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As part of his ambition to make <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> a green economy, Union minister <keyword id="19897455" type="General" weightage="20" keywordseo="nitin-gadkari" source="keywords">Nitin Gadkari</keyword> wants to slash GST on hybrid vehicles and has vowed to rid the country entirely of the over 36 crore petrol and diesel vehicles. "One hundred per cent," <keyword id="19934966" type="General" weightage="20" keywordseo="gadkari" source="keywords">Gadkari</keyword>, the Union Minister for Road Transport and Highways, said when asked whether it is possible for India to get rid of petrol and diesel cars altogether. "It is difficult but not impossible. This is my vision," Gadkari said in an interview to PTI. He said India spends Rs 16 lakh crore on fuel imports. This money will be used for improving the life of farmers, villages will be prosperous and the youth will get employment, the minister said. Gadkari did not give any timeline to meet this ambitious target which even proponents of green energy believe is mind bogglingly difficult. The proposal to reduce GST on hybrid vehicles to five per cent and to 12 per cent for flex engines has been sent to the Finance ministry which is considering the requisition, Gadkari said. The minister said he firmly believes the country can end fuel import by promoting the use of biofuels. Environmental activists welcomed Gadkari's vision for increasing green mobility, but also struck a word of caution by flagging the use of fossil fuels in the production of electricity. "In India, we are still heavily dependent on a fossil fuel-based energy system to power electric cars, and this needs to be changed. There is urgent need to ensure 100 per cent renewable energy alongside electric vehicles to tackle the climate crisis," <keyword id="21152150" type="General" weightage="20" keywordseo="avinash-chanchal" source="keywords">Avinash Chanchal</keyword>, a campaigner for Greenpeace India, told PTI. Gadkari said he has been pitching for alternative fuels since 2004 and is confident things will change in the coming five to seven years. "I cannot give you a date and year for this transformation to take place as it is very difficult. This is difficult but not impossible," Gadkari asserted. He said he firmly believes that given the speed with which electric vehicles are being introduced, the coming era will be of alternative and biofuels and this dream will come true. Gadkari said auto companies such as Bajaj, TVS and Hero are also planning to manufacture motorcycles using flex engines and auto rickshaws using similar technology too were on the way. "I roam around in a car that runs on hydrogen. You can see electric cars in every other household. People who used to say this was impossible, have changed their views now and started believing in what I have been saying for the last 20 years," the minister said. "Tatas and <keyword id="19906966" type="General" weightage="20" keywordseo="ashok-leyland" source="keywords">Ashok Leyland</keyword> have introduced trucks that run on hydrogen. There are trucks that run on LNG/CNG. There are 350 factories across the country of bio-CNG," he said. "Definitely, a revolution is taking place. The fuel imports will end and this country will become self-reliant - <keyword id="19952544" type="General" weightage="20" keywordseo="atmanirbhar-bharat" source="keywords">Atmanirbhar Bharat</keyword>. I strongly believe in this," Gadkari said. SEE ALSO:<a href="https://www.businessinsider.in/business/telecom/news/ussd-based-call-forwarding-to-be-suspended-soon-to-curb-fraud/articleshow/108933705.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/ussd-based-call-forwarding-to-be-suspended-soon-to-curb-fraud/articleshow/108933705.cms" target="_blank">USSD-based call forwarding to be suspended soon to curb fraud</a><a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-april-2024/slidelist/108869757.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-april-2024/slidelist/108869757.cms" target="_blank">Upcoming cars and two-wheelers launching in India in April 2024</a><a href="https://www.businessinsider.in/tech/apps/news/from-ai-photo-editing-to-international-upi-payments-here-are-upcoming-whatsapp-features/articleshow/108815797.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/apps/news/from-ai-photo-editing-to-international-upi-payments-here-are-upcoming-whatsapp-features/articleshow/108815797.cms" target="_blank">From AI photo editing to international UPI payments, here are upcoming WhatsApp features</a>

Gadkari vows to eliminate petrol, diesel vehicles in India, bats for lower tax for hybrid cars

In a major development for the country's steel sector, the <keyword id="6355512" type="ORGANIZATION" weightage="20" keywordseo="union-cabinet">Union Cabinet</keyword> on Thursday approved a production-linked incentive (<keyword id="53367" type="ORGANIZATION" weightage="20" keywordseo="PLI">PLI</keyword>) scheme for the manufacturing of specialty steel, with an outlay of ₹6,322 crores. An official statement said that the scheme will boost the production of high-grade specialty steel in the country. Further, it will lead to enhanced exports and minimise dependence on imports for high-end steel. The scheme is expected to bring in an investment of approximately ₹40,000 crores and capacity addition of 25 MT. The duration of the scheme will be 5 years, commencing from 2023-24 to 2027-28. With a budgetary outlay of ₹6,322 crores, the PLI scheme would cover coated/plated steel products, high strength/wear-resistant steel, specialty rails, alloy steel products, steel wires, and electrical steel. These steel products are used in a variety of applications which are both strategic and non-strategic and include white goods, automobile body parts and components, pipes for transportation of oil and gas, boilers, ballistic and armour sheets for defence applications, high-speed railway lines, turbine components, electrical steel meant for power transformers, and electric vehicles. India presently operates at the lower end of the value chain in the steel sector. Value-added steel grades are largely imported in India. This is because of the disabilities faced by the steel industry to the tune of $80-100 per ton, on account of higher logistics and infra cost, higher power and capital cost, and taxes and duties. The objective of the PLI scheme for specialty grade steel is to address this disability by incentivizing the production of specialty steel within the country. The scheme proposes to incentivize eligible manufacturers by paying between 4 percent to 12 percent incentive on incremental production. PLI incentive will also help the Indian steel industry mature in terms of technology and move up the value chain. Any company registered in India, engaged in manufacturing of the identified specialty steel grades will be eligible to participate in the scheme. It will, however, have to ensure that the steel used for making specialty steel is "melted and poured" in the country, thereby ensuring end-to-end manufacturing keeping in view of the Prime Minister's 'Atmanirbhar Bharat'. The PLI scheme for specialty steel is expected to play an important role in strengthening the domestic steel value chain and will incentivize the steel sector to invest in technological capability building to contribute to the global steel value chain by producing value-added steel. Considering the additional production and investment, the scheme has an employment generation potential of about 5.25 lakh of which 68,000 will be direct and the rest will be indirect employment. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/glenmark-life-sciences-to-raise-1060-crore-through-ipo/articleshow/84605692.cms">Glenmark Pharmaceuticals subsidiary Glenmark Life Sciences to raise ₹1,060 crore through IPO</a> <a href="https://www.businessinsider.in/tech/apps/news/instagram-new-feature-how-to-use-sensitive-content-control/articleshow/84606015.cms">Instagram now lets you limit sensitive content on the Explore feed, here’s how to enable it</a>

