Indian Economy : News,Discussions & Updates
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How much has rupee depreciated vs rmb? And let's not even bring Bhangistan into debate. There is lockdown, no manufacturing infrastructure, no straight plan. The Private firms are not confident of any future situations. Govt money gets spent only in maintenance of what ever infrastructure is built. The export has stopped. Countries should have atleast some roadmap how and what they will do to over come this problem. This is the right opportunity to begin from zero.
Instead of focusing on economy, they are focusing on conflict.
Economy is down yet its raining money. What gives ?
economictimes.indiatimes.com
m.economictimes.com
www.livemint.com
techcrunch.com
www.livemint.com
Rs 87655 crore ~ $11.57 billion in 6 weeks.
India's total FDI last year was $78 billion
America's DFC to invest $350 million in India
The US International Development Finance Corporation (DFC) is looking to invest $350 million in India to support multiple projects in the countrys financial services sector, health infrastructure, renewable energy and food security space.
Japan's Gojo invests Rs 130 crore in Indian financial companies during lockdown
Gojo's exposure to Indian firms now stands at Rs 365 crore, out of its total investment of Rs 525 crore across four countries including Cambodia, Myanmar and Sri Lanka.
WeWork Global to invest $100 million in India business
The fresh round of capital from our long-term partners at WeWork Global represents a vote of confidence in our strategy and will help us serve our community better, WeWork India CEO Karan Virwani said
www.livemint.com
India's Reliance Jio Platforms to sell $1.2 billion stake to Mubadala | TechCrunch
Abu Dhabi-based sovereign firm Mubadala has become the latest investor in Mukesh Ambani’s Reliance Jio Platforms, joining five American firms, including
techcrunch.com
Mukesh Ambani's Jio Platforms gets ₹87,655 cr investment in 6 weeks. Timeline
Mubadala's investment will translate into a 1.85 per cent equity stake on a fully diluted basis.Jio Platforms has raised a total of ₹87,655.35 crore from leading global technology and growth investors
www.livemint.com
Rs 87655 crore ~ $11.57 billion in 6 weeks.
India's total FDI last year was $78 billion
you brought that indian rupee vs dollar has deterriorated.
I showed you the rate of deterrioration the past 5 years has been almost exactly same - even compared the countries other than CHina and India to show how badly they have fared.
now you move goal posts of indian rupee vs CHinese Yuan
5 years ago one rupee was 0.96 Yuan, now its 0.97
in comparison,
Pakistan rupee was 16.39 5 years ago,
its 22.90 today. thats a deterrioration of over 40%.
India has held on closely to Chinese "miracle growth" and the number speak for themselves. no amount of twisting and adding masala can chane the fact that while Pkistan has fallen by the way side, India is keeping up with China - I know most members here talk about "cant reach china and the gap is widening". we will see about that in 5 years from now. I am already showing the 5 years into immediate past.
First of all, Pakistan is not something India should compare itself with. Please!
Yes deteriorating only. And the gap is widening. But good for FDI. Bad for overall GDP. And we all know what is the status of FDI.
Coming to INR Vs RMB
| Wednesday | 3/06/2020 | 1 CNY = | 10.5852 INR |
| Monday | 3/06/2019 | 1 CNY = | 10.0193 INR |
| Sunday | 3/06/2018 | 1 CNY = | 10.4027 INR |
| Saturday | 3/06/2017 | 1 CNY = | 9.4553 INR |
| Friday | 3/06/2016 | 1 CNY = | 10.202 INR |
| Tuesday | 23/06/2015 | 1 CNY = | 10.2365 INR |
| Wednesday | 3/06/2015 | 1 CNY = | 10.3214 INR |
| Tuesday | 3/06/2014 | 1 CNY = | 9.4829 INR |
| Monday | 3/06/2013 | 1 CNY = | 9.2318 INR |
| Sunday | 3/06/2012 | 1 CNY = | 8.7093 INR |
| Friday | 3/06/2011 | 1 CNY = | 6.8919 INR |
| Thursday | 3/06/2010 | 1 CNY = | 6.8379 INR |
Chinese Yuan and Pak Rupee will take a massive hit if we have border skirmish with China and manage to get an upper hand. A defeat or loss of face of China in any such skirmish will hasten the fall of Yuan while boosting INR.
