Hyderabad: Food Safety and Standards Authority of India (FSSAI) said on Thursday it had ordered nationwide testing and inspections at all companies making spice mixes, widening a crackdown on the sector as global regulators investigate contamination issues with two popular local brands.
Hong Kong last month suspended sales of three spice blends made by India's MDH and an Everest spice mix for fish curry. Singapore ordered a recall of the same Everest mix as well, flagging high levels of ethylene oxide, which is unfit for human consumption and a cancer risk with long exposure.  MDH and Everest products are hugely popular in India and also sold in Europe, Asia and North America, and the companies have said they are safe. Still, US and Australian food authorities said they are gathering more information on the matter, and India had already ordered testing of the two brands' products.
FSSAI has now ordered officials to conduct "extensive inspections, sampling and testing at all the manufacturing units", for powdered spices, with a focus on those making curry powders and mixed spice blends for local and foreign sales.  "Each of the product sampled will be analysed for the compliance with quality and safety parameters," the Food Safety and Standards Authority of India said in a statement.  The agency added checks would also be made for any presence of ethylene oxide, whose use is banned in India, and "appropriate actions will be initiated as fit" after testing was completed.  India is the world's biggest exporter, producer and consumer of spices, and its domestic market for the products was valued at Rs 87,102 crore ($10.44 billion) in 2022, according to Zion Market Research.  Beyond MDH and Everest, other major manufacturers include Madhusudan Masala, NHC Foods and consumer giants Tata Consumer Products and ITC.
—Reuters

FSSAI orders nationwide testing and inspections of spice mix manufacturers after contamination concerns with MDH and Everest brands.

FSSAI widens spices crackdown with nationwide checks on all manufacturers

New Delhi (The Hawk): India is showcasing its innovative technologies and power generation practices, at the 26th World Energy Congress, being held in Rotterdam, Netherlands, from 22nd April, 2024 to 25th April, 2024. A large room with a few peopleDescription automatically generated with medium confidence The India Pavilion at the Congress aims to be a hub for showcasing innovative technologies and power generation practices, reinforcing India's commitment to environmental conservation on the global stage. Central Public Sector Enterprises under the Ministry of Power, Ministry of New &amp; Renewable Energy, Ministry of Coal and Ministry of Petroleum &amp; Natural Gas are participating in the India Pavilion, giving a collective testimony to India’s leadership in global energy transition. A booth with a sign and a plantDescription automatically generated with medium confidence The Pavilion has been jointly inaugurated by Secretary, Ministry of Power, Government of India, Shri Pankaj Agarwal and Ambassador of India to the Netherlands Mrs. Reenat Sandhu, on 22nd April, 2024. A group of people cutting a red ribbonDescription automatically generated Additional Secretary, Ministry of Power, Shri Srikant Nagulapalli and CMDs and other senior officials of participating organizations such as NTPC, POWERGRID, PFC, REC, NHPC, SECI, IREDA, ONGC, and World Energy Council India were also present at the inauguration. Visit of Deputy Prime Minister, Kingdom of Netherlands Deputy Prime Minister and Minister for Climate and Energy Policy of the Netherlands, H.E. Rob Jetten, and Secretary General and CEO, World Energy Council, Dr. Angela Wilkinson visited the India Pavilion at the World Energy Congress on 22nd April, 2024, in the presence of Union Power Secretary and officials of participating organizations of the Pavilion. During the visit, the Deputy Prime Minister and the WEC Secretary General expressed keen interest in the efforts of member organizations and appreciated India’s unique efforts and progress towards energy transition. A group of men in suits talkingDescription automatically generated A group of people in suitsDescription automatically generated About 26th World Energy Congress The 26th World Energy Congress is expected to be a critical turning point for leadership on clean and inclusive energy transitions worldwide. Themed ‘Redesigning Energy for People and Planet’, the four-day gathering marks the World Energy Council’s centenary in world energy. According to the Council, the Congress seeks to explore the role of connected energy societies in driving forward global energy transitions in a world context which is less predictable, more turbulent and faster-shifting. About World Energy Council India World Energy Council India is a country member of World Energy Council (WEC), a global body established in 1923, with the aim of promoting sustainable supply and use of energy. WEC India is one of the earliest country members of World Energy Council, having joined the Council in 1924. WEC India functions under the patronage of Ministry of Power, Government of India and with the support of the Ministries of Coal, New &amp; Renewable Energy, Petroleum &amp; Natural Gas and External Affairs.

India is showcasing its innovative technologies and power generation practices, at the 26th World Energy Congress

India At World Energy Congress 2024: Power Secretary And Indian Ambassador To Netherlands Inaugurate India Pavilion

Hyderabad: Indian manufacturer Everest Food Products said on Tuesday its spices were safe for consumption after Singapore authorities asked an importer to recall a product for inspection, following a sales ban in Hong Kong, which warned of a cancer risk.
Everest's spice mixes are exported to countries across Asia, Africa, Europe and the Middle East, but Indian food authorities ordered quality checks on Monday following regulatory action in Hong Kong and Singapore.  "Exports are cleared only after receiving necessary clearances and approval from the laboratories of the Spice Board of India," company director Rajiv Shah said in a statement, adding its products were safe and ruling out need for concern.  Singapore had held only one of 60 Everest products for examination, he said.
The item prompting regulators' action was the company's fish curry masala, alleged to contain high levels of a cancer-causing pesticide.  Hong Kong also halted sales this month of three spice blends from another popular company, MDH, which faces similar quality checks in India, Reuters reported.  The companies are in the spotlight after authorities in Hong Kong and Singapore said this month some of their products allegedly contained high levels of ethylene oxide, which is unfit for human consumption, with long exposure a cancer risk.  "Consumers who have purchased the implicated product are advised not to consume it," Singapore's food agency said on April 18 about Everest's fish curry spice mix, urging consumers to seek medical advice if worried.  Spices from both Everest and MDH have been used in home and restaurant kitchens in the subcontinent for years.
—Reuters

Everest spices declared safe despite Singapore's recall and Hong Kong's ban due to pesticide concerns. Only one product held for testing; company confirms safety compliance.

