News Update

Apple China tosses out WhatsApp & Threads from App store after being orderedChina announces launch of new military cyber corpsRailways operates record number of additional Trains in Summer Season 2024GST - Assessing officer took into account the evidence placed on record and drew conclusions - Bench is, therefore, of the view that petitioner should present a statutory appeal: HC1st phase polling - Close to 60% voter turnout recordedGST - Tax liability was imposed because petitioner replied without annexing documents - It is just and appropriate that an opportunity be provided to contest tax demand on merits, albeit by putting petitioner on terms: HCMinistry of Law to organise Conference on Criminal Justice System tomorrowGST - To effectively contest the demand and provide an opportunity to petitioner to place all relevant documents, matter remanded but by protecting revenue interest: HCGovt appoints New Directors for 6 IITsGST - Petitioner has failed to avail opportunities granted repeatedly - Court cannot entertain request for remand as there has been no procedural impropriety and infraction of any provision by assessing authority: HCNexus between Election Manifesto and Budget 2024 in July!GST - Classification - Matter which had stood examined by Principal Commissioner is being treated differently by Additional Commissioner - Prima facie , approach appears to be perverse: HCI-T- Denial of deduction u/s 80IC can create perception of genuine hardship, where claimant paid tax in excess of what was due; order denying deduction merits re-consideration: HCIsrael launches missile attack on IranEC holds Video-Conference with over 250 Observers of Phase 2 pollsGermany disfavours Brazil’s proposal to tax super-richI-T- If material found during search are not incriminating in nature AO can not made any addition u/s 153A in respect of unabated assessment: ITATGovt appoints Dinesh Tripathi as New Navy ChiefAFMS, IIT Kanpur to develop tech to address health problems of soldiersFBI sirens against Chinese hackers eyeing US infrastructureKenya’s top military commanders perish in copter crashCBIC notifies Customs exchange rates w.e.f. April 19, 2024Meta shares ‘Most Intelligent’ AI assistant built on Llama modelDengue cases soaring in US - Close to ‘Emergency situation’: UN Agency
 
Minister of Steel inaugurates India's 1st Green Hydrogen Plant in Stainless Steel Sector

By TIOL News Service

NEW DELHI, MAR 04, 2024: UNION Minister for Steel and Civil Aviation, Jyotiraditya M. Scindia, today virtually inaugurated India's 1st Green Hydrogen Plant in Stainless Steel Sector located at Jindal Stainless Limited, Hisar. The inauguration also witnessed the presence of Secretary, Ministry of Steel Nagendra Nath Sinha, Managing Director (Jindal Stainless Limited), Abhyuday Jindal, Founder, Hygenco Amit Bansal,  and other officials of the Ministry of Steel.

Union Minister of Steel highlighted India's commitment to a green and sustainable future, emphasizing the need for responsible economic progress in the post-COVID era. "As the world strives to recover from the pandemic's aftermath, India is steadfast in its resolve to contribute to global environmental goals", he added.

India emerging as a Green leader

The Minister mentioned that India's rich history of environmentalism, deeply embedded in traditions and practices, is now being revitalized through modern strategies. The country is making significant strides in tackling climate change with initiatives like the Panchamrit (five fold strategy to fight climate change) and Mission LiFE (a worldwide effort dedicated to supporting eco-friendly lifestyle and protecting the environment), showcasing a holistic approach to development that balances both nature and human prosperity. "As a government we are encouraging companies, citizens, and state governments to focus on" green growth "and" green jobs "to achieve the target of net zero carbon emission by 2070.", he added.

National Green Hydrogen Mission transforming India's Steel Industry

The Minister also highlighted India's progress in the steel sector, evolving from a net importer to a net exporter and aiming to become the world's largest producer of crude steel. One key initiative in this journey is the National Green Hydrogen Mission (NGHM), launched last year with an outlay of around Rs 20,000 crore with an aim to make India a Global Hub for production, usage and export of Green Hydrogen and its derivatives. The Mission is also supporting pilot projects in the steel sector with a budget of around Rs 500 crore until FY 2029-30.

"Allocation of 11% additional outlay for infrastructure development in this year's Interim Union Budget also reflects the importance the government attaches to sectors crucial for growth.", the Union Minister mentioned while highlighting the benefits industry accrue from the government's push towards sustainability solutions, including infrastructure spending.

Green Hydrogen Milestone: Industry Transformation

While congratulating Hygenco and Jindal Stainless, for the commissioning of India's first long-term off-take green hydrogen plant, the Union Minister mentioned that this innovative green hydrogen project seamlessly aligns with the government's vision for a cleaner and more sustainable future. "The project not only aligns with the government's vision but also creates valuable employment opportunities, showcasing the potential of responsible industrial practices.", he added. The Minister urged other industry stakeholders to enthusiastically adopt clean technologies, actively participating in India's transformative journey towards a greener economy and fostering a conscientious industrial landscape.

The Minister highlighted the government's readiness to initiate robust national green policies, 13 task forces to identify action points for each aspect of green steel production, and implementation of Steel Scrap Recycling Policy for enhancing the availability of domestically generated scrap.

"The need of the hour, therefore, is for stakeholders to come together to build a globally competitive as well as sustainable steel industry." the Minister said while emphasizing the monumental significance of energy transition in this new world order, and stating unequivocally that the next era of growth belongs to India and, within India, to the steel industry.

About the Project

It will be the world's first off-grid Green Hydrogen plant for the stainless steel industry and the world's first Green Hydrogen plant with rooftop & floating solar . This project is also a state-of-the-art green hydrogen facility with a target to reduce carbon emissions considerably by around 2,700 Metric Tonnes per annum and 54,000 tons of CO 2 emissions over next two decades.


POST YOUR COMMENTS
   

TIOL Tube Latest

Shri N K Singh, recipient of TIOL FISCAL HERITAGE AWARD 2023, delivering his acceptance speech at Fiscal Awards event held on April 6, 2024 at Taj Mahal Hotel, New Delhi.




Shri Ram Nath Kovind, Hon'ble 14th President of India, addressing the gathering at TIOL Special Awards event.