The killing of his father and predecessor Ayatollah Ali Khamenei was avenged, Ayatollah Mojtaba Khamenei has said in a written statement, as large funeral ceremonies have been held all over Iran and Iraq.

On February 28, at the beginning of the war, the death of Ayatollah Ali Khamenei in a U.S.-Israeli airstrike was echoed by Mojtaba Khamenei in his statement, which marked his first public message since the funeral ceremonies of his father were started one week ago. 

The Message

Vengeance was presented as a national duty in the statement issued on Khamenei's Telegram channel, read on state TV. Whether existing leaders stay or don't stay, the mission would be implemented by free people in the world, the message said, adding that "We pledge to avenge the blood of the martyred leader and all the martyrs of these two wars from the criminal and disgraced killers. 

Khamenei was clear that retribution does not hinge on any specific official, such as himself. They should realize that this is not dependent upon me or other officials, that in my absence and in his, too, this shall be done, and that soon every freeman in the world shall perform some part of this Divine mission.

An Unusual Succession

The appointment of Mojtaba Khamenei to the position itself has been a cause of perplexity. With the backing of the Revolutionary Guards, he rose to be supreme leader on March 8 and senior sources have indicated that he was disfigured on his face and with other injuries during the strike that led to his father's death. 

Remarkably, since the airstrike there has been no picture, video or audio recording of him published and his continued absence from public view has compounded the uncertainties that hang over Iran, with some Iranians concluding that a wounded new leader must be seen. 

The Funeral and Its Symbolism

There has been a great deal of public grieving. Mojtaba Khamenei hailed the turnout, saying tens of millions of people had turned up in cities and villages throughout Iran and Iraq, especially Tehran, Qom, Najaf, Karbala and Mashhad, making it a historic event. 

His 37-year rule ended with his passing in Mashhad, where Mostafa Khamenei led funeral prayers at the Holy Shrine of Imam Reza.

Regional Implications

The declaration comes at an inopportune time for regional diplomacy, which is already tense as negotiations move forward on Iran's nuclear programme and security of shipping in the Strait of Hormuz. 

A pledge of revenge by an undisguised leader brings new uncertainty into an already uncertain post-war era when the trustworthiness of Iran's new leadership — as well as its ability to follow through — is being closely monitored by regional and western governments.

The killing of his father and predecessor Ayatollah Ali Khamenei was avenged, Ayatollah Mojtaba Khamenei has said in a written statement, as large funeral ceremonies have been held all over Iran and Iraq.

On February 28, at the beginning of the war, the death of Ayatollah Ali Khamenei in a U.S.-Israeli airstrike was echoed by Mojtaba Khamenei in his statement, which marked his first public message since the funeral ceremonies of his father were started one week ago. 

Vengeance was presented as a national duty in the statement issued on Khamenei's Telegram channel, read on state TV. Whether existing leaders stay or don't stay, the mission would be implemented by free people in the world, the message said, adding that "We pledge to avenge the blood of the martyred leader and all the martyrs of these two wars from the criminal and disgraced killers. 

Khamenei was clear that retribution does not hinge on any specific official, such as himself. They should realize that this is not dependent upon me or other officials, that in my absence and in his, too, this shall be done, and that soon every freeman in the world shall perform some part of this Divine mission.

The appointment of Mojtaba Khamenei to the position itself has been a cause of perplexity. With the backing of the Revolutionary Guards, he rose to be supreme leader on March 8 and senior sources have indicated that he was disfigured on his face and with other injuries during the strike that led to his father's death. 

Remarkably, since the airstrike there has been no picture, video or audio recording of him published and his continued absence from public view has compounded the uncertainties that hang over Iran, with some Iranians concluding that a wounded new leader must be seen. 

There has been a great deal of public grieving. Mojtaba Khamenei hailed the turnout, saying tens of millions of people had turned up in cities and villages throughout Iran and Iraq, especially Tehran, Qom, Najaf, Karbala and Mashhad, making it a historic event. 

His 37-year rule ended with his passing in Mashhad, where Mostafa Khamenei led funeral prayers at the Holy Shrine of Imam Reza.

