NITI Aayog Proposes Inclusion of Coking Coal in Critical Minerals List
The NITI Aayog has put forward a recommendation to add coking coal to India’s critical minerals list, highlighting its essential role in steel production and infrastructure development. In their report titled “Enhancing Domestic Coking Coal Availability to Reduce Import Dependency”, it is emphasized that coking coal makes up around 42% of the cost of steel, which is a vital commodity for infrastructure and job creation. This proposal aligns with global trends, such as the European Union’s classification of coking coal as a critical raw material. With India’s import dependence on coking coal at approximately 85%, significantly higher than the EU’s 62%, the report suggests that recognizing coking coal as a critical mineral and providing special dispensation for its production will boost domestic supply and support the nation’s steel sector.
India Ranks Among Top 10 Globally for AI Readiness
India is emerging as a global leader in Artificial Intelligence (AI) readiness, as highlighted by a recent report from the Boston Consulting Group (BCG). This comprehensive study, assessing AI readiness across 73 countries, places India second in the world for the number of AI specialists and third for AI research publications. These rankings underscore India’s robust potential to enhance public services through AI, with significant applications in sectors such as business services, retail, public services, agriculture, and construction.
UK and India Set to Relaunch FTA Negotiations in Early 2025
UK Prime Minister Keir Starmer has announced the resumption of Free Trade Agreement (FTA) negotiations with India, scheduled to restart in early 2025. This decision was reached following a meeting with Indian Prime Minister Narendra Modi during the recent G20 summit in Brazil. The renewed talks aim to strengthen bilateral ties and enhance the current GBP 42 billion annual trade partnership between the two nations.
Cyclone Fengal Forecasts Heavy Rains for Tamil Nadu
The India Meteorological Department (IMD) has issued a cyclone alert for the Bay of Bengal, predicting heavy rains for Tamil Nadu due to the formation of a low-pressure area around November 23. This system, driven by cyclonic circulation near the Sumatra coast and the South Andaman Sea, is expected to intensify into a depression over the central parts of the Bay of Bengal within the next two days. Coastal areas are preparing for severe weather conditions, with heavy rainfall anticipated from November 25 to 27.
Andhra Pradesh Ends Garbage Tax Collection
The Andhra Pradesh government has recently abolished the garbage tax following the introduction of a bill by Municipal Administration Minister P. Narayana. The State Legislative Assembly passed the bill on November 21, 2024. This decision aims to investigate the previous administration’s handling of the tax and address public concerns regarding its implementation. The garbage tax, introduced by the previous YSRCP government, had been contentious, with households charged between ₹30 to ₹120 per month and commercial properties from ₹100 to ₹10,000. It was criticized for the lack of public consultation and alleged irregularities in its collection. The new government has promised an inquiry into these practices to ensure a fairer waste management system.
India’s Forex Reserves Plunge to Four-Month Low
India’s foreign exchange reserves experienced a record-breaking weekly drop, plummeting by $17.76 billion to a four-month low of $657.8 billion for the week ending November 15, 2024. This significant decline was attributed to a stronger U.S. dollar following the U.S. election results and the Reserve Bank of India’s intervention in the forex market to stabilize the rupee. Over the past six weeks, the reserves have decreased by nearly $30 billion and are down by $47 billion from the peak of $704.89 billion recorded in late September.