Everest says its spices are safe after regulators' warnings

New Delhi: Fintech company Razorpay on Tuesday launched its own UPI infrastructure with "UPI Switch", a cloud-based innovation in partnership with Airtel Payments Bank, and said the solution is geared to ensure smoother and faster transactions.
Boosting success rates by 4-5 per cent, the solution is designed to handle up to 10,000 transactions per second (TPS) at any given time, according to a release.
The "UPI Switch" will also enable 5 times faster access to UPI (Unified Payments Interface) innovations for businesses, it added.  "Today, Razorpay launches its own UPI infrastructure with UPI Switch, a next-generation cloud-based innovation, in partnership with Airtel Payments Bank", according to the release.  Khilan Haria, Head of Payments Product at Razorpay, said India has always been at the forefront of innovation in the digital payments ecosystem and its possibilities have compounded in the last few years, with the versatility of UPI.
"This venture into UPI infrastructure marks a strategic move to manage the end-to-end merchant experience and provide the industry's leading stack."  "With latency below 100 milliseconds, a 4-5 per cent increase in success rates, and features customised to suit business needs, our switch is crafted to enrich the payment experience and ensure that businesses can now manage the surge in UPI transactions on any sale or non-sale day," Haria said.  Ganesh Ananthanarayanan, Chief Operating Officer of Airtel Payments Bank, said the integration with Razorpay's UPI Switch, a cloud-based infrastructure for the most advanced UPI Stack, ensures 99.99 per cent uptime and enables up to 10,000 transactions per second.  "As UPI transactions continue to surge, our collaboration sets a new standard for business payments, aligning perfectly with the vision of a digital India," Ananthanarayanan said.
—PTI

Razorpay's new "UPI Switch" – a cloud-based UPI platform developed with Airtel Payments Bank, ensuring faster transactions and a 5x quicker access to UPI innovations.

Razorpay announces 'UPI Switch' in partnership with Airtel Payments Bank

New Delhi: Spices Board of India on Monday said that it is looking into the ban imposed by Hong Kong and Singapore on the sale of four spices-mix products of Indian brands MDH and Everest, which allegedly contain pesticide 'ethylene oxide' beyond permissible limits.
While the food safety regulator of Hong Kong has asked consumers not to buy these products and traders not to sell, the Singapore Food Agency has directed a recall of the products.  "We are looking into the matter. We are at it," Spices Board of India Director A B Rema Shree told PTI.  The companies could not be contacted immediately.  In its April 5 statement, the Hong Kong's Center for Food Safety (CFS) said that the samples of several kinds of pre-packaged spice-mix products of two Indian brands were found to contain a pesticide, ethylene oxide.  These products are MDH's Madras Curry Powder (Spice blend for Madras Curry), Everest Fish Curry Masala, MDH Sambhar Masala Mixed Masala Powder, MDH Curry Powder Mixed Masala Powder.
"Investigations are ongoing," CFS said.  Meanwhile, the Hong Kong Authority has directed 'members of the public should not consume the affected products. The trade should also stop using or selling the affected products immediately if they possess any of them', the statement said.  The CFS collected the samples from three retail outlets in Tsim Sha Tsui, respectively for testing under its routine Food Surveillance Programme. "The test results showed that the samples contained a pesticide, ethylene oxide," a CFS spokesperson said in a statement.  The CFS has informed the vendors concerned of the irregularities and instructed them to stop sale and remove from shelves the affected products, it added.  According to the CFS's directive, the distributors and importers concerned have initiated recalls on the affected products. CFS said that the International Agency for Research on Cancer has classified 'ethylene oxide' as a Group 1 carcinogen.  CFS said that an offender who sells food items containing pesticide residue beyond permissable limits is liable to a maximum fine of $50,000 and to imprisonment for six months upon conviction.
After Hong Kong's directive, the Singapore Food Agency (SFA) also ordered a recall of imported 'Everest Fish Curry Masala' from India and the recall is ongoing.  "The Centre for Food Safety in Hong Kong has issued a notification on the recall of Everest Fish Curry Masala from India due to the presence of ethylene oxide at levels exceeding permissible limit," SFA said in a statement last week. India is the world's largest producer, consumer and exporter of spices.  In 2022-23 fiscal, the country exported spices worth nearly Rs 32,000 crore. Chilli, cumin, spice oil and oleoresins, turmeric, curry powder and cardamom are major spices exported.
—PTI

Hong Kong and Singapore ban Indian spice products over pesticide contamination. Spices Board of India investigates as MDH and Everest face recalls.

Spices Board examining Singapore,Hong Kong ban on MDH & Everest products over quality concern