Pls note maamu & bacche @safriz & @Arsalan123 , that's more than half your nation's yearly foreign remittances. Did I mention his company's net worth is probably more than half your GDP or that his own personal net worth is half your nation's debt? Plus in the event of an Indo Pak war, you won't be able to touch their assets as your Acqas in the Gulf - UAE & KSA have a stake in his organization.Rs 87655 crore ~ $11.57 billion in 6 weeks.
India's total FDI last year was $78 billion
Ise kehte hain baniya dimag. 10 arab punjabi aur pasthun maroge toh unke dimag mein woh baat nahin jo is akele baniye ke dimag mein hain.
Muahahahahahahaha.
in which language do I tell you man?
look at the data that you gave:
from 2010 to 2015 - INR went from 6.8 to CNY to 10.32
then from 2015 to 2020, it went from 10.34 to 10.0193
please tell me. does this mean the gap is increasing?
pata nahi kaunsa logic use karte ho.
what does that tell you on what happened from 2015 onwards?
its called an inflection point.
@screambowl
to all thos ppl who say the gap btw China and India is widening,
P.S: Chinese forex reserves are a magnitude higher than india's (chinese is in trillion and India's is in Billions), but the trend in growth is unmistakable.
the pronounced decline in forex for China (went from 5 trillion to less than 4 trillion) is enough to show their trajectory,
here is the forex reserve chart for part 10 years:
@vstol Jockey what you said is already happening
also note - until 2014, the forex reserves of India pretty much stagnant, then what happened from 2014 until 2020.
to all thos ppl who say the gap btw China and India is widening,
P.S: Chinese forex reserves are a magnitude higher than india's (chinese is in trillion and India's is in Billions), but the trend in growth is unmistakable.
the pronounced decline in forex for China (went from 5 trillion to less than 4 trillion) is enough to show their trajectory,
here is the forex reserve chart for part 10 years:
@vstol Jockey what you said is already happening
also note - until 2014, the forex reserves of India pretty much stagnant, then what happened from 2014 until 2020.
Good for India. Obviously you are a better economy but war is a totally different game. Pakistan can still win short term skirmishes. Thanks to china! We have everything that you already have. Bigger economies compare themselves with bigger super powers. Compare yourself with China and America.
Bhai me online classes leta hn indian professors se lol. Knowledge is power hahaha.
please learn from Indian profs. no shame in it. Chinese learn from the US univs.. so does Pak/India as well. nothing wrong in it. but please dont keep harping on "India cant wage war on china because of economy and the divide is great"
If Pak can win small skirmishes with India (as per your own statement) then India can win a lot more than that against china.
All that glitters in Indian mining is not gold say exploration companies
By Meera Mohanty
Last Updated: May 31, 2020, 08.24 PM IST
The Narendra Modi government wants to put mineral areas that it has, and may not have, up for bidding. These include five-hundred odd mineral deposits that companies like Deccan Gold claim vested rights to under a section of the Mines and Minerals (Development and Regulation) Act, 2015 that the Mines Ministry now wants to delete.
(Representative Image)
BHUBANESWAR: Charles E.E. Devenish has owned a jewellery shop in Perth, has been an early investor in both the Australian and Canadian mining boom, set up a ruby-cutting unit in Vietnam, as a 17-year-old student walked from France to India once and spent the last 26 years in pursuit of a dream - to develop a new gold mine in India.
Seventeen years after the company he founded discovered a gold deposit, Deccan Gold, India’s only listed gold mining company is faced with the possibility that its $40 million investment would have been for nothing.
The Narendra Modi government wants to put mineral areas that it has, and may not have, up for bidding. These include five-hundred odd mineral deposits that companies like Deccan Gold claim vested rights to under a section of the Mines and Minerals (Development and Regulation) Act, 2015 that the Mines Ministry now wants to delete.
If the government goes ahead with its reported amendment it would be the worst experience of his very rich life, said the 79-year-old.
“This is very unfair to have 26 years of work and our life wiped off. We spent money and we did it in good faith. I am well past the age to be heartbroken, but I would be distressed for India,” Devenish told the Economic Times.
Companies such as Deccan Exploration Services Private Limited's (DESPL) believe their vested rights are protected by law under the 12 Jan 2015 amendment to the MMDR Act.
The amendment spared two sets of leases: one, under Section 10 (A) 2(c), where the government had given a letter of intent or prior approval and another, under Section 10 (A) 2(b), where the exploration had been recognised by the state and the applicant could move seamlessly to the next level, explains Supreme Court advocate Naveen Kumar.