The declaration comes at an inopportune time for regional diplomacy, which is already tense as negotiations move forward on Iran's nuclear programme and security of shipping in the Strait of Hormuz. 

A pledge of revenge by an undisguised leader brings new uncertainty into an already uncertain post-war era when the trustworthiness of Iran's new leadership — as well as its ability to follow through — is being closely monitored by regional and western governments.

Mojtaba Khamenei Vows Revenge For Father

Russia's decision to completely cut off diesel exports has caused a ripple effect around the world in energy markets, leading to multi-year highs in the price of the industrial fuel even in countries that abandoned Russian fuel years ago.

The ban was announced on Wednesday as part of the measures taken by Russia to Favor its own fuel market following regular attacks by Ukrainian drones on oil refineries, which has led to a lack of fuel in many regions and the appearance of long queues at gas stations. 

The measure was introduced "with the aim of being simple: to increase the supply of diesel fuel to the domestic market," said Deputy Prime Minister Alexander Novak at a televised meeting with President Vladimir Putin.

The magnitude of the effect

The ban is not only affecting Russia but also having impact on the rest of the world due to Russia's presence in the diesel market. According to a data collation by analytics company Vortexa for Bloomberg, about 11% of the global supply of diesel last year came from Russia, and the ban is likely to last for about three weeks. 

The ban expands on earlier restrictions which applied only to non-producing traders — the new one applies to producers also making it much more significant for global supply. 

The price action in the market responded in real time. Bloomberg's fair-value data showed the spread between the premium of the benchmark European diesel futures and crude oil jumped to the highest level since at least 2011 on Wednesday. 

U.S. ultra-low sulphur diesel futures jumped 11% to $154 per barrel, $80 up from the West Texas Intermediate crude oil futures, and the European low-sulphur gasoil futures reached an all-time high premium to the Brent crude oil futures of $60.77 per barrel.

Compounding an Already Strained Market

The ban comes at a crucial time for the oil market. The export restrictions on Wednesday follow other major disruptions in the Strait of Hormuz, the route of about a fifth of the world's oil, in anticipation of a flattering of a fragile US-Iran ceasefire. 

The impacts of compounding were captured by a Energy Aspects analyst. The situation is already bad," Natalia Losada, senior oil products analyst at Energy Aspects, told CNN, referring to the unresolved Middle East crisis, which has already put a cap on flows through the Strait of Hormuz.

Why Diesel Matters So Much

This reason is related to the economic impact of diesel's use, so this is a category of fuel which is receiving a keen focus. Rising oil prices can have a disproportionate effect on the wider economy as diesel powers industrial machinery, farm equipment, heavy transport and electricity generation, and is the biggest contributor to global oil use. 

This has been tight for years despite high demand in the post-pandemic period and the closing of several Western refineries.

The Outlook

Russia has indicated that it is "temporary" and "domestically oriented," rather than permanent, and that the ban will expire by month-end. But this time, diesel has again been made one of the weakest links in the global energy chain, where supply shocks thousands of kilometres from the source can hike up the price for consumers and industries directly unexposed to the initial shock.

Russia's decision to completely cut off diesel exports has caused a ripple effect around the world in energy markets, leading to multi-year highs in the price of the industrial fuel even in countries that abandoned Russian fuel years ago.

The ban was announced on Wednesday as part of the measures taken by Russia to Favor its own fuel market following regular attacks by Ukrainian drones on oil refineries, which has led to a lack of fuel in many regions and the appearance of long queues at gas stations. 

The measure was introduced "with the aim of being simple: to increase the supply of diesel fuel to the domestic market," said Deputy Prime Minister Alexander Novak at a televised meeting with President Vladimir Putin.

The ban is not only affecting Russia but also having impact on the rest of the world due to Russia's presence in the diesel market. According to a data collation by analytics company Vortexa for Bloomberg, about 11% of the global supply of diesel last year came from Russia, and the ban is likely to last for about three weeks. 

The ban expands on earlier restrictions which applied only to non-producing traders — the new one applies to producers also making it much more significant for global supply. 

The price action in the market responded in real time. Bloomberg's fair-value data showed the spread between the premium of the benchmark European diesel futures and crude oil jumped to the highest level since at least 2011 on Wednesday. 