New Delhi: Oil and LNG prices are likely to shoot up if Iran is to block Strait of Hormuz, through which countries like India import crude oil from Saudi Arabia, Iraq and UAE, leading to a spike in inflation, analysts said on the Iran-Israel conflict.
The Iran and Israel conflict has escalated over the last few days. Iran first launched drone and rocket attacks on Israel, which retaliated by firing a missile.  Crude oil prices have hovered around USD 90 per barrel since the conflict.  In a note, Motilal Oswal Financial Services said while de-escalation efforts will likely control the crisis, oil and LNG prices will spike in case Iran completely or partially blocks the Strait of Hormuz.
The Strait of Hormuz is a narrow sea passage between Oman and Iran. It is about 40 km wide at the narrowest point, with 2 km of navigable channels for incoming and outgoing ships. It is the key route through which crude oil is exported by Saudi Arabia (6.3 million barrels per day), the UAE, Kuwait, Qatar, Iraq (3.3 million bpd) and Iran (1.3 million bpd).  Oil flow via the Strait was 21 million barrels per day or 21 per cent of global oil consumption in 2022. Also, about 20 per cent of global LNG trade moves through it, including almost all LNG exports from Qatar and the UAE.  Unlike oil, for which alternative routes via the Red Sea are available, no alternative routes are available for liquefied natural gas, it said.  India, which is more than 85 per cent dependent on overseas suppliers to meet its crude oil needs, imports oil from Saudi, Iraq and UAE as well as liquefied natural gas (LNG) from Qatar through the Strait of Hormuz.  In the event of blockade of the Strait, 'we anticipate materially higher crude oil prices, refining margins, and spot LNG prices', it said.  While alternative routes do exist, they may only be able to accommodate a fraction (around 7-8 million bpd of crude oil/refined products) of the volume currently passing through the Strait (21 million bpd), and that too at elevated freight costs.  "While investors focus on oil, we believe that spot LNG prices will witness even sharper escalation if the Strait of Hormuz is closed due to the absence of alternative routes," it said.  Both Saudi Arabia and the UAE have alternative export routes, which avoid the Strait. Saudi Arabia has the East-West pipeline with a capacity of 7 million bpd, according to the IEA. However, this pipeline opens up into the Red Sea, where traffic flow has already been disrupted due to attacks by Houthi rebels.  The UAE has onshore oil fields linked with Fujairah export terminal with a capacity of 1.5 million bpd; however, of this, 30-40 per cent capacity is already being utilized as per the IEA.  Hardik Shah, Director, CareEdge Ratings, said the crude prices were on an increasing trend since the start of calendar year 2024. 'In case the situation worsens between Israel and Iran, it may lead to a spike in crude prices.' 'However, India still has a decent share of supply of Russian crude which comprises 30 per cent of India's total imports by end FY24, and it should help to keep India's import bills for crude oil under check,' he said.  Moody’s Analytics in an April 15 report said the escalation of tensions in the Middle East poses a significant threat to Asia-Pacific economies. 'The key risk comes from higher oil prices'.  Higher oil prices, it said, threaten to derail the region's already choppy progress on inflation. 'Most Asia-Pacific economies are net oil importers, leaving them vulnerable to global oil spikes. Impacts vary across countries, but broadly there are three main challenges from rising oil prices.  "First, they add to inflation through higher energy and fuel costs. Second, they add to the cost of production and overall transport costs, lifting prices on everything from food to flip-flops. The risk of higher food costs, via higher fertilizer, transport and seed costs, is especially worrisome because in much of Asia, it is stubbornly high food price inflation that keeps top-line consumer price indexes from retreating to central bank target ranges." Third, higher oil prices can push up inflation expectations, making the job of central banks even harder, it said.
—PTI

Amid the Iran-Israel conflict, potential blockades at the Strait of Hormuz threaten to spike oil and LNG prices, posing severe economic risks globally.

Iran-Israel conflict: Oil, LNG prices to shoot up if Tehran blocks Strait of Hormuz

New Delhi (The Hawk): Indian Renewable Energy Development Agency Ltd. (IREDA) has opened an office in GIFT City, Gandhinagar, which will specialize in providing debt options denominated in foreign currencies. This will facilitate natural hedging and significantly reduce the financing costs for Green Hydrogen and Renewable Energy Manufacturing projects. The strategic initiative which would contribute to the country's journey towards a greener future was highlighted by Chairperson &amp; Managing Director of IREDA Shri Pradip Kumar Das, during a panel discussion on “Future Growth Opportunities for Long Duration Energy Storage”, held at the World Future Energy Summit 2024 in Abu Dhabi on April 17, 2024. The IREDA CMD emphasized the critical role that energy storage will play in achieving the National Green Hydrogen Mission’s ambitious target of over 5 million metric tons per annum (MTPA) Hydrogen production by 2030. He highlighted several key priorities for advancing storage technologies. The CMD stressed the need to enhance research and development efforts to reduce cost and improve performance of energy storage solutions. He spoke of the necessity of implementing policies that strengthen the supply chain network, for achieving the successful deployment of energy storage technologies. Providing competitive and tailored financial solutions will encourage investment in energy storage projects, he added. India has taken active steps in this direction, which include the formulation of a storage requirement roadmap up to 2047, technology-agnostic storage tenders, and supportive government interventions for battery manufacturing and pumped storage hydropower projects. The Central Electricity Authority of India projects a storage requirement of nearly 400 gigawatt-hours (GWh) by 2030-32, with an estimated investment exceeding Rs. 3.5 lakh crores. IREDA has been at the forefront of renewable energy financing through the provision of innovative products for emerging technologies at competitive rates and is committed to support the deployment of energy storage technologies in India.

Indian Renewable Energy Development Agency Ltd. (IREDA) has opened an office in GIFT City, Gandhinagar

IREDA's GIFT City Office To Boost Green Hydrogen And Renewable Energy Manufacturing Projects

Washington DC: US Trade Representative Katherine Tai said on Tuesday that India's decision to remove retaliatory tariffs on several US products has improved access to chickpeas, lentils, almonds, walnuts, and apples and is benefiting farmers across the country. In her testimony before the House Ways and Means Committee Hearing on the President's 2024 Trade Policy Agenda, Tai mentioned that India and the US resolved the final outstanding WTO dispute in September last year, and India agreed to reduce tariffs on several US products. "Last June, India and the United States terminated six WTO disputes, and India agreed to remove retaliatory tariffs on several US products. This means improved access for chickpeas, lentils, almonds, walnuts, and apples, benefiting farmers across the country, including in Michigan, Oregon, and Washington," Katherine Tai said. "Additionally, in September, India and the United States resolved our final outstanding WTO dispute, and India agreed to reduce tariffs on several US products. This means more market access for turkey, duck, blueberries, and cranberries, benefiting farmers in North Carolina, Pennsylvania, Virginia, and Wisconsin," she added. Earlier in September, Katherine Tai announced that India and the US had agreed to resolve their last outstanding dispute at the World Trade Organisation (WTO) and lower tariffs on certain US agricultural products, including frozen turkey, frozen duck, fresh blueberries, and cranberries, frozen blueberries, and cranberries, dried blueberries, and cranberries, and processed blueberries and cranberries. The announcement came as US President Joe Biden met with Prime Minister Narendra Modi on September 8 in New Delhi ahead of the G20 Leaders' Summit. The joint statement released by India and the US after the meeting between the two leaders said, "The leaders lauded the settlement of the seventh and last outstanding World Trade Organisation (WTO) dispute between India and the United States." Notably, the six disputes in the WTO were resolved during PM Modi's state visit to the US in June. India also agreed to reduce tariffs on certain US products, including chickpeas, lentils, almonds, walnuts, apples, boric acid, and diagnostic reagents. —ANI

US Trade Representative Katherine Tai said on Tuesday that India's decision to remove retaliatory tariffs on several US products

