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New Delhi [India], March 1 (ANI): The <keyword id="19916620" type="General" weightage="20" keywordseo="union-cabinet" source="keywords">Union Cabinet</keyword>, chaired by Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword>, has given its nod for the amendment of the Second Schedule to the Mines and Minerals (Development and Regulation) Act, 1957, to specify the royalty rates for 12 critical and strategic minerals. This decision includes minerals such as beryllium, cadmium, cobalt, <keyword id="20784576" type="General" weightage="20" keywordseo="gallium" source="keywords">gallium</keyword>, and several others that are pivotal for the nation's strategic sectors, including defence, electronics, and renewable energy. According to an official release from the <keyword id="19901283" type="General" weightage="20" keywordseo="cabinet" source="keywords">Cabinet</keyword>, "The Union Cabinet chaired by Prime Minister Narendra Modi approved the amendment of the Second Schedule to the Mines and Minerals (Development and Regulation) Act, 1957 ('MMDR Act') for specifying the rate of royalty in respect of 12 critical and strategic minerals, viz., Beryllium, Cadmium, Cobalt, Gallium, Indium, Rhenium, Selenium, Tantalum, Tellurium, Titanium, Tungsten and Vanadium." This completes the exercise of the rationalisation of royalty rates for all 24 critical and strategic minerals. It may be noted that the government notified the royalty rate of 4 critical minerals, viz., glauconite, potash, molybdenum and platinum Group of Minerals, on March 15, 2022, and of 3 critical minerals, viz., lithium, Niobium and rare earth elements, on October 12, 2023, according to the release. Recently, the Mines and Minerals (Development and Regulation) Amendment Act, 2023, which came into force on August 17, 2023, listed 24 critical and strategic minerals in Part D of the First Schedule of the MMDR Act. The amendment provided that the mining lease and composite licence for these 24 minerals would be auctioned by the Central Government. The approval by the Union Cabinet for the specification of the rate of royalty will enable the Central Government to auction blocks for these 12 minerals for the first time in the country, it added. The royalty rate on minerals is an important financial consideration for the bidders in the auction of blocks. Further, the method for calculating the average sale price (<keyword id="20301760" type="General" weightage="20" keywordseo="asp" source="keywords">ASP</keyword>) of these minerals has also been prepared by the Ministry of Mines, which will enable the determination of bid parameters. As per the release, the Second Schedule of the MMDR Act provides royalty rates for various minerals. Item No. 55 of the Second Schedule provides that the royalty rate for minerals whose royalty rate is not specifically provided therein shall be 12 per cent of the average sale price (ASP). Thus, if the royalty rate for these is not specifically provided, then their default royalty rate would be 12 per cent of ASP, which is considerably high as compared to other critical and strategic minerals. Also, this royalty rate of 12 per cent is not comparable with other mineral-producing countries. Critical minerals have become essential for economic development and national security in the country. Critical minerals such as Cadmium, Cobalt, Gallium, Indium, selenium and Vanadium have been used in batteries, semiconductors, solar panels, etc. These minerals have gained significance given India's commitment to the energy transition and achieving net-zero emissions by 2070. Minerals like beryllium, titanium, tungsten, tantalum, etc. have been used in new technologies, electronics and defence equipment. Encouraging indigenous mining would lead to a reduction in imports and the setting up of related industries and infrastructure projects. The proposal is also expected to increase the generation of employment in the mining sector. The Geological Survey of India (GSI) and Mineral Exploration &amp; Consultancy Ltd. (MECL) have recently handed over the exploration report of 13 blocks containing one or more critical minerals like cobalt, titanium, gallium, vanadium and tungsten. Further, these agencies are conducting exploration for these critical and strategic minerals in the country. (ANI)