U.S. ultra-low sulphur diesel futures jumped 11% to $154 per barrel, $80 up from the West Texas Intermediate crude oil futures, and the European low-sulphur gasoil futures reached an all-time high premium to the Brent crude oil futures of $60.77 per barrel.

The ban comes at a crucial time for the oil market. The export restrictions on Wednesday follow other major disruptions in the Strait of Hormuz, the route of about a fifth of the world's oil, in anticipation of a flattering of a fragile US-Iran ceasefire. 

The impacts of compounding were captured by a Energy Aspects analyst. The situation is already bad," Natalia Losada, senior oil products analyst at Energy Aspects, told CNN, referring to the unresolved Middle East crisis, which has already put a cap on flows through the Strait of Hormuz.

This reason is related to the economic impact of diesel's use, so this is a category of fuel which is receiving a keen focus. Rising oil prices can have a disproportionate effect on the wider economy as diesel powers industrial machinery, farm equipment, heavy transport and electricity generation, and is the biggest contributor to global oil use. 

This has been tight for years despite high demand in the post-pandemic period and the closing of several Western refineries.

Russia has indicated that it is "temporary" and "domestically oriented," rather than permanent, and that the ban will expire by month-end. But this time, diesel has again been made one of the weakest links in the global energy chain, where supply shocks thousands of kilometres from the source can hike up the price for consumers and industries directly unexposed to the initial shock.

Russia's Diesel Ban Sends Global Prices Soaring

India's retailers are reporting a big shortage of iPhone 17 units as consumers race to purchase before the price may rise given the unprecedented shortage of memory chips worldwide.

There is widespread anticipation in India that Apple might increase the price of the iPhone 17 series, prompting a surge of consumer demand and leaving stores with limited stocks.

The rise follows Apple's recent announcement to increase the prices of MacBooks, iPads, and smart home devices because of increasing costs of memory and components, and otherwise maintaining the prices of iPhones unchanged.

The Root Cause

The real culprit, according to the leaders of Apple, is a worldwide memory crisis of historic proportions. Conventional DRAM prices surged by about 90% in just the first quarter of 2026, before another 60% increase in the second quarter, TrendForce research shows, while NAND flash storage prices increased even more.

Apple CEO Tim Cook has expressed the shortage in a very stark way. Cook said this is a 100-year flood in The Wall Street Journal. It is something 'I've never seen in any area in 40 years or more.

With the cloud-computing market frantically trying to construct AI data centres, memory and storage is being snapped up by them, which has dramatically squeezed supply for consumer devices, said Cook.

Consumer Behaviour Shift

The resulting buying pattern is a textbook example of anticipatory demand, according to market researchers. In fact, the speculation has led to “pull forward demand”, meaning that customers have rushed to buy products that they would have bought later, but now wanted to get a look at them before they saw them officially listed for a higher price, according to data from Counterpoint Research. 

The over-observed trend was detailed by Counterpoint's research director, who said that the firm tracked the market for seven days since Apple's recent price hikes, and noticed that there was a pull-forward effect from the customers for the iPhone 17, as they began to query the availability of the product and when it will be available.

Retailers seem to be doing just that. Apple hasn't announced any price increase for the iPhone 17, but retailers were urging customers to buy the phone now as the price may go up later.

What Lies Ahead

With the next-generation devices, the pricing pressure is expected to further increase, according to industry players. 

Memory alone for the iPhone 18 Pro is estimated to cost $145, up from approximately $39 for iPhone 17 Pro, a 272% increase, and the Pro version of the iPhone 18 is expected to cost between $100 and $200 more than the non-Pro version at retail, according to JPMorgan and Counterpoint.

So far, Apple has been able to protect the iPhone 17 family from direct price increases as its product portfolio continues to rise elsewhere, but as the cycle progresses, and memory prices continue to increase, it's unlikely this cushion will stay in place for the year, and the result will be higher prices at the next release.

India's retailers are reporting a big shortage of iPhone 17 units as consumers race to purchase before the price may rise given the unprecedented shortage of memory chips worldwide.

There is widespread anticipation in India that Apple might increase the price of the iPhone 17 series, prompting a surge of consumer demand and leaving stores with limited stocks.