India's Tariff Removal On Several US Products Benefiting Farmers: Katherine Tai

New Delhi: Foreign portfolio investors (FPIs) continued to remain net buyers for the third month in April in Indian stock markets. So far in the month, they bought stocks worth Rs 13,347 crore in India, National Securities Depository Limited (NSDL) data showed. Foreign Portfolio Investment (FPI) involves an investor buying foreign financial assets.
FPIs had aggressively sold Indian stocks and turned net sellers in the Indian equity market in January 2024, before turning net buyers thereafter. "A major concern is the surcharged geopolitical situation in the Middle East with heightened tensions between Iran and Israel. These will keep the markets on tenterhooks in the near-term," said VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, on the FPI outlook. In March, they bought stocks worth Rs 35,098 crore. Firm GDP growth forecasts, inflation at manageable levels, political stability at the central government level and signs that the central bank is done tightening its monetary policy have all contributed to painting a bright picture for the Indian economy.  India's GDP grew at a massive 8.4 per cent during the October-December quarter of the financial year 2023-24, and the country continued to remain the fastest-growing major economy. The foreign portfolio sold aggressively in January after making a beeline to accumulate domestic stocks during the prior two months-- November and December. In December, they accumulated stocks worth Rs 66,135 crore. In November, the FPI inflow was Rs 9,001 crore, NSDL data showed. To put it into context, the entire year saw an inflow of about Rs 171,107 crore, and notably, over one-third of it came in December. The strong inflow of funds from foreign portfolio investors (FPIs) had then supported the benchmark stock indices to march towards all-time highs. Before November, FPI participation in Indian stocks was lukewarm, and they had turned net sellers. They sold Rs 14,768 crore and Rs 24,548 crore in September and October, respectively. Before that, FPIs bought Indian stocks worth Rs 7,936 crore, Rs 11,631 crore, Rs 43,838 crore, Rs 47,148 crore, Rs 46,618 crore, and Rs 12,262 crore in March, April, May, June, July, and August respectively, data showed.
—ANI

Explore how Foreign Portfolio Investors remain net buyers in Indian markets amidst geopolitical tensions. Analyze FPI data, GDP forecasts, and economic outlook.

FPIs bought Rs 13,347 crore worth India stocks so far in April

New Delhi: LIC, the state-owned insurance behemoth, has seen a 59 per cent rise in value of its investments in Adani group companies in 2023-24 fiscal year after the conglomerate made a smart recovery since being hammered by a damning short seller report.
The value of LIC's investment in seven Adani group companies has soared from Rs 38,471 crore as on March 31, 2023, to Rs 61,210 crore on March 31, 2024, registering an increase of Rs 22,378 crore, according to stock exchange data.  Last year, the insurance giant faced intense scrutiny over its decision to invest in the Adani group amidst a political slugfest after allegations of stock manipulation fuelled by Hindenburg report.  Adani group denied any wrongdoing.  Adani Group's stocks, which at lowest point took a beating of about USD 150 billion, have staged a remarkable comeback, fueled by robust profit growth across its diverse businesses.  Facing political pressure, LIC strategically reduced its exposure to two of the group's flagship companies - Adani Ports &amp; SEZ and Adani Enterprises -- only to witness their shares surge by an impressive 83 per cent and 68.4 per cent, respectively.
Despite trimming its ownership, LIC investments saw a 59 per cent surge in value in FY24, according to stock exchange data.  While the domestic investor faced pressure, overseas investors wasted no time seizing the opportunity, with heavyweights like the Qatar Investment Authority, Abu Dhabi based IHC, French giant TotalEnergies, and US based GQG Investment, collectively pouring close to Rs 45,000 crore into Adani stocks.  The value of LIC's investment in Adani Enterprise Ltd soared from Rs 8,495.31 crore as on March 31, 2023, to Rs 14,305.53 crore a year later, the data showed.  The same in Adani Ports and SEZ rose from Rs 12,450.09 crore to Rs 22,776.89 crore as on March 31, 2024.  LIC's investment in Adani Green Energy Ltd saw the biggest rise with value more than doubling to Rs 3,937.62 crore in one year.  The insurer also saw value appreciation of its investments in Adani Total Gas Ltd, Ambuja Cements and ACC.  In the year since Hindenburg report, Adani has cemented its status as India's premier and leading infrastructure conglomerate, with a laser focus on spearheading the nation's green energy transition alongside a formidable presence in critical sectors such as airports, ports, data centres, and roads.
—PTI

LIC's investment in Adani Group surges 59% in FY24, highlighting robust growth and strategic market resilience despite challenges.

LIC sees 59% jump in value of investments in Adani stocks

New Delhi: The BJP, in its Lok Sabha manifesto, promised to achieve energy independence for India by 2047, by which it aims to make the country a developed country. The party's election manifesto released on Sunday asserted that it would reduce petroleum imports through a mix of electric mobility, network of charging stations, renewable energy production and improving energy efficiency.
About 85 per cent of India's crude oil requirements are met by imports, with the price of crude in the international market being the benchmark. Switching to other sources is seen as an avenue to reduce the dependence on imported fuel. The party manifesto said it will enable homes across India to run devices like electric stoves, fan, AC, TV among others and also enable EV charging through solar energy. The government, in its latest interim budget, announced a rooftop solar scheme -- PM Surya Ghar: Muft Bijli Yojana, with an investment of over Rs 75,000 crores, aiming to light up 1 crore households by providing up to 300 units of free electricity every month.  Also Read: <a href="https://www.thehawk.in/posts/lok-sabha-polls:-bjp-manifesto-focuses-on-ucc-implementation-maintaining-peace-in-northeast" target="_self">https://www.thehawk.in/posts/lok-sabha-polls:-bjp-manifesto-focuses-on-ucc-implementation-maintaining-peace-in-northeast</a>&nbsp;
Among other plans that would help fulfil the BJP's energy independence dream are increasing ethanol in fuel, expanding nuclear energy, developing battery energy storage system infrastructure, and increasing green hydrogen production. "We will further increase ethanol blending in petrol to mitigate environmental degradation while providing additional income to farmers," the manifesto read. At present, 44 per cent of India's electricity generation capacity is from non-fossil fuel sources. "We will continue on this path and increase the share of non-fossil fuel sources in line with Panchamrit. We will work towards achieving net zero emissions by 2070," said the manifesto. At COP26 held in 2021, India committed to an ambitious five-part "Panchamrit" pledge. They included reaching 500 GW of non-fossil electricity capacity, generating half of all energy requirements from renewables, to reducing emissions by 1 billion tonnes by 2030. India as a whole also aims to reduce the emissions intensity of GDP by 45 per cent. Finally, India commits to net-zero emissions by 2070.  "We will incentivise private sector investment in large-scale Battery Energy Storage Systems (BESS) infrastructure for fostering renewable energy integration, grid stability and resilience, ensuring a sustainable and reliable energy future for all," the manifesto added. The National Green Hydrogen Mission was launched on January 4, 2023 with an outlay of Rs 19,744 crores up to the financial year 2029-30. The green hydrogen mission is expected to lead to the decarbonization of industrial, transport, and energy sectors, and a reduction in dependence on imported fossil fuels, among others. "With a clear focus on green hydrogen, we will invest in expanding production, developing technologies and aim to become a major green hydrogen production hub," BJP said.
—ANI