“The first got just two years to get environment and other clearances that state agencies have to grant. The Supreme Court’s forest bench headed by (former) Chief Justice Jagdish Singh Khehar had sought a flow chart of environment clearance while hearing the T.N. Godavarman matter. The court was informed that with all departments acting diligently, these would still take an average of four years,” said Kumar whose clients have challenged the lapse of their pending applications.
DESPL’s application for a mining grant over 72 acres in Ganajur in Haveri district of Karnataka falls under the second category that had no sunset clause.
In 1993 India opened with a New National Mineral Policy allowing private and foreign companies to explore and mine minerals such as copper, diamond, gold, iron ore, nickel and zinc. Wedged as it once was 180 million years ago between Africa and Australia on the Gondwanaland, India’s mineral potential was no secret.
In April 94 the United Nations sponsored an international roundtable conference in New Delhi drawing everyone that had any interest from De Beers and Rio Tinto to independent investors such as Devenish. It is here that he met state geologist Dr V.N. Vasudev who would go on to make several important discoveries for the company, the most exciting among them being the one at Ganajur in 2003. It is the first gold deposit discovered in a virgin area since the opening up of the sector.
Dr Vasudev shares credit for the discovery with Dr Harish Kumar. "Unlike the average 1-2 metre wide veins at the Kolar Gold Fields, the gold-bearing zone at Ganajur are 40 metre wide. This can be mined by open pit, like iron ore is,” Dr Vasudev told ET.
At the 1994 investors meet, Devenish recalls, they discussed a single-window clearance. It still takes 140 government tables to just process a prospecting license. He has a detailed colour-coded chart mapping these approvals and checklists that he has shared with Government. “That process is like playing snakes and ladders, plod your way up and you never know when you slide back four stages,” he said.
Two years after the discovery, in 2006, DESPL applied for a mining grant, confident it had established the reserve sufficiently. As required the government of Karnataka willing to grant the lease sought prior approval from the Centre. On 24 July 2015, seven months after amending mining laws to introduce auctions, the Mines Ministry granted this.
It had “inadvertently” cited a wrong section of the law and it clarified less than two years later that the approval was to be granted under Section 10(A)2 (b) of amended act. All other terms and conditions were to remain the same. In fact, the Ministry clarified that its earlier direction to states to scrutinise pending applications was NOT, it highlighted in bold, for cases that had prior approval as was the case with DESPL’s.
Karnataka’s commerce and industry department dilly dallied. It now had concerns over the lease it had recommended and wanted the law department’s view. “After the law department okayed the project in April of 2018 the department said assembly elections were due, and it could not act,” said Sandeep Lakhwara, MD, Deccan Gold.
In Dec 2018 the company moved the High Court which on 21 March 2019 directed the state to grant the lease in six weeks but to no avail. Ironically, a high-level committee had already approved more than 300 acres land for a processing plant for this mine capable of 750 kg of gold a year.
In October of 2019, Deccan Gold filed a case of contempt of court orders. Lakhwara says it was during this hearing that they found out that Centre had on 22 July 2019 written to the state asking for its prior approval to be kept in abeyance.
Deccan Gold and the unlisted Geomysore Services India’s experience with prospecting applications near India’s only gold mine at Hutti in Raichur district has been just as frustrating. After a decade of litigation, the SC in May 2018 directed the state to process the applications which were still pending. The Australian government has been extremely supportive of Adani, pointed out an official.
India produces 1.4-1.6 tonnes of gold while importing 800-900 tonnes or worth $ 33 billion of foreign exchange in 2018-19. China produced 420 tonnes of gold, Australia 325 tonnes and South Africa 129.8 tonnes.
Speaking on condition of anonymity, a bureaucrat who dealt with these files said, “Once you have introduced auctions which are fetching 70-80 percent extra revenues in premium, how do you expect me to grant a lease for free? It was wrong of the Centre to have left Section 10 (a) 2(b) while asking us to maximise revenue under the amended law.”
The bureaucracy and end-users, such as steel players who use iron ore as feed, have one roadmap for the mineral sector. Geologist, prospectors and mining companies believe this is short-sighted and uninformed. Exploration is different from mining, gold and diamonds are different from bulk commodities such as iron ore and coal.
In 1883, a boundary rider in the barrier range of South Australia figured the oddly broken hill on their sheep stead must have a mineable deposit of tin. Charles Rasp convinced his colleagues to bet on it. They formed a “syndicate of seven” applied for adjoining mining permits and floated a company.