The rise follows Apple's recent announcement to increase the prices of MacBooks, iPads, and smart home devices because of increasing costs of memory and components, and otherwise maintaining the prices of iPhones unchanged.

The real culprit, according to the leaders of Apple, is a worldwide memory crisis of historic proportions. Conventional DRAM prices surged by about 90% in just the first quarter of 2026, before another 60% increase in the second quarter, TrendForce research shows, while NAND flash storage prices increased even more.

Apple CEO Tim Cook has expressed the shortage in a very stark way. Cook said this is a 100-year flood in The Wall Street Journal. It is something 'I've never seen in any area in 40 years or more.

With the cloud-computing market frantically trying to construct AI data centres, memory and storage is being snapped up by them, which has dramatically squeezed supply for consumer devices, said Cook.

The resulting buying pattern is a textbook example of anticipatory demand, according to market researchers. In fact, the speculation has led to “pull forward demand”, meaning that customers have rushed to buy products that they would have bought later, but now wanted to get a look at them before they saw them officially listed for a higher price, according to data from Counterpoint Research. 

The over-observed trend was detailed by Counterpoint's research director, who said that the firm tracked the market for seven days since Apple's recent price hikes, and noticed that there was a pull-forward effect from the customers for the iPhone 17, as they began to query the availability of the product and when it will be available.

Retailers seem to be doing just that. Apple hasn't announced any price increase for the iPhone 17, but retailers were urging customers to buy the phone now as the price may go up later.

With the next-generation devices, the pricing pressure is expected to further increase, according to industry players. 

Memory alone for the iPhone 18 Pro is estimated to cost $145, up from approximately $39 for iPhone 17 Pro, a 272% increase, and the Pro version of the iPhone 18 is expected to cost between $100 and $200 more than the non-Pro version at retail, according to JPMorgan and Counterpoint.

So far, Apple has been able to protect the iPhone 17 family from direct price increases as its product portfolio continues to rise elsewhere, but as the cycle progresses, and memory prices continue to increase, it's unlikely this cushion will stay in place for the year, and the result will be higher prices at the next release.

iPhone 17 Stock Runs Short on Price Hike Fears

On Friday, FIFA distributed almost 1,200 tickets for its World Cup final costing $7,380 apiece, to be played on July 19 at the MetLife Stadium in East Rutherford, New Jersey.

The resort's tickets sales Web site, which at times claimed the match would be “sold out,” indicated that 1,178 seats remained in the stadium's five sections of the top level on the sidelines. These included 282 seats in section 344, 299 in section 343, 139 in section 335, 443 in section 334, and 15 in section 333. 

Premium Tiers

In addition to the category-two release, FIFA had a small category of much more expensive seating. In the lower deck, FIFA was also offering 68 front category-one tickets for $19,995 to $32,970 each and remaining hospitality packages in its Trophy Lounge ($34,500) and Trophy Lounge+ ($32,500) categories were also on offer, in addition to food and drink.

Resale tickets for the final sold at FIFA's market initially for $7,440.50 to as high as $11,499,998.85. 

Interestingly, the soccer ball's master body didn't immediately respond to a request for comment about the reason for the extra category-two tickets becoming available so late in the tournament.

A Broader Pricing Picture

The final costs a lot more than the resale prices of the tournament's knockout games dropped after the elimination of co-hosters United States and Mexico. The Spain-Belgium quarter-final, which was played in Inglewood, CA, saw the lowest price appear on the resale platform, TickPick, at $1,381, compared with $3,261 prior to the United States' elimination. 

At the same time, the price of the England-Norway game in Miami Gardens was reduced to $2,049 from $3,866 a week ago when England advanced to the quarter-finals, and the Argentina-Switzerland game in Kansas City was cut to $1,142 from $2,381 before England made it to the quarter-finals.

A Fan's Perspective

Casual fans have changed the way they decide to attend tournaments based on the changing economics of ticket sales. Outside of the gates of SoFi Stadium, 65-year-old Riverside, Calif. resident Jake van Baarsel said he wasn't originally set on going to games, but that when prices dropped two days prior he made it his decision.

