Economy

 The process also switches over the raw material from hematite to magnetite, which contains a much higher amount of pure iron at 72.4%. Magnetite ores comprise more than 30% of India’s iron ore deposits, which are heavily underutilized. Offering the highest iron recovery, magnetite  sponge iron can be a revolutionary turn in the Indian metallurgical industry, said Soumitra Mohanty, the executor of the successful trials of the above project.

India received its first import of liquefied natural gas (LNG) from Russia’s Yamal LNG project over the weekend, Refinitive Eikon LNG flows data showed.

According to a Government official, after an eight year pause, India and the European Union (EU) are set to continue talks for a Bilateral Trade and Investment Agreement (BTIA) by December. Another official termed the India-EU connectivity partnership, announced in May, as a “counterfoil” to other such initiatives in an indirect reference to China’s Belt and Road Initiative (BRI).

India’s overall demand stood at 94.6 tonnes during the September quarter of 2020, the WGC’s Q3 Gold Demand Trends 2021 report stated, including that in terms of value, India’s third quarter gold demand surged by 37% to Rs. 59,330 crore (US$ 7.92 billion), compared to Rs. 43,160 crore (US$ 5.76 million) last year.