K'taka govt clears 18 industrial projects worth over Rs 34,000 crore investment
Bengaluru, Aug 5: The Karnataka government on Friday approved 18 industrial projects worth Rs 34,432.46 crore that is expected to generate jobs for over 48,000 people in the state.
The State High-Level Clearance Committee (SHLCC) of the government under the chairmanship of Chief Minister Basavaraj Bommai met here and gave the clearance for the investment proposals. The meeting was attended by senior ministers and officials.
Among the projects approved are automaker Toyota Kirloskar Motor's plan to invest over Rs 3,600 crore to produce hybrid vehicles along with traditional internal combustion engine (ICE) vehicles at its facility here.
"The High-Level Clearance committee has considered and approved eight new projects and 10 additional investment projects that are expected to further push the industrial growth and generate direct and indirect employment opportunities in Karnataka," an official release said.
Major investment or project proposals approved in today's meeting include -- an ethanol plant of 2,000 KLPD capacity by Trualt Bioenergy Limited, Bengaluru, with an investment of Rs 1,856.47 crore.
Toyota Kirloskar Motor Private Limited with its passenger cars and diversified product profile of hybrid technology vehicles along with ICE vehicles will invest Rs 3,661.5 crore.
Project proposals with additional investment include Applied Materials India Pvt Ltd, Bengaluru for showerheads or capital equipment manufacturing for semiconductors, with an investment of Rs 1,573 crore and Rs 977 crore investment by Carl Zeiss India (Bangalore) Pvt. Ltd.
Also, Rs 2,500.09 crore investment by Prakash Sponge Iron and Private Limited, Bengaluru for an integrated steel plant of 0.2 Million Metric Tonne Per Annum (MMTPA).
Emmvee Photovoltaic Power Private Limited, Bengaluru's investment of Rs 232.15 crore for solar photovoltaic module and solar cells unit; Rs 775.35 crore investment by Shree Renuka Sugars Limited, Belagavi for distillery/ethanol plant; and Chidanand Basaprabhu Kore Sahakari Sakkare Karakhane Niyamit Chikodi, Belagavi's distillery/ethanol plant with an investment of Rs 270.36 crore, were among those cleared by the government.
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Trump says EU has until July 4 to approve last year's trade deal or it will face higher tariffs
Washington (AP): President Donald Trump has said in a social media post that goods from the European Union would face higher tariff rates if the 27-member bloc fails to approve last year's trade framework by July 4.
The announcement on Thursday appeared to be a deadline extension after the president said last Friday that EU autos would face a higher 25 per cent tariff starting this week. Trump made the updated announcement after what he described as a "great call" with European Commission President Ursula von der Leyen.
Still, the US president was displeased that the European Parliament had yet to finalize the trade arrangement reached last year, which was further complicated in February by the US Supreme Court ruling that Trump lacked the legal authority to declare an economic emergency to impose the initial tariffs used to pressure the EU into talks.
"A promise was made that the EU would deliver their side of the Deal and, as per Agreement, cut their Tariffs to ZERO!" Trump posted. "I agreed to give her until our Country's 250th Birthday or, unfortunately, their Tariffs would immediately jump to much higher levels."
It was unclear from the post whether Trump was implying that the tariff rates would jump on all EU goods or the increase would only apply to autos.
His latest statement indicates he might be backing away from his earlier threat on EU autos by giving the European Parliament several more weeks to approve the agreement.
Under the original terms of the framework, the US would charge a 15 per cent tax on most goods imported from the EU.
But since the Supreme Court ruling, the administration has levied a 10 per cent tariff while investigating trade imbalances and national security issues, aiming to put in new tariffs to make up for lost revenues.