The Broken Hill Proprietary Company would go on to mine silver, transform this part of the country and become the world’s largest mining company, now called BHP Billiton.
Mining is about making a discovery, prospecting, establishing the viability of the deposit and bringing it into production – reducing risks and increasing value in the process. It could easily take a decade to find and develop a mineable deposit.
The high-risk, high-reward business can be supported by millions of Indians, who as Devenish points out, “bet on every ball bowled in a cricket match.” That is why Deccan Gold chose to list on the Bombay Stock Exchange.
A model that Canada encourages with flow-through shares, while current mining rules in India continue to restrict fundraising through the sale of shares. A combination of artisanal mines of precious and base metals and scientific small scale farming could change India, said Devenish who speaks just as passionately about his Macadamia trees.
The premise to all of this is that risks will be rewarded, that a successful exploration would be converted into a promised grant. No private exploration has taken place since the 2015 amendment following which mining companies such as Rio Tinto and De Beers have practically shut their exploration wings in the country. “More than 2300 years ago, emperor Ashoka built the world’s largest economic empire on these gold and diamond mines, some spices and peacocks. Why does India always try to reinvent the wheel?” asks Devenish.
economictimes.indiatimes.com
By Meera Mohanty
Last Updated: May 31, 2020, 08.24 PM IST
The Narendra Modi government wants to put mineral areas that it has, and may not have, up for bidding. These include five-hundred odd mineral deposits that companies like Deccan Gold claim vested rights to under a section of the Mines and Minerals (Development and Regulation) Act, 2015 that the Mines Ministry now wants to delete.
(Representative Image)
BHUBANESWAR: Charles E.E. Devenish has owned a jewellery shop in Perth, has been an early investor in both the Australian and Canadian mining boom, set up a ruby-cutting unit in Vietnam, as a 17-year-old student walked from France to India once and spent the last 26 years in pursuit of a dream - to develop a new gold mine in India.
Seventeen years after the company he founded discovered a gold deposit, Deccan Gold, India’s only listed gold mining company is faced with the possibility that its $40 million investment would have been for nothing.
The Narendra Modi government wants to put mineral areas that it has, and may not have, up for bidding. These include five-hundred odd mineral deposits that companies like Deccan Gold claim vested rights to under a section of the Mines and Minerals (Development and Regulation) Act, 2015 that the Mines Ministry now wants to delete.
If the government goes ahead with its reported amendment it would be the worst experience of his very rich life, said the 79-year-old.
“This is very unfair to have 26 years of work and our life wiped off. We spent money and we did it in good faith. I am well past the age to be heartbroken, but I would be distressed for India,” Devenish told the Economic Times.
Companies such as Deccan Exploration Services Private Limited's (DESPL) believe their vested rights are protected by law under the 12 Jan 2015 amendment to the MMDR Act.
The amendment spared two sets of leases: one, under Section 10 (A) 2(c), where the government had given a letter of intent or prior approval and another, under Section 10 (A) 2(b), where the exploration had been recognised by the state and the applicant could move seamlessly to the next level, explains Supreme Court advocate Naveen Kumar.
“The first got just two years to get environment and other clearances that state agencies have to grant. The Supreme Court’s forest bench headed by (former) Chief Justice Jagdish Singh Khehar had sought a flow chart of environment clearance while hearing the T.N. Godavarman matter. The court was informed that with all departments acting diligently, these would still take an average of four years,” said Kumar whose clients have challenged the lapse of their pending applications.
DESPL’s application for a mining grant over 72 acres in Ganajur in Haveri district of Karnataka falls under the second category that had no sunset clause.
In 1993 India opened with a New National Mineral Policy allowing private and foreign companies to explore and mine minerals such as copper, diamond, gold, iron ore, nickel and zinc. Wedged as it once was 180 million years ago between Africa and Australia on the Gondwanaland, India’s mineral potential was no secret.
In April 94 the United Nations sponsored an international roundtable conference in New Delhi drawing everyone that had any interest from De Beers and Rio Tinto to independent investors such as Devenish. It is here that he met state geologist Dr V.N. Vasudev who would go on to make several important discoveries for the company, the most exciting among them being the one at Ganajur in 2003. It is the first gold deposit discovered in a virgin area since the opening up of the sector.
Dr Vasudev shares credit for the discovery with Dr Harish Kumar. "Unlike the average 1-2 metre wide veins at the Kolar Gold Fields, the gold-bearing zone at Ganajur are 40 metre wide. This can be mined by open pit, like iron ore is,” Dr Vasudev told ET.
