Latest news with #MinistryofSteel
The Hindu
11 hours ago
- Business
- The Hindu
Steel sector expects pain as government gives less than one day to comply with quality order
A new notification by the Ministry of Steel on quality certifications for steel inputs has given industry players less than one business day to comply with it and stands to create huge disruptions and cost escalations for Micro, Small, and Medium Enterprises (MSMEs) in the sector, according to steel industry participants and trade experts. The notification — released on June 13 — extended the Ministry of Steel's Quality Control Order (QCO) on steel and steel products to the inputs that go into the making of these products too. This means that the input and raw materials used to make steel and steel products, including imports, will also have to conform to the relevant standards issued by Bureau of Indian Standards. Indian steel, aluminium exports to take a hit with as Trump mulls doubling tariff to 50% For example, if a company in Malaysia supplies steel slabs to a Vietnamese company, which in turn processes them into sheets and exports those to India, both the Malaysian as well as Vietnamese firms will now need to be BIS-compliant. According to Panckaj N. Umrania, Executive Director at KND Steel, this requirement will not only increase the compliance burden, but will also increase costs for steel importers. 'What will happen in the industry is that a lot of manufacturers will struggle to import now,' Mr. Umrania told The Hindu. 'So, their production will be hampered, their customers will be hampered, delays will occur. So, a lot of disruption, I personally see, is going to happen.' Government imposes 12% safeguard duty on certain steel products for 200 days 'There is also no support available as such from the government,' he added. 'So, you have to run pillar to pillar (to obtain the paperwork). And, of course, there is a lot of cost also in order to get these things done.' He added that, once the Indian importers start asking for documentation and certifications from their sellers abroad, then these sellers will increase the price of their supplies. 'It's a problem for importers, especially those who are importing semi-finished goods,' Pankaj Chaddha, chairman of the Engineering Exports Promotion Council of India said. 'It will impact the MSME importers in a big way.' Apart from the compliance burden itself, the problem with the latest notification is that it has not provided enough time to businesses to comply. According to the notification, it would be effective for all steel imports that have a bill of lading dated on or after June 16, 2025. 'Effectively, Indian importers were not given even one working day — between the order's date being June 13, 2025 (Friday) and announcement date (over mail and SIMS portal) on June 16 (Monday) — to ensure full compliance,' Ajay Srivastava, former Director General of Foreign Trade and founder of the Global Trade Research Initiative (GTRI) said. According to Mr. Umrania, even a month's notice would not have been enough time, since processes related to the steel industry take a long time. 'So, just giving a notification on the 13th and saying that we will start applying the rules and regulations starting from 16th is definitely not enough time,' he said.
India Gazette
17 hours ago
- Health
- India Gazette
"Yoga is for body and mind": Ex VP M Venkaiah Naidu ahead of Yoga Day
Hyderabad (Telangana) [India], June 20 (ANI): Ahead of the International Day of Yoga, former Vice President M Venkaiah Naidu on Friday said that Yoga is for everyone's health and mind, and it gives balance and positive ideas. M Venkaiah Naidu, Union Minister G Kishan Reddy, and Telangana Governor Jishnu Dev Varma, practiced Yoga at Lal Bahadur Stadium, Hyderabad, during a 24-hour countdown event organised by the Ministry of Steel, Ministry of Coal and Ministry of Mines ahead of International Yoga Day tomorrow. 'I am happy to participate in this Yoga event in Hyderabad. I appreciate Union Minister G. Kishan Reddy for organising such a massive event. I am happy that the youth have participated in this programme. Yoga is for body and mind. Yoga has no religion. It is wrong to attribute religion to Yoga. It belongs to all. This will take care of your health and mind and give you balance and positive ideas. I am happy that Narendra Modi has taken the initiative, and the United Nations accepted it. Now, 184 countries are following Yoga,' Naidu told ANI. Yoga Sangam, the main event, will orchestrate a synchronised mass yoga demonstration based on the Common Yoga Protocol (CYP) at over 1 lakh locations across India on June 21, 2025, from 6:30 AM to 7:45 AM. Prime Minister Narendra Modi will lead the national event at Visakhapatnam, Andhra Pradesh. This collective celebration aims to reaffirm our shared commitment to the timeless practice of yoga and its enduring relevance in today's world. This year marks the 11th International Day of Yoga, with the theme 'Yoga for One Earth, One Health'. This theme echoes a vital truth about the interconnectedness of health, sustainability, and the environment, aligning with India's 'One Earth, One Family, One Future' vision highlighted during its G20 presidency. The International Day of Yoga 2025 will not just be a one-day observance--it will reflect India's enduring commitment to holistic health, environmental harmony, and global well-being. With 'Yoga for One Earth, One Health' as its guiding principle, India continues to lead the world in connecting physical fitness with mindful living. (ANI)
