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Economic Times
2 days ago
- Business
- Economic Times
Centre to provide technology to private factories to ramp up rare earth magnet production after China's decision to impose export controls
NYT News Service Private factories to produce rare earth magnet in India (Representational Image) The Centre is trying to make available technology in three to four months to different private factories to ramp up rare earth magnets production in India, said Union Minister for Coal and Mines, G Kishan Reddy. "We used to be 100% dependent on China for permanent magnets of the rare earths. But recently, China has refused to supply. With this view, the Indian government is making efforts for permanent magnet manufacturing," Kishan Reddy told ANI. "Our mining ministry's institute in Hyderabad has made efforts and prepared a permanent magnet processing unit with equipment. After three to four months, we will try to manufacture permanent magnets by giving the technology to different private factories. For this, the Indian government has also started some PLI schemes to encourage it. We are paying attention to this subject," he said that PM Modi has continuously discussed the production of magnets in India. "Recently, during his (PM Modi) visit to 5 countries, discussions were held with different countries on this subject. The raw material of rare earth is also available in less quantity in India. Importing that raw material, processing it, making permanent magnets for it, which is used from cell phones to space technology, including defence, there is a huge demand for this. The Indian government is working seriously for this. This scheme has also been brought under it," he said. The central government has earmarked Rs 1,345 crore to incentivise rare earth magnets production in India, aimed at building domestic capacity when there are reports of global short this April, China announced a decision to implement export controls on certain rare earth-related items, pushing a supply shortage across the world, including was in touch with the Chinese side, seeking predictability in the supply of rare earth metals -- which had been put under the export controls regime by the Xi administration. China's overwhelming control of global rare earth processing - commanding over 90 per cent of the world's magnet production capacity - has created significant vulnerabilities for industries worldwide. These materials are critical across multiple sectors, including automobiles, home appliances, and clean energy systems. Beyond China, there are only a few alternative suppliers of critical minerals. Finance Minister Nirmala Sitharaman announced the setting up of the Critical Mineral Mission in the Union Budget for 2024-25 on July 23, 2024. The Union Cabinet in January 2025 approved the launch of the National Critical Mineral Mission (NCMM) with an expenditure of Rs 16,300 crore and an expected investment of Rs 18,000 crore by Public Sector Undertakings.
India Gazette
2 days ago
- Business
- India Gazette
India's growth cycle bottoming out; interest rate, decline in crude prices & normal monsoon support growth ahead: HSBC
New Delhi [India], July 14 (ANI): India's economic growth cycle may be bottoming out, supported by a combination of favorable macroeconomic factors such as the interest rate and liquidity cycle, a decline in crude oil prices, and a forecast of a normal monsoon, according to a report by HSBC Mutual Fund. The report highlighted that these supportive factors could help drive a pick-up in growth in the coming quarters. 'We believe growth cycle in India may be bottoming out. Interest rate and liquidity cycle, decline in crude prices and normal monsoon are all supportive of a pick-up in growth going forward,' the report stated. While global trade related uncertainties are expected to remain a headwind to private capital expenditure in the near term, the report expressed optimism over the country's investment prospects. The report expects India's investment cycle to be on a medium-term uptrend. This will be driven by sustained government spending on infrastructure and manufacturing, an increase in private investments, and a recovery in the real estate sector. In addition, the report pointed out that higher private sector investments in renewable energy and related supply chains, localization of higher end technology components, and India becoming a more meaningful part of global supply chains could support faster economic growth. On the markets front, the report noted that Nifty valuations have moved to a premium compared to their 5-year and 10-year averages following the recent rally. However, the fund remains constructive on Indian equities due to a robust medium-term growth outlook. The report also acknowledged the challenges in the global macro environment, including heightened geopolitical and economic uncertainties. A key concern it raised was the announcement of reciprocal tariffs by the US administration, which could significantly affect both US and global growth if the tariffs remain in place. Despite the challenges, the report stated that India's GDP growth has accelerated further to 7.4 per cent year-on-year in Q4FY25. The report also noted that the government has made efforts to address the slowdown in private consumption, particularly through income tax rate cuts announced in the Union Budget. With the US dollar weakening and crude oil prices declining, the report believed that the space for further policy easing has expanded. The forecast of an above-normal monsoon is also expected to be a positive driver for rural demand. (ANI)
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Business Standard