At the 1994 investors meet, Devenish recalls, they discussed a single-window clearance. It still takes 140 government tables to just process a prospecting license. He has a detailed colour-coded chart mapping these approvals and checklists that he has shared with Government. “That process is like playing snakes and ladders, plod your way up and you never know when you slide back four stages,” he said.
Two years after the discovery, in 2006, DESPL applied for a mining grant, confident it had established the reserve sufficiently. As required the government of Karnataka willing to grant the lease sought prior approval from the Centre. On 24 July 2015, seven months after amending mining laws to introduce auctions, the Mines Ministry granted this.
It had “inadvertently” cited a wrong section of the law and it clarified less than two years later that the approval was to be granted under Section 10(A)2 (b) of amended act. All other terms and conditions were to remain the same. In fact, the Ministry clarified that its earlier direction to states to scrutinise pending applications was NOT, it highlighted in bold, for cases that had prior approval as was the case with DESPL’s.
Karnataka’s commerce and industry department dilly dallied. It now had concerns over the lease it had recommended and wanted the law department’s view. “After the law department okayed the project in April of 2018 the department said assembly elections were due, and it could not act,” said Sandeep Lakhwara, MD, Deccan Gold.
In Dec 2018 the company moved the High Court which on 21 March 2019 directed the state to grant the lease in six weeks but to no avail. Ironically, a high-level committee had already approved more than 300 acres land for a processing plant for this mine capable of 750 kg of gold a year.
In October of 2019, Deccan Gold filed a case of contempt of court orders. Lakhwara says it was during this hearing that they found out that Centre had on 22 July 2019 written to the state asking for its prior approval to be kept in abeyance.
Deccan Gold and the unlisted Geomysore Services India’s experience with prospecting applications near India’s only gold mine at Hutti in Raichur district has been just as frustrating. After a decade of litigation, the SC in May 2018 directed the state to process the applications which were still pending. The Australian government has been extremely supportive of Adani, pointed out an official.
India produces 1.4-1.6 tonnes of gold while importing 800-900 tonnes or worth $ 33 billion of foreign exchange in 2018-19. China produced 420 tonnes of gold, Australia 325 tonnes and South Africa 129.8 tonnes.
Speaking on condition of anonymity, a bureaucrat who dealt with these files said, “Once you have introduced auctions which are fetching 70-80 percent extra revenues in premium, how do you expect me to grant a lease for free? It was wrong of the Centre to have left Section 10 (a) 2(b) while asking us to maximise revenue under the amended law.”
The bureaucracy and end-users, such as steel players who use iron ore as feed, have one roadmap for the mineral sector. Geologist, prospectors and mining companies believe this is short-sighted and uninformed. Exploration is different from mining, gold and diamonds are different from bulk commodities such as iron ore and coal.
In 1883, a boundary rider in the barrier range of South Australia figured the oddly broken hill on their sheep stead must have a mineable deposit of tin. Charles Rasp convinced his colleagues to bet on it. They formed a “syndicate of seven” applied for adjoining mining permits and floated a company.
The Broken Hill Proprietary Company would go on to mine silver, transform this part of the country and become the world’s largest mining company, now called BHP Billiton.
Mining is about making a discovery, prospecting, establishing the viability of the deposit and bringing it into production – reducing risks and increasing value in the process. It could easily take a decade to find and develop a mineable deposit.
The high-risk, high-reward business can be supported by millions of Indians, who as Devenish points out, “bet on every ball bowled in a cricket match.” That is why Deccan Gold chose to list on the Bombay Stock Exchange.
A model that Canada encourages with flow-through shares, while current mining rules in India continue to restrict fundraising through the sale of shares. A combination of artisanal mines of precious and base metals and scientific small scale farming could change India, said Devenish who speaks just as passionately about his Macadamia trees.
The premise to all of this is that risks will be rewarded, that a successful exploration would be converted into a promised grant. No private exploration has taken place since the 2015 amendment following which mining companies such as Rio Tinto and De Beers have practically shut their exploration wings in the country. “More than 2300 years ago, emperor Ashoka built the world’s largest economic empire on these gold and diamond mines, some spices and peacocks. Why does India always try to reinvent the wheel?” asks Devenish.
All that glitters in Indian mining is not gold say exploration companies
The Narendra Modi government wants to put mineral areas that it has, and may not have, up for bidding. These include five-hundred odd mineral deposits that companies like Deccan Gold claim vested rights to under a section of the Mines and Minerals (Development and Regulation) Act, 2015 that the...