What This Reveals

The mismatch between the price of the knockout rounds resale and the premium price of the final is just a classic example of the economics of big sporting events: early round interest wanes as soon as the home nations are knocked out of the tournament. 

The final cost — from a category-two seat for $7,380 up to a hospitality package that can fetch more than $34,000 from football fans around the world — is a testament to the real scarcity at the marquee game and the tournament organisers' ability to segment demand by global fans' spending power.

On Friday, FIFA distributed almost 1,200 tickets for its World Cup final costing $7,380 apiece, to be played on July 19 at the MetLife Stadium in East Rutherford, New Jersey.

The resort's tickets sales Web site, which at times claimed the match would be “sold out,” indicated that 1,178 seats remained in the stadium's five sections of the top level on the sidelines. These included 282 seats in section 344, 299 in section 343, 139 in section 335, 443 in section 334, and 15 in section 333. 

In addition to the category-two release, FIFA had a small category of much more expensive seating. In the lower deck, FIFA was also offering 68 front category-one tickets for $19,995 to $32,970 each and remaining hospitality packages in its Trophy Lounge ($34,500) and Trophy Lounge+ ($32,500) categories were also on offer, in addition to food and drink.

Resale tickets for the final sold at FIFA's market initially for $7,440.50 to as high as $11,499,998.85. 

Interestingly, the soccer ball's master body didn't immediately respond to a request for comment about the reason for the extra category-two tickets becoming available so late in the tournament.

The final costs a lot more than the resale prices of the tournament's knockout games dropped after the elimination of co-hosters United States and Mexico. The Spain-Belgium quarter-final, which was played in Inglewood, CA, saw the lowest price appear on the resale platform, TickPick, at $1,381, compared with $3,261 prior to the United States' elimination. 

At the same time, the price of the England-Norway game in Miami Gardens was reduced to $2,049 from $3,866 a week ago when England advanced to the quarter-finals, and the Argentina-Switzerland game in Kansas City was cut to $1,142 from $2,381 before England made it to the quarter-finals.

Casual fans have changed the way they decide to attend tournaments based on the changing economics of ticket sales. Outside of the gates of SoFi Stadium, 65-year-old Riverside, Calif. resident Jake van Baarsel said he wasn't originally set on going to games, but that when prices dropped two days prior he made it his decision.

The mismatch between the price of the knockout rounds resale and the premium price of the final is just a classic example of the economics of big sporting events: early round interest wanes as soon as the home nations are knocked out of the tournament. 

The final cost — from a category-two seat for $7,380 up to a hospitality package that can fetch more than $34,000 from football fans around the world — is a testament to the real scarcity at the marquee game and the tournament organisers' ability to segment demand by global fans' spending power.

FIFA Puts 1,200 World Cup Final Tickets on Sale

The changes to the Pathway Student Visa are coming to New Zealand, and they're going big, with increases in flexibility for international students changing study disciplines and staying in English language preparation without applying for a new visa.

The changes were announced on Thursday by Immigration New Zealand, which said the “International Education Going for Growth” programme was designed to offer students some course choice flexibility, more study-pathway options and extra time to improve their English language skills. 

What are the Changes

The issue of rigidity that long plagued students whose academic pursuits change after their enrolment is the thrust of the core reform. Previously visa conditions listed both the qualification and the discipline (e.g. Bachelor of Science at a specific university) and a student wishing to change to another discipline (e.g. Bachelor of Arts) would need to apply for a new student visa.

The visa will indicate the type of qualification only and the education provider and the student will not need to get a new visa to change their field of study, subject to approval by the education provider.

There has also been a significant expansion of the English-language provision. Some new visa holders enrolled in higher levels of study will also have increased the length of time they can study English before beginning their next qualification from 20 to 30 weeks.

Who will Benefits

The changes have a specific transition point in mind. The change is particularly significant for Year 12 and 13 students and teenage children of work-visa holders, as they will only be asked to identify the level of qualification and the education provider they want to study with, not an exact tertiary course before enrolling.

The list of programmes eligible has also been expanded. The Pathway Student Visa has been expanded to allow for study pathways within NZQCF levels 1-4 (English language study, foundation programmes or vocational certificate programmes) as well as progression to NZQCF level 5 including a degree.