Cabinet approves royalty rates for mining of 12 critical minerals

New Delhi, The Union <keyword id="19901283" type="General" weightage="20" keywordseo="cabinet" source="keywords">Cabinet</keyword>, chaired by Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword>, on Thursday approved the establishment of three semiconductor fabrication (fab) units that will start construction within the next 100 days and generate direct employment of 20,000 advanced technology jobs and nearly 60,000 indirect jobs. The semiconductor fab with 50,000 wafers per month capacity will be set up by Tata Electronics Private Ltd (TEPL) in partnership with Powerchip Semiconductor Manufacturing Corp (PSMC), Taiwan, in Dholera, Gujarat. This fab will be constructed with an investment of Rs 91,000 crore, said Union IT Minister <keyword id="19904138" type="General" weightage="20" keywordseo="ashwini-vaishnaw" source="keywords">Ashwini Vaishnaw</keyword>. This fab will cover high-performance compute chips with 28 nm technology, and power management chips for electric vehicles (EVs), telecom, defence, automotive, consumer electronics, display, power electronics, etc, according to the government. Another semiconductor assembly, testing, monitoring, and packing (ATMP) unit with a capacity of 48 million per day by Tata Semiconductor Assembly and Test Pvt Ltd (TSAT) in Morigaon, Assam, will be set up with an investment of Rs 27,000 crore. TSAT semiconductor is developing indigenous advanced semiconductor packaging technologies including flip chip and ISIP (integrated system in package) technologies. It will cover sectors like automotive, electric vehicles, consumer electronics, telecom and mobile phones, etc, according to the government. The third semiconductor ATMP unit for specialised chips will be set up by <keyword id="20541983" type="General" weightage="20" keywordseo="cg-power" source="keywords">CG Power</keyword>, in partnership with Renesas Electronics Corporation, Japan and <keyword id="20776317" type="General" weightage="20" keywordseo="stars-microelectronics" source="keywords">Stars Microelectronics</keyword>, Thailand in Sanand, Gujarat. "This unit with a capacity of 15 million per day will be set up with an investment of Rs 7,600 crore," the Centre said. The CG power semiconductor unit will manufacture chips for consumer, industrial, automotive, and power applications. Within a very short time, the India Semiconductor Mission has achieved four big successes. With these units, the semiconductor ecosystem will get established in India. India already has deep capabilities in chip design. With these units, the country will develop capabilities in chip fabrication. Advanced packaging technologies will be indigenously developed in India with Thursday's announcement. These units will accelerate employment creation in downstream automotive, electronics manufacturing, telecom manufacturing, industrial manufacturing, and other semiconductor consuming industries. The 'Programme for Development of Semiconductors and Display Manufacturing Ecosystem' in India was notified in 2021 with a total outlay of Rs 76,000 crore. In June last year, the Cabinet had approved the proposal of US-based Micron for setting up a semiconductor unit in Sanand, Gujarat. Construction of this unit is progressing at a rapid pace and a robust semiconductor ecosystem is emerging near the unit.

Cabinet approves 3 semiconductor fab units, to generate 80,000 jobs

New Delhi, The government on Wednesday eased <keyword id="19946825" type="General" weightage="20" keywordseo="foreign-direct-investment" source="keywords">Foreign Direct Investment</keyword> (<keyword id="19946824" type="General" weightage="20" keywordseo="fdi" source="keywords">FDI</keyword>) norms in the space sector by allowing 100 per cent overseas investment in making components for satellites, as part of efforts to attract overseas players and private companies into the segment. The decision was taken at the <keyword id="19901283" type="General" weightage="20" keywordseo="cabinet" source="keywords">Cabinet</keyword> meeting chaired by Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword>. Now, the satellite sub-sector has been divided into three different activities with defined limits for foreign investment in each such sector, according to an official statement. Presently, FDI in the space sector is allowed up to 100 per cent in the area of satellite establishment and operations through government route only. By changing the current policy, the government has allowed up to 74 per cent FDI under automatic route in satellites-manufacturing and operation, satellite data products, and ground and user segments. Beyond this limit, government approval will be required in these areas for FDI, it said. Up to 49 per cent FDI is allowed through the automatic route for launch vehicles and associated systems or subsystems, creation of spaceports for launching and receiving spacecraft. Beyond 49 per cent, FDI in these activities would require government approval, it added. Further, up to 100 per cent overseas investments are permitted under the automatic route for manufacturing of components and systems/sub-systems for satellites, ground and user segments. This increased private sector participation would help generate employment, enable modern technology absorption and make the sector self-reliant. It is expected to integrate Indian companies into global value chains. Through the decision, the government seeks to liberalise the FDI policy provisions in the space sector by prescribing easy entry routes and providing clarity for overseas investments in satellites, launch vehicles and associated systems or subsystems, creation of spaceports for launching and receiving spacecraft and manufacturing of space-related components and systems. With this, companies will be able to set up their manufacturing facilities within the country, duly encouraging Make In <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> initiatives of the government.