Explore BJP's ambitious plans for India's energy future, from renewable energy to green hydrogen, aiming for net-zero emissions by 2070.

BJP promises to make India energy secure country by 2047

New Delhi: Retail inflation declined to a five-month low of 4.85 per cent in March mainly due to cooling food prices, according to official data released on Friday.
The Consumer Price Index (CPI) based retail inflation was 5.09 per cent in February and 5.66 per cent in March 2023. Previously, CPI-based inflation was the lowest at 4.87 per cent in October 2023.  The inflation in the food basket was at 8.52 per cent in March, down from 8.66 per cent in February, according to the data released by the National Statistical Office (NSO).
The government has tasked the Reserve Bank to ensure inflation remains at 4 per cent, with a margin of 2 per cent on either side.  According to the Reserve Bank, which factors in consumer inflation while arriving at its bi-monthly monetary policy, food price uncertainties continue to weigh on the inflation trajectory going forward. The central bank has projected retail inflation at 4.5 per cent for the current fiscal assuming a normal monsoon.  Continuing geopolitical tensions also pose an upside risk to commodity prices and supply chains.  The RBI projected inflation at 4.9 per cent in the April-June quarter and at 3.8 per cent for the September quarter.
—PTI

March 2024's retail inflation hits a 5-month low at 4.85%, thanks to falling food prices. RBI keeps a close eye on the inflation path, aiming to maintain stability.

Retail inflation declines to 5-month low of 4.85 % in March

New Delhi: The Asian Development Bank (ADB) on Thursday raised India's GDP growth forecast for the current fiscal to 7 per cent from 6.7 per cent earlier, saying the robust growth will be driven by public and private sector investment demand and gradual improvement in consumer demand.
The 2024-25 growth estimate is, however, lower than 7.6 per cent projected for the 2022-23 fiscal. Strong investment drove GDP growth in the 2022-23 fiscal as consumption was muted, the ADB said.
The ADB had in December last year projected the Indian economy to expand 6.7 per cent in the 2024-25 fiscal.  "The economy grew robustly in fiscal 2023 with strong momentum in manufacturing and services. It will continue to grow rapidly over the forecast horizon. Growth will be driven primarily by robust investment demand and improving consumption demand. Inflation will continue its downward trend in tandem with global trends," said the April edition of the Asian Development Outlook released on Friday.  Growth will be robust despite moderating in FY2024 and FY2025, it said. For the 2025-26 fiscal, the ADB has projected India's growth at 7.2 per cent.  The ADB said exports are likely to be relatively muted this fiscal as growth in major advanced economies slows down but will improve in FY2025.  "Monetary policy is expected to remain supportive of growth as inflation abates, while fiscal policy aims for consolidation but retains support for capital investment. On balance, growth is forecast to slow to seven per cent in FY2024 but improve to 7.2 per cent in FY2025," it said.  To boost exports in the medium term, India needs greater integration into global value chains, the ADB added.  The ADB's growth forecast for FY25 is in line with the projections made by the Reserve Bank of India (RBI).  The RBI last week had said GDP growth in the current fiscal is projected at seven per cent on expectations of normal monsoon, moderating inflationary pressures and sustained momentum in manufacturing and services sectors.
—PTI

ADB raises India's GDP growth projection to 7% for 2024-25, driven by robust investment and improving consumer demand, alongside supportive fiscal and monetary policies.

ADB raises India's GDP growth forecast for FY25 to 7% on robust investment, consumer demand

New Delhi: The telecom industry is expected to take a 15-17 per cent tariff hike post general elections, according to an analyst report that termed the tariff increase in the sector as "imminent" with Airtel as the biggest beneficiary.
The general election in the world's largest democracy is scheduled to be held in seven phases between April 19 and June 1, and results will be declared on June 4.  "We expect the industry to take a 15-17 per cent tariff hike post the elections," a report by Antique Stock Broking said, as it described the tariff hike as imminent and Bharti as the biggest beneficiary.  The last hike of about 20 per cent was in December 2021, it said.  Offering a break-up of ARPU (Average Revenue Per User) for India's second largest telco, the brokerage note said Bharti's industry-leading current ARPU of Rs 208 is set to go up to Rs 286 by end of FY27.
This will be driven by a tariff hike contributing Rs 55, upgradation of 2G customers to 4G contributing Rs 10, and customer upgradation to a higher data plan (both 4G and 5G) and moving to postpaid delivering Rs 14 gain.  "We expect Bharti's subscriber base to grow at about two per cent per annum, against the industry growth of one per cent per annum," it said.  The brokerage expects Sunil Mittal-led Airtel to ride its best financial performance phase in over a decade driven by tariff hike, 2G upgradation, strong growth of enterprise and Fibre-to-the-Home, and a fall in capex post the 5G rollout, over the next three years.  "While challenges do exist as Bharti has chosen a different 5G rollout path versus key competitors, we believe it is unlikely to dent Bharti's subscriber base or growth significantly. We also believe valuations do not reflect the emerging highly positive macro telecom sector environment," it noted.  Bharti has guided for a capex of about Rs 75,000 crore over FY24-26, including the 5G rollout, it said, adding that post the rollout, the capex intensity is likely to fall significantly.
"We estimate a capex of about Rs 75,000 crore over five years starting FY27, a significant drop from about Rs 19,000-20,000 crore per annum current run-rate for the wireless business, while the total India capex including wireless, DTH, FTTH/ FWA, and Enterprise is likely to decline from the current Rs 26,500 crore per annum run rate (FY24'26) to Rs 23,000 crore per annum (ex-spectrum/ AGR payment)," it said.  The decline is "stark" as a percentage of revenue (down to 12 per cent from the current 21 per cent), given the long-term revenue growth of 10 per cent CAGR (compounded annual growth rate) primarily driven by ARPU growth that has been assumed.  The top two telecom players in India have been gaining subscriber market share over the last almost 5.5 years, at the expense of Vodafone Idea and state-owned BSNL -- the former due to its financial woes and the latter its execution troubles.  "While Vodafone Idea is down from 37.2 per cent in September 2018 to almost half at 19.3 per cent in December 2023, Bharti's market share is up from 29.4 per cent to 33 per cent during this period. Jio is the biggest gainer rising from 21.6 per cent to 39.7 per cent," it said.  Revenue market share changes are directionally similar, although the swing is lower on account of varying price changes and the 2G versus 4G mix.  "VIL was down from 35.3 per cent in 4QFY18 to 19.3 per cent in 4QFY23, while Jio was up from 24.4 per cent to 44.5 per cent and Bharti was up from 28.7 per cent to 35.8 per cent," the note by Antique Stock Broking said, outlining that while there has been some consolidation so far, yet there is no let-up in the competitive intensity.
—PTI