The Broader Policy Context

The reform is part of a broader trend of New Zealand's international education offering being recalibrated. The updated policy is reflective of the internationally emerging approach that governments recognise that longer, more seamless educational pathways – from language preparation through to secondary school studies and university – are in the best interests of students.

The change can also spur new institutional arrangements among education providers. The updated framework could help promote greater partnerships between English language schools, secondary schools, vocational schools and universities, leading to smoother progression from language school to academic studies.

An Assessment

The reform does not change the substantive conditions for a New Zealand study visa (genuineness of intent, financial capacity and provider accreditation) that determine who is eligible to apply for a study visa in the first place.

The value it has will be mainly for the students, many of whom are from India, whose academic plans change upon their arrival and who otherwise would have to go through the process of a new visa application every time.

The changes to the Pathway Student Visa are coming to New Zealand, and they're going big, with increases in flexibility for international students changing study disciplines and staying in English language preparation without applying for a new visa.

The changes were announced on Thursday by Immigration New Zealand, which said the “International Education Going for Growth” programme was designed to offer students some course choice flexibility, more study-pathway options and extra time to improve their English language skills. 

The issue of rigidity that long plagued students whose academic pursuits change after their enrolment is the thrust of the core reform. Previously visa conditions listed both the qualification and the discipline (e.g. Bachelor of Science at a specific university) and a student wishing to change to another discipline (e.g. Bachelor of Arts) would need to apply for a new student visa.

The visa will indicate the type of qualification only and the education provider and the student will not need to get a new visa to change their field of study, subject to approval by the education provider.

There has also been a significant expansion of the English-language provision. Some new visa holders enrolled in higher levels of study will also have increased the length of time they can study English before beginning their next qualification from 20 to 30 weeks.

The changes have a specific transition point in mind. The change is particularly significant for Year 12 and 13 students and teenage children of work-visa holders, as they will only be asked to identify the level of qualification and the education provider they want to study with, not an exact tertiary course before enrolling.

The list of programmes eligible has also been expanded. The Pathway Student Visa has been expanded to allow for study pathways within NZQCF levels 1-4 (English language study, foundation programmes or vocational certificate programmes) as well as progression to NZQCF level 5 including a degree.

The reform is part of a broader trend of New Zealand's international education offering being recalibrated. The updated policy is reflective of the internationally emerging approach that governments recognise that longer, more seamless educational pathways – from language preparation through to secondary school studies and university – are in the best interests of students.

The change can also spur new institutional arrangements among education providers. The updated framework could help promote greater partnerships between English language schools, secondary schools, vocational schools and universities, leading to smoother progression from language school to academic studies.

The reform does not change the substantive conditions for a New Zealand study visa (genuineness of intent, financial capacity and provider accreditation) that determine who is eligible to apply for a study visa in the first place.

The value it has will be mainly for the students, many of whom are from India, whose academic plans change upon their arrival and who otherwise would have to go through the process of a new visa application every time.

New Zealand Simplifies Student Visa From July 20

The Naveen Jindal Group has entered into a formal pact with the Jharkhand government to inject over ₹70,000 crore in the steel, nuclear energy and renewable energy businesses in one of the biggest proposed private investments in the state in recent years.

The Group signed a Memorandum of Understanding with the Jharkhand government stating that the investment was a reflection of the company's faith in the future of Jharkhand and its people. 

The total investment proposed is of ₹40,000 crore in steel industry, ₹30,000 crore in nuclear power and approximate ₹650 crore in solar power projects, the company has said. 

The Steel Component

The heart of the proposal is a large new manufacturing plant. One of the major initiatives is the establishment of a 6 million tonne per annum integrated steel plant at Patratu, where Jindal Steel will be using cutting-edge and low emission technologies to manufacture high quality steel for infrastructure, transport, defence and green energy industries. 

The Nuclear Ambitions

The scale of the nuclear component is important, so is its regulatory context. The Group has recommended a nuclear power project of 1,400 MW capacity to the Government of Jharkhand for consideration and approval for providing clean energy and stable baseload power to the industries and the region of the state, subject to statutory and regulatory approval. 