2 days ago
- Business
- Business Standard
Delhi-NCR luxury home sales soar 209% in H1 2025, all flats above ₹6 cr
If you've been watching the real estate space for signals on where India's wealth is heading, here's a telling one: Delhi-NCR recorded a 209.4% spike in luxury home sales in the last one year—3,960 homes priced at ₹6 crore and above were sold in just the first half of 2025, up over three times from 1,280 units last year, according to a new CBRE-Assocham report. What's driving this luxury housing surge? Here are the key factors at play: Rising disposable income: Aided by accommodative monetary policy and rising incomes in the salaried and entrepreneurial class. Desire for larger, well-located homes: Post-pandemic lifestyle upgrades are here to stay—homebuyers now prioritise space, amenities, and prime locations. Developer confidence and quality: Developers are focusing more on transparency, experience, and high-end finishes—boosting buyer trust. Stable interest rates: RBI's pause on rate hikes has made home loans relatively more attractive, even in the luxury segment. 'The standout growth of luxury and premium housing indicates rising consumer confidence and lifestyle aspirations,' said Gaurav Kumar, MD - Capital Markets and Land at CBRE India. Where are the big jumps happening? Delhi-NCR: 3,960 units sold in Jan–June 2025 vs 1,280 a year ago Mumbai: 1,240 units sold vs 950 Bengaluru: 200 units sold vs 80 Chennai & Kolkata: Both saw more than 2.5x growth Hyderabad & Pune: Bucked the trend with slight drops "The housing boom, coupled with policy evolution, highlights the need for reforms that ease approvals, redefine affordable housing in urban India, and incentivise sustainable development," Manish Singhal, Secretary General, ASSOCHAM, said. Total sales in the top seven cities rose to 6,950 units in January-June 2025 from 3,750 units in the corresponding period of the preceding year. Commenting on the data, Jash Panchamia, Executive Director at Jaypee Infratech Ltd, said, "The sharp surge in demand for premium residential properties during the first half stands as a clear testament to the fact that the appetite of homebuyers continues to remain robust and resilient across the leading real estate micro-markets in the country." The various reform measures announced in the Union Budget and the RBI's accommodative monetary policy stance have played a pivotal role in enhancing the overall disposable income levels of the average household, he added.
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Business Standard
2 days ago
- Business
- Business Standard
Big picture behind small climb in rail fares: Easing strain, minimal impact
Railways increased fares slightly after five years, easing financial strain while keeping passenger impact low; experts call it necessary Dhruvaksh Saha New Delhi Listen to This Article After nearly five years of frozen fares, Indian Railways nudged up ticket prices from July 1. Though the increase, based on Union Budget estimates, will bring only limited relief to the national transporter's strained finances, the burden on travellers has been kept minimal. For those in air-conditioned coaches, the increase amounts to around ₹30 on a Delhi–Mumbai journey, with fares up by 2 paisa per km. Similarly, travellers on Vande Bharat routes are now paying ₹10–₹14 more for shorter trips. Meanwhile, passengers in non-AC coaches on Mail and Express trains are witnessing a fare increase of 1 paisa per km.
Indian Express
3 days ago
- Politics
- Indian Express
Sonia Gandhi calls meeting on July 15 to finalise Congress strategy for Monsoon session
Congress parliamentary party leader Sonia Gandhi will chair a key meeting on Tuesday to finalise the party's strategy for the upcoming Monsoon session of Parliament which is expected to witness confrontations between the opposition and the government on a host of issues. Opposition parties are expected to raise strong concerns over the Election Commission's move to carry out a Special Intensive Revision of electoral rolls in Bihar. Also, the Congress has been demanding a discussion on the Pahalgam attack, Operation Sindoor as well as the diplomatic outreach following that. The Congress' parliamentary strategy group meeting is expected to be attended by Congress president Mallikarjun Kharge and Leader of the Opposition in the Lok Sabha Rahul Gandhi, among others. It will be chaired by Sonia Gandhi at her 10, Janpath residence, party sources said. The government has announced that the Monsoon session of Parliament will begin on July 21 and continue till August 21, a week longer than planned earlier, signalling a heavy legislative agenda. Earlier, the session was to conclude on August 12, but now it has been extended by a week. The longer duration of the session comes amid the government's plans to bring in key legislations, including one to facilitate the entry of the private sector in the atomic energy domain. The government is planning to amend the Civil Liability for Nuclear Damage Act and the Atomic Energy Act to implement the announcement in the Union Budget to open up the nuclear sector for private players. The opposition has been demanding a debate on Operation Sindoor — the strike on terror sites in Pakistan by the Indian armed forces in response to the terrorist attack in Pahalgam on April 22. The opposition parties have also been demanding answers from the government on US President Donald Trump's claims of mediation in the India-Pakistan conflict to avert a nuclear war. The government has rejected Trump's claims with Prime Minister Narendra Modi telling him, during a phone call last month, that India has never accepted mediation and would not ever accept it in future.