Expected post-election telecom tariff hike of 15-17% to majorly favor Airtel, boosting ARPU and solidifying market position amidst 5G advancements and reduced capital expenditures.

Telecom tariff hike imminent; expect 15-17% rise post election: Analyst report

New Delhi: Post the hike in cement prices across India, builders have opined that the trend will weaken the already slow demand for affordable houses as well as impact retail consumers, large-scale construction projects and infrastructure projects. Last week, cement majors in India announced a hike in prices in the range of Rs 10-15 per bag in North India, Rs 30-40 per bag in Central and East India, and Rs 20 per bag in the Western region.
The move comes after a prolonged period of decline in cement prices for five consecutive months due to weakened demand. Builders say hike in the prices of cement will further weaken the demand for affordable houses. "Affordable Housing has already seen a downturn. The increase in cement prices may make housing in this area unaffordable. Infrastructure contracts in future will also see a cost escalation," says Niranjan Hiranandani, Chairman, National Real Estate Development Council.  Several others in the industry feel higher cement prices will impact consumer sentiments and also impact infrastructure projects.
"The price hike will affect retail consumers, large-scale construction projects and infrastructure projects. The factors contributing to the recent price hike include the rising costs of raw materials, power, transportation, and the increased demand for cement" says Jatin Shah, Chief Technical Officer of Project Management and MD, Technical Advisory Services, Colliers India. Shah further said that "Builders may need to reassess their budgets since every 10 rupee increase in cement price has an impact of 4 to 5 rupees on the construction cost. As such, they need to build in this as a factor into their project estimates or sale price".  India is the second-largest producer of cement in the world and it accounts for more than 8 per cent of the global installed capacity. As per Crisil Ratings, the Indian cement industry has added nearly 80 million tonnes (MT) capacity in FY24, the highest in the last 10 years. Driven by increased spending on housing and infrastructure activities, cement consumption is expected to reach 450.78 million tonnes by the end of FY27. The ramifications of the price increase will be felt throughout the construction sector, impacting retail consumers, large-scale construction projects, and infrastructure initiatives alike.
Experts say various factors have contributed to the recent escalation in cement prices. These include the rising costs of raw materials, power, and transportation, coupled with an increased demand for cement in the market. The abrupt price hike in cement, a fundamental component of construction activities, underscores the challenges faced by the industry amidst evolving market dynamics. Builders and stakeholders are now tasked with navigating these price fluctuations while ensuring the continuity and viability of ongoing and future projects.&nbsp;
—ANI

Cement price surges in India threaten affordable housing and infrastructure, raising concerns in the construction industry over increased costs and weakening demand.

Cement price hikes to pose challenge to affordable housing: Experts

Hong Kong: A Tesla Inc founder and former chief executive, Martin Eberhard, said on Tuesday it was a "shame" to hear that the company was scrapping its low-cost car plans amid fierce competition in China.
Eberhard was speaking at the HSBC Global Investment Summit in Hong Kong. Reuters reported on Friday that Tesla was cancelling its long-promised inexpensive car that investors had been counting on to drive its growth.
—Reuters

Tesla's founder, Martin Eberhard, calls the cancellation of the budget-friendly car a "shame" amidst China's intense market competition, affecting growth prospects.

Former Tesla CEO Eberhard says 'shame' company is cancelling low-cost car plans

Mumbai: Benchmark equity indices continued their record-breaking rally on Tuesday, with the BSE Sensex breaching the historic 75,000-mark for the first time ever in early trade and the Nifty climbing to its fresh new record peak.
Buying in IT stocks contributed the most to the markets rally in early trade.  The 30-share BSE Sensex climbed 381.78 points to reach its all-time peak of 75,124.28. The NSE Nifty advanced 99 points to hit its record peak of 22,765.30.  From the Sensex basket, Infosys, Tech Mahindra, Tata Consultancy Services, HCL Technologies, Tata Motors, Wipro, ICICI Bank and Nestle were the major gainers.  JSW Steel, Kotak Mahindra Bank, Reliance Industries and Larsen &amp; Toubro were among the laggards.  In Asian markets, Tokyo and Hong Kong were trading in the positive territory while Seoul and Shanghai quoted lower.
Wall Street ended on a mixed note on Monday.  Foreign Institutional Investors (FIIs) offloaded equities worth Rs 684.68 crore on Monday, according to exchange data.  Global oil benchmark Brent crude climbed 0.19 per cent to $90.55 a barrel.  "The new records set by the market yesterday confirm the bullish market undertone. A healthy and desirable trend in the market movement yesterday was the outperformance of the largecaps. This trend is likely to continue," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.  The BSE benchmark jumped 494.28 points or 0.67 per cent to settle at a new closing peak of 74,742.50 on Monday. The NSE Nifty climbed 152.60 points or 0.68 per cent to 22,666.30.
—PTI

Equity markets hit new heights with Sensex crossing 75,000 and Nifty reaching record peaks, fueled by a surge in IT stocks and positive global cues.