Govt eases FDI norms in space sector; 100% in making components for satellites

<keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> on Tuesday called on <keyword id="19895704" type="General" weightage="20" keywordseo="President" source="keywords">President</keyword> <keyword id="19934334" type="General" weightage="20" keywordseo="Droupadi-Murmu" source="keywords">Droupadi Murmu</keyword> before presenting the full Budget for 2024-25. As per established tradition, the finance minister met the President at the Rashtrapati Bhavan before heading to Parliament. President Murmu offered 'dahi-chini' (curd-sugar), considered auspicious, to Sitharaman before she left for Parliament to present the Union Budget. The Union Cabinet met thereafter to clear the Budget. Before the actual presentation in Parliament, the Cabinet headed by Prime Minister Narendra Modi will approve the Budget for fiscal 2024-25 (April 2024 to March 2025). Expectations are running high as Sitharaman presents her seventh Budget in the Lok Sabha on Tuesday. The Budget would give a glimpse of the Modi government's performance in the past 10 years while outlining the roadmap to make India a developed nation. Sitharaman continued with the tradition she set in 2019, carrying the budget speech in a 'bahi-khata', which she used after dropping the briefcase tradition. She keeps a digital tablet in a red 'bahi khata' style pouch. The economy is projected to expand by 6.5-7 per cent in the current fiscal, as per the Economic Survey tabled in Parliament on Monday. SEE ALSO:<a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" target="_blank">Union Budget 2024 Live Updates: Finance Minister Nirmala Sitharaman to present her record seventh consecutive Budget today</a><a href="https://www.businessinsider.in/budget/news/heres-a-quick-overview-of-pm-modi-3-0-governments-first-budget-to-be-presented-by-fm-nirmala-sitharaman-today/articleshow/111944393.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/heres-a-quick-overview-of-pm-modi-3-0-governments-first-budget-to-be-presented-by-fm-nirmala-sitharaman-today/articleshow/111944393.cms" target="_blank">Here's a quick overview of PM Modi 3.0 government's first budget, to be presented by FM Nirmala Sitharaman today</a><a href="https://www.businessinsider.in/budget/news/economic-survey-2024-industries-grow-by-9-5-fueling-economic-growth-to-8-2/articleshow/111923191.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/economic-survey-2024-industries-grow-by-9-5-fueling-economic-growth-to-8-2/articleshow/111923191.cms" target="_blank">Economic Survey 2024 – industries grow by 9.5%, fueling economic growth to 8.2%</a>

Finance Minister Nirmala Sitharaman meets President ahead of Budget speech

Patna, Bihar Chief Minister <keyword id="19907431" type="General" weightage="80" keywordseo="nitish-kumar" source="keywords">Nitish Kumar</keyword> owns assets worth Rs 1.64 crore, according to his latest public disclosure. According to details of the assets of the chief minister and his cabinet colleagues posted on the <keyword id="20021772" type="General" weightage="80" keywordseo="cabinet-secretariat-department" source="keywords">Cabinet Secretariat Department</keyword>'s website on Sunday evening, Kumar has Rs 22,552 in cash, and deposits of Rs 49,202 in different bank accounts. He also has a Ford Ecosport car worth Rs 11.32 lakh, two gold rings and a silver ring worth Rs 1.28 lakh, and other movable assets such as 13 cows and 10 calves worth Rs 1.45 lakh, a treadmill, an exercise cycle and a microwave oven. The only immovable property that he has is an apartment in Dwarka in New Delhi, which cost him Rs 13.78 lakh in 2004, and is now worth Rs 1.48 crore. Last year, Kumar had declared total assets of Rs 75.53 lakh. A comparison of the two disclosures showed that the jump in the value of assets was primarily due to the rise in the worth of his Delhi apartment. Kumar's government has made it mandatory for all cabinet ministers to disclose their assets and liabilities on the last day of every calendar year. Deputy Chief Minister <keyword id="20021770" type="General" weightage="80" keywordseo="tejashwi-prasad-yadav" source="keywords">Tejashwi Prasad Yadav</keyword> declared a total income of Rs 4.74 lakh for the 2022-23 financial year. His elder brother <keyword id="20021771" type="General" weightage="80" keywordseo="tej-pratap" source="keywords">Tej Pratap</keyword>, who is also a minister in the state government, has assets worth Rs 3.58 crore.

Gold rings, 13 cows, 10 calves among Nitish Kumar's assets worth Rs 1.64 crore

New Delhi, The government on Wednesday announced hiking the <keyword id="20069652" type="General" weightage="20" keywordseo="sugarcane" source="keywords">sugarcane</keyword> <keyword id="20544473" type="General" weightage="20" keywordseo="frp" source="keywords">FRP</keyword> by Rs 25 to Rs 340 per quintal for the 2024-25 season starting October. Fair and Remunerative Price (FRP) is the minimum price that mills have to pay to sugarcane growers. The decision to increase the FRP of sugarcane was taken at the meeting of the Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword>. The Rs 25 per quintal hike is the highest by the Modi government and the move comes ahead of the general elections. Sugarcane is grown mainly in Maharashtra, <keyword id="19894922" type="General" weightage="20" keywordseo="uttar-pradesh" source="keywords">Uttar Pradesh</keyword>, and Karnataka. "Keeping in view interest of sugarcane farmers (GannaKisan), the Cabinet Committee on Economic Affairs has approved Fair and Remunerative Price (FRP) of sugarcane for sugar season 2024-25 (October - September) at Rs 340 per quintal for a basic recovery rate of 10.25 per cent," I&amp;B Minister <keyword id="19895497" type="General" weightage="20" keywordseo="anurag-thakur" source="keywords">Anurag Thakur</keyword> said at a media briefing. The FRP has been determined on the basis of recommendations of the Commission for Agricultural Costs and Prices (CACP) and after consultation with state governments and other stakeholders.

