Ahmedabad: Adani Group company Adani Green Energy has reported a 24 per cent yearly rise in its consolidated revenue from operations in the April-June quarter. The consolidated revenues were at Rs 2,528 crore as against Rs 2,045 crore registered in the same quarter of last year, data showed, as the fastest-growing renewable energy company announced financial results for the quarter ending June 2024 on Thursday. The Adani Group company's operational capacity grew by 31 per cent on a yearly basis to 10.9 GW; further increased to 11.2 GW post-wind capacity addition of 250 MW in July 2024. There were greenfield additions, including 2,000 MW of solar capacity in Khavda, 418 MW of solar capacity in Rajasthan, and 200 MW of wind capacity in Gujarat. The robust growth in revenue, EBITDA, and cash profit is primarily driven by a capacity addition of 2,618 MW over the last year, the company asserted. "We are working relentlessly towards the development of the world's largest single-location renewable energy plant of 30 GW at Khavda in Gujarat. To enable accelerated implementation, we have deployed advanced robotics technology for the installation of solar modules, significantly enhancing productivity. Additionally, we have developed an extensive local supply chain and established a sustained mobilization of human resources," said Amit Singh, CEO of Adani Green Energy, after the earnings details were made public.
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He further said Adani Green is well on track to achieve its 2030 capacity target of 50 GW, including at least 5 GW of energy storage in the form of pumped hydro. Adani Green Energy Limited is developing a 30 GW renewable energy plant on barren land at Khavda in Kutch, Gujarat, over an area of 538 sq km, after which the project would be the planet's largest power plant. Adani Green Energy Limited will invest about Rs 1.5 lakh crore for the project. Within 12 months of breaking ground, Adani Green has already operationalized the first 2 GW. It plans to add a total of 6 GW capacity in 2024-25, and Khavda will contribute a major part of this capacity. The entire 30 GW capacity will be developed in Khavda by 2029. Green energy for climate mitigation is not just a focus area for India, but globally it has gained momentum. At COP26 held in 2021, India as a whole 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, and 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.
—ANI

Adani Green Energy reports 24% revenue growth in Q1 2024, expanding capacity to 11.2 GW with new solar and wind projects, aiming for 50 GW by 2030.

Adani Green registers 24% revenue growth in April-June quarter

New Delhi: State-owned Bharat Sanchar Nigam Ltd (BSNL) has reported on-year rise in its Earnings Before Interest, Tax, Depreciation and Amortisation or EBITDA to Rs 2,164 crore for FY24, while losses narrowed to Rs 5,371 crore, Parliament was informed on Wednesday.
As a result of packages and measures by the government, BSNL/MTNL have started earning operating profits from FY 2020-21, Minister of State for Communications Pemmasani Chandra Sekhar said in a written reply in the Lok Sabha.  In line with the Atmanirbhar Bharat initiative, BSNL has placed a purchase order for 1 lakh 4G sites for deployment of indigenous 4G technology, Sekhar said, adding that the equipment is upgradable to 5G.
According to the details of last five years' performance of BSNL shared by the Minister, EBITDA stood at Rs 2,164 crore in FY24, 38.8 per cent more than a year ago.  The loss narrowed to Rs 5,371 crore in FY24, from Rs 8,161 crore in FY23.  Also Read: <a href="https://www.thehawk.in/posts/union-budget-2024-or-majority-of-taxpayers-to-have-substantial-tax-savings:-i-t-department" target="_self">https://www.thehawk.in/posts/union-budget-2024-or-majority-of-taxpayers-to-have-substantial-tax-savings:-i-t-department</a>&nbsp;
To another question on data breach in BSNL, the Minister said Indian Computer Emergency Response Team (CERT-In) reported possible intrusion and data breach at BSNL on May 20, 2024.  "The same was analysed and found that one File Transfer Protocol (FTP) server was having the data similar to the sample data shared by CERT-In. No breach into the Home Location Register (HLR) of the telecom network has been reported by the equipment manufacturer, hence no service outage in BSNL's network," he said.  However, as a remedial measure to prevent such probable breach, BSNL has taken steps, and access passwords to all similar FTP servers have been changed.  "Further, an Inter Ministerial Committee (IMC) has been constituted to conduct an audit of the telecom networks and suggest remedial measures for prevention of data breaches in the Telecom networks," Sekhar said.  The Minister further said that the government has taken various steps for the revival of BSNL and MTNL.  In 2019, the first revival package amounting to around Rs 69,000 crore brought down the operating costs of BSNL/MTNL.  In 2022, a revival package amounting to around Rs 1.64 lakh crore was given. It focused on infusing fresh capital, restructuring debt, viability gap funding for rural telephony among others.  In 2023, the government approved the allotment of 4G/5G spectrum to BSNL with a total outlay of around Rs 89,000 crore.
—PTI

BSNL's EBITDA rises to Rs 2,164 crore in FY24, losses narrow to Rs 5,371 crore. Govt packages boost profits; 1 lakh 4G sites planned, data breach addressed.