Union Cabinet approves ₹6,322 crore PLI scheme to boost the steel manufacturing industry

<keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>'s first <keyword id="181839" type="COMPANY" weightage="20" keywordseo="Indigenous-Aircraft-Carrier">Indigenous Aircraft Carrier</keyword> (IAC)will be commissioned next year and its combat capability, reach and versatility will add formidable capabilities in the country's <keyword id="32723" type="COMPANY" weightage="20" keywordseo="Defence">defence</keyword>, Defence Minister <keyword id="6355121" type="PERSON" weightage="20" keywordseo="Rajnath-Singh">Rajnath Singh</keyword> said here on Friday. In a statement to the media after visiting the IAC at Ernakulam wharf of the Cochin port to review its construction progress, Singh described it as India's pride and a shining example of <keyword id="9210258" type="LOCATION" weightage="20" keywordseo="atmanirbhar-bharat">Atmanirbhar Bharat</keyword>. "The project was originally approved by the NDA government and has made significant progress in recent past despite COVID. "<keyword id="6627738" type="PERSON" weightage="20" keywordseo="commissioning">Commissioning</keyword> of the IAC next year will be a befitting tribute to 75 years of India's independence", Singh said in the statement read out to the media. "The combat capability, reach and versatility of the aircraft carrier will add formidable capabilities in the defence of our country and help secure India's interests in the maritime domain," the Defence Minister said. The minister said it was a pleasure to review first- hand, the work being done on the Indigenous Aircraft Carrier. Singh, who reviewed Project Seabird at Karwar, which will be the largest naval base of the Indian Navy in future, and will provide the facilities and infrastructure to support the Navy's operations in the Indian Ocean Region and beyond, said the government is fully committed to a strong navy and these two projects are examples of our unwavering focus. "Our impetus to modernisation, harnessing India's indigenous industry and know-how, is a key priority. Forty-two of the 44 warships on order being built at Indian shipyards is a testimony to this", he said. He said the IAC boasts of nearly 75 per cent indigenous content, from design, to steel used in construction, to key weapons and sensors. The Defence Acquisition Council (DAC) has also recently accorded approval for RFP of Project 75-I under the Strategic Partnership model, which will give further fillip to indigenous development of niche manufacturing technologies, the Minister said. "These measures will help enhance the Indian Navy's operational reach and prowess to protect India's maritime interests," he said. Singh said the Indian Navy remains poised and combat ready to tackle any challenge. "Navy's proactive forward deployment during the Galwan standoff signalled our intent that we seek peace but are ready for any eventuality," the minister added. He said the Navy has also made significant contributions in the fight against COVID, bringing back Indian citizens from overseas during Op Samudra Setu-I, and much needed Liquid Medical Oxygen during Samudra Setu-lI, despite dangers of COVID spread onboard warships. SAR efforts by the Navy during Cyclone Tauktae showcased the spirit of daring and courage among our men and women in whites, he said. "Our efforts are in alignment with thePrime Minister's Vision of SAGAR, or Security and Growth for All in the Region, and the wider goal of a Free, Open and Inclusive Indo-Pacific, to ensure peace and stability in the region," he added. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/heres-how-chinas-2021-crypto-crackdown-in-2021-differs-from-the-2017-ban/articleshow/83802778.cms">Here’s how China’s 2021 crypto crackdown in 2021 differs from the 2017 ban</a> <a href="https://www.businessinsider.in/business/startups/news/zomato-is-seeking-a-8-billion-valuation-in-its-ipo-does-it-make-sense/articleshow/83801848.cms">There are a few reasons why Zomato wants $8 billion valuation from its IPO -- here's a look at if it makes sense</a>

India's first Indigenous Aircraft Carrier will be commissioned next year, says Rajnath Singh

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Gadkari vows to eliminate petrol, diesel vehicles in India, bats for lower tax for hybrid cars

PTI

Union Cabinet approves ₹6,322 crore PLI scheme to boost the steel manufacturing industry

IANS

India's first Indigenous Aircraft Carrier will be commissioned next year, says Rajnath Singh

PTI

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