Another interesting mining story. This one is a bit old :All that glitters in Indian mining is not gold say exploration companies
By Meera Mohanty
Last Updated: May 31, 2020, 08.24 PM IST
The Narendra Modi government wants to put mineral areas that it has, and may not have, up for bidding. These include five-hundred odd mineral deposits that companies like Deccan Gold claim vested rights to under a section of the Mines and Minerals (Development and Regulation) Act, 2015 that the Mines Ministry now wants to delete.
View attachment 16356
(Representative Image)
BHUBANESWAR: Charles E.E. Devenish has owned a jewellery shop in Perth, has been an early investor in both the Australian and Canadian mining boom, set up a ruby-cutting unit in Vietnam, as a 17-year-old student walked from France to India once and spent the last 26 years in pursuit of a dream - to develop a new gold mine in India.
Seventeen years after the company he founded discovered a gold deposit, Deccan Gold, India’s only listed gold mining company is faced with the possibility that its $40 million investment would have been for nothing.
The Narendra Modi government wants to put mineral areas that it has, and may not have, up for bidding. These include five-hundred odd mineral deposits that companies like Deccan Gold claim vested rights to under a section of the Mines and Minerals (Development and Regulation) Act, 2015 that the Mines Ministry now wants to delete.
If the government goes ahead with its reported amendment it would be the worst experience of his very rich life, said the 79-year-old.
“This is very unfair to have 26 years of work and our life wiped off. We spent money and we did it in good faith. I am well past the age to be heartbroken, but I would be distressed for India,” Devenish told the Economic Times.
Companies such as Deccan Exploration Services Private Limited's (DESPL) believe their vested rights are protected by law under the 12 Jan 2015 amendment to the MMDR Act.
The amendment spared two sets of leases: one, under Section 10 (A) 2(c), where the government had given a letter of intent or prior approval and another, under Section 10 (A) 2(b), where the exploration had been recognised by the state and the applicant could move seamlessly to the next level, explains Supreme Court advocate Naveen Kumar.
“The first got just two years to get environment and other clearances that state agencies have to grant. The Supreme Court’s forest bench headed by (former) Chief Justice Jagdish Singh Khehar had sought a flow chart of environment clearance while hearing the T.N. Godavarman matter. The court was informed that with all departments acting diligently, these would still take an average of four years,” said Kumar whose clients have challenged the lapse of their pending applications.
DESPL’s application for a mining grant over 72 acres in Ganajur in Haveri district of Karnataka falls under the second category that had no sunset clause.
In 1993 India opened with a New National Mineral Policy allowing private and foreign companies to explore and mine minerals such as copper, diamond, gold, iron ore, nickel and zinc. Wedged as it once was 180 million years ago between Africa and Australia on the Gondwanaland, India’s mineral potential was no secret.
In April 94 the United Nations sponsored an international roundtable conference in New Delhi drawing everyone that had any interest from De Beers and Rio Tinto to independent investors such as Devenish. It is here that he met state geologist Dr V.N. Vasudev who would go on to make several important discoveries for the company, the most exciting among them being the one at Ganajur in 2003. It is the first gold deposit discovered in a virgin area since the opening up of the sector.
Dr Vasudev shares credit for the discovery with Dr Harish Kumar. "Unlike the average 1-2 metre wide veins at the Kolar Gold Fields, the gold-bearing zone at Ganajur are 40 metre wide. This can be mined by open pit, like iron ore is,” Dr Vasudev told ET.
At the 1994 investors meet, Devenish recalls, they discussed a single-window clearance. It still takes 140 government tables to just process a prospecting license. He has a detailed colour-coded chart mapping these approvals and checklists that he has shared with Government. “That process is like playing snakes and ladders, plod your way up and you never know when you slide back four stages,” he said.
Two years after the discovery, in 2006, DESPL applied for a mining grant, confident it had established the reserve sufficiently. As required the government of Karnataka willing to grant the lease sought prior approval from the Centre. On 24 July 2015, seven months after amending mining laws to introduce auctions, the Mines Ministry granted this.
It had “inadvertently” cited a wrong section of the law and it clarified less than two years later that the approval was to be granted under Section 10(A)2 (b) of amended act. All other terms and conditions were to remain the same. In fact, the Ministry clarified that its earlier direction to states to scrutinise pending applications was NOT, it highlighted in bold, for cases that had prior approval as was the case with DESPL’s.