BSNL's losses narrow to Rs 5,371 crore in FY24

New Delhi: The Income Tax department on Wednesday said 'substantial tax savings' are expected for a vast majority of taxpayers due to reduction in the long term capital gains tax (LTCG) rate in the real estate sector.
The Budget has reduced tax rates on capital gains earned from sale of house properties held for long term, but has removed the indexation benefit available to taxpayers.  The LTCG has been reduced from 20 per cent with indexation benefit to 12.5 per cent without indexation for the real estate sector.
The indexation benefit allowed taxpayers to compute gains arising out of sale of capital assets after adjusting inflation.  Also Read: <a href="https://www.thehawk.in/posts/india-bloc-protests-at-parliament-over-%22discriminatory%22-union-budget" target="_self">https://www.thehawk.in/posts/india-bloc-protests-at-parliament-over-%22discriminatory%22-union-budget</a>&nbsp;
In a post on X, the income tax department said the nominal real estate returns are generally in the region of 12-16 per cent per annum, much higher than inflation.  "The indexation for inflation is in the region of 4-5 per cent, depending on the period of holding. Therefore, substantial tax savings are expected to a vast majority of such taxpayers," it said.  Giving a comparison of benefits based on the holding period of the real estate property, the I-T department said the new tax rate without indexation is beneficial in most cases.
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For property held for five years, the new regime is beneficial when property has appreciated 1.7 times or more, while for a property held for 10 years, it is beneficial when the value has increased 2.4 times or more.  For a property purchased in 2009-10, if value has increased to 4.9 times or more, it is beneficial, it said.  "From the above examples, it is clear that only where returns are low (less than about 9-11 per cent per annum) that the earlier tax rate is beneficial, but such low returns in real estate are unrealistic and rare," the I-T department said.  As per the changes brought in the 2024-25 Budget, the government has retained the indexation benefit for taxpayers on properties bought or inherited before 2001. The changes in the tax rate have been made effective from July 23, 2024.
—PTI

Income Tax department announces tax savings from LTCG rate cut in real estate. New 12.5% rate replaces 20% with indexation. Budget 2024-25 changes effective July 23.

Union Budget 2024 | Majority of taxpayers to have substantial tax savings: I-T department

New Delhi: India's path to sustainable development is fraught with challenges, as the country grapples with the twin imperatives of meeting burgeoning energy demands and reducing carbon emissions, the Economic Survey 2023-24 revealed on Monday.
Tabled in Parliament, the survey underscores the complexities of India's green transition, emphasizing the need for a diversified energy portfolio to achieve ambitious growth targets while adhering to climate commitments.  "Balancing development needs with a low-carbon pathway is a tightrope, especially when financed predominantly through domestic resources," the survey noted, highlighting the financial strain of pursuing cleaner energy alternatives.
The document stressed the critical role of non-fossil fuel sources in meeting India's Nationally Determined Contributions (NDCs) and Net Zero goals. However, it also pointed out the challenges associated with renewable energy, including intermittency issues, waste management concerns for nuclear and solar technologies, and the potential impact of biofuel production on food security.  Also Read: <a href="https://www.thehawk.in/posts/indian-economy-needs-to-generate-nearly-78.51-lakh-jobs-annually-in-the-non-farm-sector-economic-survey" target="_self">https://www.thehawk.in/posts/indian-economy-needs-to-generate-nearly-78.51-lakh-jobs-annually-in-the-non-farm-sector-economic-survey</a>&nbsp;
Acknowledging the importance of energy security, the survey advocated for a multi-pronged approach. It suggested diversification of energy sources, including renewables, nuclear, and biofuels; continued reliance on thermal power, particularly coal, to provide baseload support for renewable deployment; promotion of clean coal technologies like gasification and carbon capture, and enhanced international cooperation in R&amp;D for emerging green technologies.  The survey cautioned against over-reliance on imports, noting that while India's dependence on petroleum imports is well-known, the shift to renewable energy could lead to new vulnerabilities in the supply chains for solar panels and critical minerals.  On a positive note, the report highlighted India's significant progress in its mission-mode approach to addressing climate change. As of May 31, 2024, the share of non-fossil sources in installed electricity generation capacity has reached 45.4 per cent, putting India on track to meet its updated NDC target of 50 per cent by 2030.
The survey called for a "more balanced approach" to climate change, suggesting policymakers focus on "nearer-term policy goals of improving human welfare" rather than being "excessively preoccupied" with long-term global climate management.  While acknowledging India's achievements, the survey emphasized the need for financial support from developed countries.  With financing needs estimated at $2.5 trillion (at 2014-15 prices) for meeting NDC targets till 2030, access to finance and technology at reasonable costs is crucial to ease the resource constraints.
—PTI

Economic Survey 2023-24 highlights India's sustainable development challenges, emphasizing the need for a diversified energy portfolio to meet climate and growth targets.

