Four major economic bills anticipated in Monsoon Session

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Four major economic bills anticipated in Monsoon Session

The Indian Finance and Corporate Affairs Ministries are set to introduce four significant bills during the Monsoon Session of Parliament, commencing on July 21 and concluding on August 21. These include the Income Tax Bill, which will be redrafted following recommendations from a Select Committee, aiming to simplify the tax framework and enhance the taxpayer experience, with implementation expected by April 1, 2026. Additionally, the Insurance Bill seeks to amend the Insurance Act of 1938, raising the foreign direct investment limit to 100% while ensuring safeguards for Indian policyholders. A bill to ban unregulated lending activities will impose severe penalties, including jail terms, for offenders, while the Insolvency and Bankruptcy Code Amendment Bill will clarify that prior approval from the Competition Commission of India is not needed for corporate insolvency bids. These legislative moves are part of broader efforts to streamline regulations and foster economic growth.

Published:
Jul 07 2025, 6 pm

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JSW Infra awarded Kolkata port berth reconstruction contract

JSW Infrastructure has secured a significant contract from the Syama Prasad Mookerjee Port Authority to reconstruct Berth 8 and mechanise Berths 7 and 8 at the Netaji Subhas Dock in Kolkata. This ambitious project, which is expected to enhance the port's container handling capacity, comes with a 30-year concession period and an estimated capital expenditure of ₹740 crore. The construction is set to take two years and will be executed under a design, build, finance, operate, and transfer (DBFOT) model as part of a public-private partnership (PPP). The initiative reflects ongoing efforts to modernise port infrastructure and improve operational efficiency in one of India's key maritime hubs.

Published:
Jul 07 2025, 8 pm

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Revitalizing post-mining landscapes: ecological, social, and economic opportunities

In a recent report presented to Tamil Nadu Chief Minister MK Stalin, the State Planning Commission (SPC) outlined a transformative approach to the restoration of post-mining landscapes, which have historically been deemed unproductive. The study identifies five key restoration objectives: enhancing biodiversity, ensuring water security, promoting agroforestry, creating recreational spaces, and facilitating solar power generation. By leveraging geospatial information, the report highlights the potential of 5,052 abandoned or underutilized mines across the state for ecological revitalization. It emphasizes the need for thoughtful planning and collaboration among stakeholders to achieve regional sustainability goals. The report also critiques past restoration efforts, which often involved costly and ineffective methods, and advocates for the use of native species and innovative land-use strategies to create ecological hotspots and support local communities. This initiative marks a significant shift towards viewing post-mining sites as valuable assets for ecological and economic development.

Published:
Jul 07 2025, 8 pm

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Steel Ministry to address substandard imports; 15-day stock clearance

Malpractices in India's steel import sector have come to light, with traders circumventing Bureau of Indian Standards (BIS) quality norms to import substandard steel from countries like China and Vietnam. The Steel Ministry's increased scrutiny revealed that smaller importers were falsifying documents to apply for "new grades" and evade mandatory quality checks. In response, the Ministry has halted the clearance of suspect shipments, including some from Japan, and is tightening regulations. A recent report indicated that 1,136 import applications were for steel grades not recognized by BIS, often involving minor alterations to chemical compositions. The Ministry has mandated that all non-BIS-compliant steel imports receive prior approval, particularly targeting Chinese-origin products entering through Vietnam. While the government has granted a 15-20 day relaxation period for select shipments, concerns remain that limiting imports could lead to domestic monopolies manipulating prices.

Published:
Jul 07 2025, 8 pm

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40% of Kharif Sowing Completed in India

As of July 4, 2023, India's paddy coverage has increased to 69.3 lakh hectares (lh), up from 64.52 lh last year, reflecting a 7.4% rise. Overall, kharif sowing has reached 40% of the normal 1,097 lh area, with 437.43 lh planted across various crops, marking an 11.1% increase from 393.77 lh in 2022. Notably, pulses acreage surged by 35.2% to 42.57 lh, with urad and moong showing gains, although arhar fell by 11.1%. Oilseeds have also seen improvement, rising to 108.21 lh from 94.9 lh, while nutri/coarse cereals increased by 21% to 77.18 lh. The monsoon has been favourable, with rainfall 31% above normal, aiding sowing efforts. Experts highlight a growing interest in sustainable agricultural practices as farmers focus on soil health and crop resilience amid positive monsoon conditions.

Published:
Jul 07 2025, 8 pm

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FSSAI approves new r-PET units to increase capacity

The Food Safety and Standards Authority of India (FSSAI) has approved six new manufacturing units for recycled polyethylene terephthalate (r-PET), boosting the total authorized capacity to 150,000 metric tonnes per annum. This move, announced by the Association of PET Recyclers (APR) Bharat, aims to meet the growing demand for food-contact packaging from beverage manufacturers, who are required to use 30% recycled content in their PET bottles. Prior to this, only five out of 20 r-PET units had received FSSAI certification. The APR Bharat had previously warned that delays in approvals could jeopardize the financial viability of many companies in the sector. With an estimated investment of ₹7,500-8,000 crore, the industry has established a total capacity of around 400,000 metric tonnes for r-PET production. The FSSAI has committed to expediting further authorizations to support the industry’s growth.