In a first, Sensex breaches 75,000-mark; Nifty hits fresh peak

Dehradun (The Hawk): In the sprawling tapestry of India's landscape, from the sun-kissed fields of Gujarat to the vibrant streets of Madhya Pradesh, a solar revolution is underway, ignited by Prime Minister Narendra Modi's visionary leadership. Across the nation, from the bustling metropolises to the far-flung corners of rural India, the Prime Minister's Suryodaya Yojana is illuminating the path to a sustainable future. With the ambitious goal of installing solar energy systems on one crore homes, this initiative is empowering households to harness the power of the sun, reducing reliance on conventional electricity and ushering in a new era of energy independence. Prime Minister Narendra Modi has launched the Prime Minister's Suryodaya Yojana just ahead of the announcement of Lok Sabha election dates. The objective of this scheme is to establish solar energy systems on the roofs of one crore homes in the country. The aim is to enable Indian households to generate electricity from renewable energy sources, specifically utilizing solar power. Utilizing electricity generated from sunlight can significantly reduce the daily consumption of conventional electricity in everyday life, bringing a measure of control over its usage. According to experts, this innovative initiative by the Modi government is poised to establish 40 gigawatts of solar rooftop capacity in the country, positioning India as a prominent exporter of renewable energy on the global stage.It's needless to mention that India is a tropical country, stretching from 6.7 degrees north latitude to 37.4 degrees north latitude. The Tropic of Cancer directly intersects eight states of India, ensuring abundant solar radiation throughout the year. Solar radiation over India indicates that most parts of the country receive solar radiation ranging from 4 to 7 kilowatt-hours per square meter per day, with approximately 250-300 sunny days annually. If we aggregate this over a year, it amounts to roughly 5 trillion kilowatt-hours of solar energy on Indian territory. According to data from the National Institute of Solar Energy, India possesses a solar energy capacity of around 748 gigawatts. Harnessing this energy through solar panels can meet the increasing demand for energy among the populace. From a geographical perspective, India is the seventh-largest country in the world, covering a total area of 3,287,263 square kilometers. As per the Barren Land Atlas 2019 published by the Ministry of Rural Development, the total barren land in the country is approximately 557,665 square kilometers. This land could be utilized for installing solar panels, enabling the generation of significant electricity from solar energy. In conclusion, India's geographical location and land resources make it abundantly suitable for harnessing solar energy, which can play a crucial role in meeting the nation's growing energy needs. A report released by the Council on Energy, Environment, and Water suggests that India has the potential to generate 637 gigawatts of solar energy from the rooftops of 25 crore households. This calculation underscores India's status as a solar-rich nation from a geographical perspective. Over the past decades, various government initiatives have substantially boosted solar energy production, increasing it nearly thirtyfold. India launched its National Solar Mission under its National Action Plan on Climate Change on January 11, 2010. The aim of this mission is to combat the emerging energy challenges facing the country. It endeavors to rapidly proliferate solar technologies across India. India is committed to achieving its nationally determined targets, as pledged during COP-28, aiming to procure 50 percent of its total installed electric capacity from non-fossil sources by 2030. Expanding and developing solar energy is vital in meeting this target, and the Indian government has implemented numerous schemes to intensify solar energy production. These include provisions for 100 percent automatic foreign direct investment, solar park initiatives, production-linked incentives for domestic solar cell manufacturing, and grid-connected solar photovoltaic projects, among others. Thanks to the effective implementation of these initiatives, India's total solar energy capacity has now reached up to 70 gigawatts. According to the Global Status Report 2023 released by the Ministry of New and Renewable Energy, India currently ranks fifth globally in terms of deploying solar panels. On January 11, 2010, the Indian government initiated the Jawaharlal Nehru National Solar Mission under the National Action Plan on Climate Change. Its objective was to increase India's solar energy capacity to 20 gigawatts by 2022. This mission proved successful, and by 2020, the country had increased its installed solar energy capacity to 34 gigawatts. Indeed, solar photovoltaic cells play a pivotal role in the utilization of solar energy. Harnessing these cells enables the conversion of solar energy into electrical energy, facilitating its transmission to the grid. The initiation of the Production-Linked Incentive (PLI) scheme by the Indian government aimed at reducing the expenditure of foreign currency on the import of solar panels, thereby boosting energy production. Under this scheme, subsidies are provided to entrepreneurs engaged in manufacturing solar panels or any related equipment at the domestic level. Significant progress can be observed in India's solar energy sector today. A major contribution to this advancement is attributed to the government's Solar Power Bank scheme. Under this initiative, the government installs solar plants on numerous hectares of land. Several solar parks have already been constructed under this scheme, with Bhadla Solar Park in Rajasthan being the largest, boasting a solar energy production capacity of 2.25 gigawatts (GW). Similarly, the Pavagada Solar Park in Karnataka has a capacity of 2.05 GW, with plans to increase it to 3 GW in the future. According to the annual review of the Ministry of New and Renewable Energy for 2022, during the period from January to October 2022, solar projects with a capacity of 832 megawatts (MW) were commissioned in various solar parks. Solar energy projects with a total capacity of over 10 GW have already been initiated in 17 parks. Apart from rooftops, solar energy can also be generated in separate fields, aiming to increase farmers' income, for which the government has introduced the PM KUSUM scheme. This scheme has boosted solar energy production in fields. The cumulative result of these government initiatives and policies led to the establishment of India's first solar village, Modhera in Gujarat, in 2022. In September 2023, Sanchi in Madhya Pradesh became the country's first solar city, while in 2018, Diu became India's first solar island. According to experts, solar energy is the most promising among all sources of naturally available energy and is considered a prime source of renewable and sustainable energy, offering an environment friendly option for electricity generation. Today, electricity is being supplied to both homes and industries at affordable rates through solar energy, leading to savings for consumers and industries alike. This availability of electricity at lower rates in industries will reduce production costs, thereby boosting exports and reducing imports.  As per the International Energy Agency's 2021 figures, India's energy consumption has been steadily increasing since 2000, with approximately 900 million citizens being provided with electricity connections in nearly two decades. The demand for energy in India is growing by 5-6% annually. It is noteworthy that 80% of India's energy requirement is met by three primary fuels: coal, oil, and solid biomass. The increasing demand for energy and reliance on fossil fuels pose a continuous challenge to India's foreign exchange reserves. Solar energy is an inexhaustible and multipurpose renewable energy source. Its development and expansion face several challenges, primarily due to the need for solar panels to harness energy from the sun. In 2023, it was observed that Indian solar power developers were importing solar cells from countries like China, Cambodia, Malaysia, Thailand, and Vietnam. Import data from January to August 2022 indicated that approximately $2.5 billion worth of solar cells were imported from foreign countries, nearly three times the previous years' figures. Indian solar power developers argue that domestically manufactured solar cells are expensive and less efficient, necessitating imports. According to experts, the issue lies not in efficiency but in the cost of Indian-made solar cells. The use of silicon wafers for solar cells, which are made from semiconductor materials, is scarce in India. Solar energy production can easily be achieved at the local level, thereby reducing transmission losses. Solar energy reduces dependency on centrally generated electricity and ensures energy security, especially in rural and remote areas. The commitment to provide electricity to every household can become a reality through solar energy. Solar energy is a particularly special source of energy economically. Experts believe that the expansion of the solar industry in India will create new jobs, thereby boosting the economy. If solar energy utilization in India is increased, it will contribute to GDP growth, potentially propelling India towards becoming a superpower. Solar energy is a versatile energy source, applicable for electricity generation, heating, and lighting. To provide electricity to remote areas in India, grids need to be established, which incur significant costs. Setting up solar plants in these areas can reduce these expenses, making electricity more affordable for villages. In the words of Mahatma Gandhi, "The future depends on what we do in the present." With visionary leadership and unwavering determination, India is poised to harness the power of the sun and illuminate the path to a greener, more prosperous tomorrow.