Balancing growth and green goals a tightrope walk for India: Economic Survey

New Delhi: India's workforce is nearly 56.5 crore, with more than 45 per cent employed in agriculture, 11.4 per cent in manufacturing, 28.9 per cent in services, and 13.0 per cent in construction, highlights the Economic Survey 2023-24 released by the finance ministry on Monday. The survey also added that India's female labour force participation has been rising over the last six years, and the unemployment rate is on the decline, the survey highlighted improvements in Indian labour market indicators over the past six years, with the unemployment rate dropping to 3.2 per cent in 2022-23. The survey noted that employment has recovered from pandemic shocks in both urban and rural areas. It stated, "The female labour force participation rate has been rising for six years, from 23.3 per cent in 2017-18 to 37 per cent in 2022-23, driven mainly by the rising participation of rural women." Amid the government's push for the infrastructure sector, the survey stated that while the services sector remains a major job creator, the construction sector has been rising in prominence lately. To meet the demands of the employment sector amid a growing population the survey pointed out that the Indian economy needs to generate nearly 78.51 lakh jobs annually in the non-farm sector. The net payroll additions under EPFO have more than doubled in the past five years, signalling healthy growth in formal employment. On AI the survey added as artificial intelligence becomes more prevalent in various economic activities, steering technological choices towards collective welfare is crucial. Employers must balance deploying technology and labour. It suggests that agro-processing and the care economy are promising sectors for generating and sustaining quality employment.
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The increase in candidates undergoing skill development through the Government's flagship programs has highlighted the emphasis on 'Skill India.' However, regulatory obstacles such as land use restrictions, building codes, and limits on sectors and hours for women's employment hinder job creation. Removing these barriers is essential to boost employment and raise women's labour force participation rate. The survey states that the key areas of policy focus in the short to medium term include job and skill creation, tapping the full potential of the agriculture sector, addressing MSME bottlenecks, managing India's green transition, deftly dealing with the Chinese conundrum, deepening the corporate bond market, tackling inequality and improving our young population's quality of health. "The growth strategy for Amrit Kaal is predicated on six key areas. Firstly, there must be a deliberate focus on boosting private investment. Secondly, the growth and expansion of India's Mittelstand (MSMEs) is a strategic priority. Thirdly, the potential of agriculture as an engine of future growth must be recognised and policy impediments removed. Fourthly, there is a need to secure the financing of green transition in India. Fifthly, the education-employment gap must be bridged. And finally, focused building of state capacity and capability is required for sustaining and accelerating India's progress." the document reads. According to the survey, in the medium term, the Indian economy can grow at a rate of 7 per cent plus on a sustained basis if we build on the structural reforms undertaken over the last decade. This requires a tripartite compact between the Union Government, State Governments and the private sector.
—ANI

Economic Survey 2023-24: India's workforce insights, rising female participation, declining unemployment, and the need for 78.51 lakh non-farm jobs annually.

Indian economy needs to generate nearly 78.51 lakh jobs annually in the non-farm sector- Economic Survey