Hans India
19 hours ago
- Health
- Hans India
Telangana governor participate in 24-hour countdown to International Day of Yoga 2025
The Governor of Telangana, Shri Jishnu Dev Varma, joined Vice President Venkaiah Naidu as the chief guest at the '24-Hours Countdown to International Day of Yoga – 2025' event, to be held at LB Stadium. The initiative was organised by the Ministry of Coal and Mines in collaboration with the Ministry of Steel. Participants engaged in various yoga demonstrations and activities aimed at promoting health and wellness, emphasising the importance of yoga in everyday life. The gathering served as a vibrant prelude to the upcoming International Day of Yoga celebrations scheduled for June 21st in 2025. Governor Varma highlighted the significance of yoga in fostering physical and mental well-being, urging citizens to incorporate it into their daily routines. The event saw a large turnout, reflecting the growing enthusiasm for yoga in the region.
Business Standard
a day ago
- Business
- Business Standard
Orissa Minerals Development Company appoints Govt. Nominee Director
W.e.f. 11 June 2025 The President of India, vide Ministry of Steels order and in pursuance of the Articles of Association of OMDC Limited has appointed Shri S. Sharad Rao, Director, Ministry of Steel as Government Director on the Board of Directors of OMDC Limited w.e.f 11.06.2025 until further orders, vice Smt. Swapna Bhattacharya, Deputy Director General, Ministry of Steel.
Time of India
4 days ago
- Business
- Time of India
Traceability trap hits MSMEs: New steel import rule mandates BIS for raw materials, triggering fears of plant shutdowns over compliance cost
A regulatory change by the Ministry of Steel has sparked alarm among India's micro, small and medium enterprises (MSMEs), with the Global Trade Research Initiative (GTRI) warning of potential supply chain disruptions and heavy compliance costs that could lead to widespread factory shutdowns. According to a report by GTRI, the rule—issued on June 13—mandates that raw materials used in the manufacture of finished or semi-finished steel products must now comply with Indian Standards (IS) and be registered on the Steel Import Monitoring System (SIMS). The requirement applies to all products covered under India's Quality Control Orders (QCOs), expanding the compliance burden significantly for importers. Earlier, foreign suppliers only needed BIS certification for finished steel products destined for India. Under the new rule, upstream materials like billets, slabs and hot-rolled coils must also be BIS-certified—even if they're used by a third country to manufacture finished steel products for Indian buyers. 'This abrupt change could disrupt supply chains and impose heavy compliance costs on MSMEs reliant on imported semi-finished steel,' GTRI said as quoted ANI. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Зачем на ночь сжигают лавровый лист? Undo It added that the rule has triggered 'panic' in the sector, which fears large-scale losses and plant closures due to the lack of transition time. The report pointed out that many importers had already paid advances for steel shipments due to arrive between June and August. These contracts, signed months in advance, now face the risk of being deemed non-compliant due to the new traceability requirement. To illustrate the complexity, GTRI cited an example: if a Malaysian company supplies steel slabs to a Vietnamese manufacturer, which then converts them into steel sheets for India, both entities must now be BIS-certified. This multi-stage requirement, GTRI warns, creates serious obstacles for global supply chains. Further complicating matters is the apparent exemption granted to finished products such as welded pipes, which are not subject to the same traceability clause. GTRI questioned the need for additional raw material compliance when BIS already certifies finished products after physical inspections at foreign factories. 'BIS certification for upstream suppliers can take six to nine months. Yet the Ministry has enforced the new traceability requirement with only three days' notice and no stakeholder consultation,' it said. The think tank has urged the government to reconsider the move, warning that without an extension or relief, the regulation could push many MSMEs into financial distress and lead to a wave of factory closures. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