India's solar energy drive under PM Modi's Suryodaya Yojana aims for a sustainable future by harnessing the sun's power.

Radiant Futures: India's Solar Revolution Lights the Way Forward

Mumbai (Maharashtra): The Reserve Bank of India has proposed cash deposit in banks through Unified Payment Interface (UPI) mechanism. RBI has also proposed making UPI payments through Prepaid Payment Instruments (PPI) wallets.
Announcing the monetary policy outlook, RBI Governor Shaktikanta Das said, "Deposit of cash through Cash Deposit Machines (CDMs) is primarily being done through the use of debit cards. Given the experience gained from card-less cash withdrawal using UPI at the ATMs, it is now proposed to also facilitate deposit of cash in CDMs using UPI."
He said that the measure will enhance customer convenience and make the currency handling process at banks more efficient. "At present, UPI payments from Prepaid Payment Instruments (PPIs) can be made only by using the web or mobile app provided by the PPI issuer. It is now proposed to permit the use of third-party UPI apps for making UPI payments from PPI wallets. This will further enhance customer convenience and boost adoption of digital payments for small value transactions," Das further said.

Also Read: <a href="https://www.thehawk.in/posts/rbi-keeps-repo-rates-unchanged-at-6.5-pc-after-first-monetary-policy-meeting" target="_self">https://www.thehawk.in/posts/rbi-keeps-repo-rates-unchanged-at-6.5-pc-after-first-monetary-policy-meeting</a>&nbsp;
The RBI has also proposed making Central Bank Digital Currency (CBDC) accessible to broader sectors of customers by enabling non-bank payment system operators to offer CBDC wallets. CBDC pilots are currently in operation.
"The CBDC pilots are currently in operation with increasing number of use-cases and participating banks. It is proposed to make CBDC-Retail accessible to a broader segment of users by enabling non-bank payment system operators to offer CBDC wallets. This will also facilitate testing of the resiliency of CBDC platform to handle multi-channel transactions," the RBI Governor said. The RBI has proposed launching a mobile app for accessing the Retail Direct portal, which will increase convenience for retail investors. "The RBI Retail Direct Scheme was launched in November 2021. It is now proposed to launch a mobile app for accessing the Retail Direct portal. This will be of greater convenience to retail investors and deepen the G-sec market," Shaktikanta Das added.&nbsp;
—ANI

RBI unveils UPI mechanism for cash deposits, expands digital payments, and introduces CBDC initiatives, enhancing convenience and accessibility.

RBI proposes cash deposits through UPI; widens digital currency for retail

Mumbai (Maharashtra): The Reserve Bank of India's Monetary Policy Committee (MPC) has decided to keep the policy repo rate unchanged at 6.5 per cent as retail inflation continues to be above its target of 4 per cent. This is the seventh consecutive meeting that the MPC has maintained a status quo on the repo rate. The repo rate, is the interest rate at which banks draw funds from RBI to overcome short-term liquidity mismatches.
This is the first monetary policy statement of the current financial year 2024-25, said RBI Governor Shaktikanta Das. "It was decided by a majority of 5:1 to keep the interest rate unchanged at 6.50 per cent. Consquently the Standing Deposit Facility, the SDF rate remains at 6.25 per cent. Marginal Standing Facility (MSF) rate and the bank remain at 6.75 per cent," said Das. The MPC had maintained the status quo on policy rates and stance in its last review which was held in February 2024. RBI has also maintained the stance of 'withdrawal of accommodation'  Meanwhile, the India Meteorological Department's (IMD) recent announcement of above-normal temperatures during April-June may be a concern regarding rise in prices of vegetable, fruits and other perishable items. "The tight demand-supply situation in certain categories of pulses and the production outcome of key vegetables want close monitoring especially in the background of the forecast of above normal temperature in the coming months" said RBI Governor Shaktikanta Das. Going forward, the outlook for agriculture and rural activity appears bright, said Governor Das. The strengthening of rural demand, improvement in employment condition and is expected to boost private consumption, Das added. Monetary Policy Committee was constituted under the Reserve Bank of India Act, 1934. MPC is a six-member committee comprising three members from RBI including Governor Shaktikanta Das and three members appointed by the Central government. The three-day review meeting of the MPC that commenced on April 2 concluded today. Growth has continued to sustain its momentum surpassing all projections. headline inflation has eased. to 5.1 per cent during both January and February, he said.
—ANI

RBI maintains 6.5% repo rate for the 7th time as inflation exceeds target. With rising temperatures, vigilance on food prices urged.

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