragedy in Ahmedabad, HDFC Life has simplified its claim submission process according to a statement issued by company on Friday. see more.. Nasscom urges Karnataka to give interim relief for bike taxis 13 Jun 2025 | 9:02 PM Bengaluru, Jun 13 (UNI) The National Association of Software and Service Companies (NASSCOM) on Friday submitted a formal representation to Karnataka Transport Minister Ramalinga Reddy, seeking immediate relief and a regulatory framework for bike taxi operations in the state. see more.. Telangana: Flipkart and WE Hub host a workshop to empower women entrepreneurs through e-commerce 13 Jun 2025 | 7:18 PM Hyderabad, June 13 (UNI) Flipkart, India's homegrown e-commerce marketplace, collaborated with WE Hub, a Government of Telangana initiative, hosted a dedicated workshop to empower women entrepreneurs with the insights and tools needed to scale their business through e-commerce. see more..