Cabinet approves hike in sugarcane FRP by ₹25 to ₹340 per quintal for 2024-25 season

The <keyword id="6355512" type="General" weightage="20" keywordseo="union-cabinet" source="Orion">Union Cabinet</keyword> is likely to take up for approval on Wednesday the bills for withdrawal of the three <keyword id="9970645" type="General" weightage="20" keywordseo="farm-laws" source="Orion">farm laws</keyword>, sources in the government said. These bills shall then be introduced in the forthcoming session of <keyword id="6354721" type="General" weightage="50" keywordseo="parliament" source="Orion">Parliament</keyword>, they added. Prime Minister <keyword id="6354477" type="General" weightage="20" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword> had on Friday announced on the occasion of Gurupurab the government's intention to withdraw the laws in the interest of the nation. The winter session of Parliament would commence from November 29. Demanding the withdrawal of the laws, agitating farmers sitting at three sites on <keyword id="66" type="General" weightage="20" keywordseo="delhi" source="Orion">Delhi</keyword>'s borders since November last year have said they will stay put till Parliament repeals them. The government will now bring bills for the withdrawal of the three farm laws in Parliament following the prime minister's announcement. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/environment/news/air-pollution-delhi-schools-to-remain-shut-for-physical-classes-till-further-orders/articleshow/87832001.cms">Air pollution: Delhi schools to remain shut for physical classes till further orders</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/around-3000-non-medical-teachers-fear-job-crisis-after-nmc-guidelines/articleshow/87831780.cms">Around 3,000 non-medical teachers fear 'job crisis' after NMC guidelines</a>

Union Cabinet likely to approve on Wednesday bills for withdrawal of farm laws

The <keyword id="6355512" type="COMPANY" weightage="20" keywordseo="union-cabinet">Union Cabinet</keyword> on Wednesday approved allocation of 5 MHz spectrum in the 700 MHz band to Indian <keyword id="6360676" type="UNKNOWN" weightage="20" keywordseo="railways">Railways</keyword> for improving its <keyword id="24346" type="ORGANIZATION" weightage="20" keywordseo="communication">communication</keyword> and signalling systems, Union minister <keyword id="119642" type="PERSON" weightage="20" keywordseo="Prakash-Javadekar">Prakash Javadekar</keyword> said. He said it will help improve safety of passengers on the transport network. The project with an estimated cost of Rs 25,000 crore will be completed in the next five years. The railways currently relies on optical fibre for its communication network but with the allocation of fresh spectrum, it will be able to use high-speed radio on a real-time basis. It will help in augmenting both communication and signalling networks of the railways, the minister said. "<keyword id="6355513" type="COMPANY" weightage="20" keywordseo="Cabinet">Cabinet</keyword> approves allotment of 5 MHz spectrum in 700 MHz band to Indian Railways for public safety and security services at stations and in trains; estimated investment is over Rs 25,000 Crore; Project to be completed in next five years," a government spokesperson tweeted. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/here-are-the-coolest-ios-15-features-coming-to-iphones/slidelist/83362145.cms">Here are the coolest iOS 15 features coming to iPhones</a> <a href="https://www.businessinsider.in/cryptocurrency/news/paraguay-could-become-the-second-country-to-adopt-bitcoin/articleshow/83363776.cms">After El Salvador, Paraguay considers Bitcoin adoption</a> <a href="https://www.businessinsider.in/careers/news/google-microsoft-apple-and-many-others-are-hiring-for-various-it-roles-in-india/articleshow/83365305.cms">Google, Microsoft, Apple and many others are hiring for various IT roles in India —data scientists and cloud architects in high demand</a>

Union Cabinet approves allocation of 5MHz spectrum in 700 MHz band for railways to improve communication and signalling, says Prakash Javadekar

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>

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Cabinet approves royalty rates for mining of 12 critical minerals

ANI

Cabinet approves 3 semiconductor fab units, to generate 80,000 jobs

IANS