Karnataka’s commerce and industry department dilly dallied. It now had concerns over the lease it had recommended and wanted the law department’s view. “After the law department okayed the project in April of 2018 the department said assembly elections were due, and it could not act,” said Sandeep Lakhwara, MD, Deccan Gold.
In Dec 2018 the company moved the High Court which on 21 March 2019 directed the state to grant the lease in six weeks but to no avail. Ironically, a high-level committee had already approved more than 300 acres land for a processing plant for this mine capable of 750 kg of gold a year.
In October of 2019, Deccan Gold filed a case of contempt of court orders. Lakhwara says it was during this hearing that they found out that Centre had on 22 July 2019 written to the state asking for its prior approval to be kept in abeyance.
Deccan Gold and the unlisted Geomysore Services India’s experience with prospecting applications near India’s only gold mine at Hutti in Raichur district has been just as frustrating. After a decade of litigation, the SC in May 2018 directed the state to process the applications which were still pending. The Australian government has been extremely supportive of Adani, pointed out an official.
India produces 1.4-1.6 tonnes of gold while importing 800-900 tonnes or worth $ 33 billion of foreign exchange in 2018-19. China produced 420 tonnes of gold, Australia 325 tonnes and South Africa 129.8 tonnes.
Speaking on condition of anonymity, a bureaucrat who dealt with these files said, “Once you have introduced auctions which are fetching 70-80 percent extra revenues in premium, how do you expect me to grant a lease for free? It was wrong of the Centre to have left Section 10 (a) 2(b) while asking us to maximise revenue under the amended law.”
The bureaucracy and end-users, such as steel players who use iron ore as feed, have one roadmap for the mineral sector. Geologist, prospectors and mining companies believe this is short-sighted and uninformed. Exploration is different from mining, gold and diamonds are different from bulk commodities such as iron ore and coal.
In 1883, a boundary rider in the barrier range of South Australia figured the oddly broken hill on their sheep stead must have a mineable deposit of tin. Charles Rasp convinced his colleagues to bet on it. They formed a “syndicate of seven” applied for adjoining mining permits and floated a company.
The Broken Hill Proprietary Company would go on to mine silver, transform this part of the country and become the world’s largest mining company, now called BHP Billiton.
Mining is about making a discovery, prospecting, establishing the viability of the deposit and bringing it into production – reducing risks and increasing value in the process. It could easily take a decade to find and develop a mineable deposit.
The high-risk, high-reward business can be supported by millions of Indians, who as Devenish points out, “bet on every ball bowled in a cricket match.” That is why Deccan Gold chose to list on the Bombay Stock Exchange.
A model that Canada encourages with flow-through shares, while current mining rules in India continue to restrict fundraising through the sale of shares. A combination of artisanal mines of precious and base metals and scientific small scale farming could change India, said Devenish who speaks just as passionately about his Macadamia trees.
The premise to all of this is that risks will be rewarded, that a successful exploration would be converted into a promised grant. No private exploration has taken place since the 2015 amendment following which mining companies such as Rio Tinto and De Beers have practically shut their exploration wings in the country. “More than 2300 years ago, emperor Ashoka built the world’s largest economic empire on these gold and diamond mines, some spices and peacocks. Why does India always try to reinvent the wheel?” asks Devenish.
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German footwear brand to shift base from China to Agra, could provide up to 10,000 jobs
With Indo-China relations having soured considerably in the past year, most Indian businessmen have made up their mind to sell only 'Made in India products'. Indians can also be seen protesting against the influx of Chinese goods in India, some even demanding a ban.
In a major blow to the Chinese footwear industry, a major German footwear brand, Casa Everz Gmbh has indicated that it may be inclined to shift its production to Agra, promising to create 10,000 jobs for the city.
Footwear for the brand Von Wellx is expected to be produced in Agra after the move, making it the first international brand to set up shop in the city known for its footwear industry.
MSME Minister Siddharth Nath Singh and Minister of State Udaybhan Singh told India Today after hosting a meeting with the directors of the Casa Everz Gmbh that the Uttar Pradesh government has promised to provide land and facilities to the company if it finalizes its plans to move to Agra. There will be major policy changes brought about to facilitate this move and a high-level meeting was recently held in Lucknow in this regard.