The plant is likely to be a key project in the Sustainable Harnessing and Advancement of Nuclear Energy for Transforming India (SHANTI) Bill, 2025, which revamps India's nuclear regime to include the private sector in the construction of nuclear plants — although all legal and safety hurdles have yet to be cleared.

Economic Multiplier related to employment

The combined investments are expected to create significant job growth at the state level. The investments will create approximately 11,000 direct jobs and more than 50,000 indirect jobs, which will have a positive impact on youth employment in the State. 

Beyond the direct economic impact, officials also highlight spillover benefits, which has an indirect impact on the economy, expecting the projects to boost logistics, MSMEs and local entrepreneurship in the region.

Context: A Wider Investment Wave

The Jindal deal is part of a series of recent moves by Jharkhand to make itself a hub for the industrial corridor after chief minister Hemant Soren's investment promotion efforts abroad. 

Industrial groups such as Tata Steel and the Naveen Jindal Group have expressed their interest in investing in steel, power, integrated manufacturing and cement, including ₹11,000 crore by Tata and ₹70,000 crore by the Jindal group. 

The Road Ahead

MoU demonstrates good corporate intent, but the nuclear part is particularly still dependent on regulatory approvals, which may take years to be realised. 

The proposed steel and clean energy projects are a step towards the industrial value chain for Jharkhand, which has long been focused on mining and extraction rather than value-added production, and which could lead to more skilled jobs and long-term capital formation, if the necessary approvals and financing are delivered on time.

The Naveen Jindal Group has entered into a formal pact with the Jharkhand government to inject over ₹70,000 crore in the steel, nuclear energy and renewable energy businesses in one of the biggest proposed private investments in the state in recent years.

The Group signed a Memorandum of Understanding with the Jharkhand government stating that the investment was a reflection of the company's faith in the future of Jharkhand and its people. 

The total investment proposed is of ₹40,000 crore in steel industry, ₹30,000 crore in nuclear power and approximate ₹650 crore in solar power projects, the company has said. 

The heart of the proposal is a large new manufacturing plant. One of the major initiatives is the establishment of a 6 million tonne per annum integrated steel plant at Patratu, where Jindal Steel will be using cutting-edge and low emission technologies to manufacture high quality steel for infrastructure, transport, defence and green energy industries. 

The scale of the nuclear component is important, so is its regulatory context. The Group has recommended a nuclear power project of 1,400 MW capacity to the Government of Jharkhand for consideration and approval for providing clean energy and stable baseload power to the industries and the region of the state, subject to statutory and regulatory approval. 

The plant is likely to be a key project in the Sustainable Harnessing and Advancement of Nuclear Energy for Transforming India (SHANTI) Bill, 2025, which revamps India's nuclear regime to include the private sector in the construction of nuclear plants — although all legal and safety hurdles have yet to be cleared.

Economic Multiplier related to employment

The combined investments are expected to create significant job growth at the state level. The investments will create approximately 11,000 direct jobs and more than 50,000 indirect jobs, which will have a positive impact on youth employment in the State. 

Beyond the direct economic impact, officials also highlight spillover benefits, which has an indirect impact on the economy, expecting the projects to boost logistics, MSMEs and local entrepreneurship in the region.

The Jindal deal is part of a series of recent moves by Jharkhand to make itself a hub for the industrial corridor after chief minister Hemant Soren's investment promotion efforts abroad. 

Industrial groups such as Tata Steel and the Naveen Jindal Group have expressed their interest in investing in steel, power, integrated manufacturing and cement, including ₹11,000 crore by Tata and ₹70,000 crore by the Jindal group. 

MoU demonstrates good corporate intent, but the nuclear part is particularly still dependent on regulatory approvals, which may take years to be realised. 

The proposed steel and clean energy projects are a step towards the industrial value chain for Jharkhand, which has long been focused on mining and extraction rather than value-added production, and which could lead to more skilled jobs and long-term capital formation, if the necessary approvals and financing are delivered on time.

Mojtaba Khamenei Vows Revenge For Father

The Message

An Unusual Succession

The Funeral and Its Symbolism

Regional Implications

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