Morning News Call - India, July 1 Reuters 21 hrs ago To access a PDF version of this newsletter, please click here https://share.refinitiv.com/assets/newsletters/Indiamorning/MNC IN 07012021.pdf If you would like to receive this newsletter via email, please register at: https://solutions.refinitiv.com/MNCIndiaSubscriptionpage FACTORS TO WATCH • 11:00 am: Prime Minister Narendra Modi to interact with beneficiaries of various schemes of Digital India. • 12:30 pm: GR Infraprojects virtual press briefing to announce its Initial Public Offering. • 12:30 pm: HDFC Bank Group Head Government and Institutional Business Smita Bhagat, Group Head Retail Branch Banking Arvind Vohra at a virtual press briefing. • 1:00 pm: Steel Ministry Additional Secretary Rasika Chaube, DPIIT Additional Secretary Anil Agrawal, Steel Authority of India Chairman Soma Mondal, Jindal Steel & Power Managing Director V.R. Sharma and other steel industry heads at FICCI webinar.
Centre allows RVNL to import 5,000 tonnes of steel for Kolkata Metro project
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The government has exhorted domestic steel makers to become more competitive locally as also in export markets besides developing newer products for use in industrial and construction sectors. In the upcoming Budget, the steel makers are expecting relaxation in basic custom duty (BCD) levied on raw materials like coking coal, anthracite coal, graphite, electrode, limestone and dolomite etc. At a conference organised by Indian Steel Association (ISA) on Friday, Union Steel Minister Dharmendra Pradhan said domestic steel manufacturers should focus on increasing production of finished steel while reducing imports and increasing imports. I expect this from the ISA that when we hope for a tax restructuring from someone, we must increase production, become more competitive, increase exports and minimise import. The Finance Department gets some amount as revenue (on import of steel making raw materials). It must be filled with confidence that when the manufacturing line will be in o