According to the available information, the company has already tied up with Latrix Industries Pvt Ltd for setting up the factory in Agra and Latrix CEO Ashish Jain, along with Chairman Raj Kumar Jain recently met Principal Secretary Navneet Sehgal to finalize the blueprint of the move.
Minister Udaybhan Singh told India Today that if one international company comes to Agra, it will open the doors for numerous other companies to come to the city and these companies will be provided whatever facilities they require to function successfully. Setting up these new companies will also mean new jobs for the youth of Agra. Singh said that Agra's footwear is world-renowned and now international companies are also winding up their China operations to move to India.
CEO Ashish Jain said that the UP Government is yet to decide where land will be provided for the factory and how much subsidy will be made available. Responding to these questions, Minister Udaybhan Singh said that a meeting with UP Chief Minister Yogi Adityanath will be held soon to finalise these details. Effort will be to ensure that most of the factories coming to UP are established in Agra so that the city becomes a major leather cluster of India.
However, Agra Footwear Manufacturers and Exporters Chamber (AFMEC) Chairman Puran Dawar said that if the UP government is planning to bring new footwear companies to Agra, it should discuss guidelines with the existing footwear exporters of Agra. So far, he said, the AFMEC has received no intimation of any such company coming to Agra.
Puran Dawar said that if the government plans to bring in major global players to Agra, it should at least think about building a functional airport in the city.
Latrix Chairman RK Jain said that Bangladesh provides a lot of facilities to the footwear industry and a lot of businesses are shifting to Bangladesh because of this. The UP government will have to match and even outdo those facilities and rebates if it plans to bring global players to the state. In the current era where Covid-19 is raging throughout the world, India's footwear industry will need a lot of facilities in order to remain competitive globally.
www.indiatoday.in
With Indo-China relations having soured considerably in the past year, most Indian businessmen have made up their mind to sell only 'Made in India products'. Indians can also be seen protesting against the influx of Chinese goods in India, some even demanding a ban.
In a major blow to the Chinese footwear industry, a major German footwear brand, Casa Everz Gmbh has indicated that it may be inclined to shift its production to Agra, promising to create 10,000 jobs for the city.
Footwear for the brand Von Wellx is expected to be produced in Agra after the move, making it the first international brand to set up shop in the city known for its footwear industry.
MSME Minister Siddharth Nath Singh and Minister of State Udaybhan Singh told India Today after hosting a meeting with the directors of the Casa Everz Gmbh that the Uttar Pradesh government has promised to provide land and facilities to the company if it finalizes its plans to move to Agra. There will be major policy changes brought about to facilitate this move and a high-level meeting was recently held in Lucknow in this regard.
According to the available information, the company has already tied up with Latrix Industries Pvt Ltd for setting up the factory in Agra and Latrix CEO Ashish Jain, along with Chairman Raj Kumar Jain recently met Principal Secretary Navneet Sehgal to finalize the blueprint of the move.
Minister Udaybhan Singh told India Today that if one international company comes to Agra, it will open the doors for numerous other companies to come to the city and these companies will be provided whatever facilities they require to function successfully. Setting up these new companies will also mean new jobs for the youth of Agra. Singh said that Agra's footwear is world-renowned and now international companies are also winding up their China operations to move to India.
CEO Ashish Jain said that the UP Government is yet to decide where land will be provided for the factory and how much subsidy will be made available. Responding to these questions, Minister Udaybhan Singh said that a meeting with UP Chief Minister Yogi Adityanath will be held soon to finalise these details. Effort will be to ensure that most of the factories coming to UP are established in Agra so that the city becomes a major leather cluster of India.
However, Agra Footwear Manufacturers and Exporters Chamber (AFMEC) Chairman Puran Dawar said that if the UP government is planning to bring new footwear companies to Agra, it should discuss guidelines with the existing footwear exporters of Agra. So far, he said, the AFMEC has received no intimation of any such company coming to Agra.
Puran Dawar said that if the government plans to bring in major global players to Agra, it should at least think about building a functional airport in the city.
Latrix Chairman RK Jain said that Bangladesh provides a lot of facilities to the footwear industry and a lot of businesses are shifting to Bangladesh because of this. The UP government will have to match and even outdo those facilities and rebates if it plans to bring global players to the state. In the current era where Covid-19 is raging throughout the world, India's footwear industry will need a lot of facilities in order to remain competitive globally.
German footwear brand to shift base from China to Agra, could provide up to 10,000 jobs
Footwear for the brand Von Wellx is expected to be produced in Agra after the move, making it the first international brand to set up shop in the city.