New Delhi: The Economic Survey 2024, tabled by Union Finance Minister Nirmala Sitharaman in the Parliament on Monday stated that despite the pandemic and geopolitical tensions, the Central Government's timely policy interventions and the Reserve Bank of India's price stability measures helped maintain retail inflation at 5.4 per cent. During FY22 and FY23, the COVID-19 pandemic, geopolitical tensions, and supply disruptions contributed to rising inflationary pressures globally. In India, consumer goods and services faced price hikes due to international conflicts and adverse weather conditions impacting food costs, the survey said. However, in FY24, the central government's timely policy interventions and the Reserve Bank of India's price stability measures helped maintain retail inflation at 5.4 per cent, the lowest level since the pandemic, it added saying that the policy interventions yielded positive results. The global energy price index experienced a sharp decline in FY24. On the other hand, the Central Government announced price cuts for LPG, petrol, and diesel. As a result, retail fuel inflation stayed low in FY24, the Survey said. In August 2023, the price of domestic LPG cylinders was reduced by Rs 200 per cylinder across all markets in India. Since then, LPG inflation has been in the deflationary zone, starting from September 2023. Similarly, in March 2024, the Central Government lowered the prices of petrol and diesel by Rs 2 per litre. Consequently, retail inflation in petrol and diesel used in vehicles also moved to the deflationary zone in March 2024. India's policy adeptly steered through challenges, ensuring price stability despite global uncertainties and the core inflation declined to a 4-years low. The decrease in retail inflation in FY24 was driven by a fall in core inflation - both goods and services. Core services inflation eased to a nine-year low in FY24; at the same time, core goods inflation also declined to a four-year low.
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In FY24, core consumer durables inflation declined due to an improved supply of key input materials to industries. This was a welcome change after the progressive increase in consumer durables inflation between FY20 and FY23. The transmission of monetary policy to core inflation was unambiguous. In response to rising inflationary pressure, the RBI has increased the repo rate gradually by 250 basis points since May 2022. Consequently, core inflation declined by around four percentage points between April 2022 and June 2024, the Survey said. The Economic Survey said that food prices are under pressure due to adverse weather conditions. Food inflation has been a global concern over the past two years. Within India, the agriculture sector faced challenges due to extreme weather events, depleted reservoirs, and crop damage, which impacted farm output and food prices. Consequently, food inflation stood at 6.6 per cent in FY23 and increased to 7.5 per cent in FY24. Unfavourable weather conditions in FY24 constrained food production. Tomato prices rose due to region-specific crop disease, early monsoon rains, and logistical disruptions. Onion prices spiked because of rainfall during the last harvest season affecting rabi onion quality, delayed sowing of Kharif onion, prolonged dry spells impacting Kharif production, and trade-related measures by other countries. However, the government took appropriate administrative actions, including dynamic stock management, open market operations, subsidised provision of essential food items and trade policy measures, which helping to mitigate food inflation, the Survey said. The Economic Survey pointed out that in FY24, most States and Union Territories witnessed decreased inflation rates, with 29 out of 36 recording rates below 6 per cent - consistent with the overall decline in all-India average retail inflation compared to FY23. States with elevated food prices tend to experience higher rural inflation due to the greater weightage of food items in the rural consumption basket. Additionally, inter-state variation in inflation is more pronounced in rural areas than urban areas, the Survey said. Besides, States experiencing higher overall inflation tend to have a wider rural-to-urban inflation gap, with rural inflation surpassing urban inflation, it added. The Economic Survey said that the RBI projects inflation to fall to 4.5 per cent in FY25 and 4.1 per cent in FY26, assuming normal monsoon and no external or policy shocks. Similarly, the IMF forecasts inflation of 4.6 per cent in 2024 and 4.2 per cent in 2025 for India. Further, the World Bank predicts declining global commodity prices in 2024 and 2025, driven by lower energy, food, and fertiliser prices. This may help bring down domestic inflation in India, it said. The Survey stated that achieving long-term price stability requires a clear forward-looking vision. Hence assessing progress in developing modern storage and processing facilities for fruits and vegetables is crucial to manage seasonal price spikes. It further stated that the medium to long-term inflation outlook will be shaped by the strengthening of price monitoring mechanisms and market intelligence as well as focused efforts to increase the domestic production of essential food items like pulses and edible oils for which India has a great degree of import dependence.
—ANI

Economic Survey 2024 highlights India's efforts in maintaining retail inflation at 5.4% through timely policy interventions and RBI measures despite global challenges.

Govt's timely interventions, RBI's measures helped maintain retail inflation at 5.4 pc: Economic Survey

New Delhi: The Federation of Indian Chambers of Commerce &amp; Industry FICCI forecasts an annual median GDP growth forecast for the year 2024-25 at 7.0 per cent. "Despite persisting headwinds, India's economic growth remains resilient, and the nation remains amongst fastest growing economies in the world," the FICCI's Economic Outlook Survey added. The industry body said that the median growth forecast for agriculture and allied activities will likely be at 3.7 per cent for 2024-25. This marks an improvement of growth of about 1.4 per cent reported in the year 2023-24. The industry body projects that the ebbing El Nino effect, with the expectation of a normal southwest monsoon is likely to bode well for agricultural production. Industry and services sector, on the other hand, are anticipated to grow by 6.7 per cent and 7.4 per cent respectively, in the current fiscal year, the FICCI said in its Economic Outlook Survey. According to the survey results, median GDP growth is estimated at 6.8 per cent and 7.2 per cent in Q1 2024-25 and Q2 2024-25 respectively. Further, the median forecast for CPI-based inflation has been put at 4.5 per cent for 2023-24, with a minimum and maximum range of 4.4 per cent and 5.0 per cent respectively, as per the report. While food prices remain sticky with inflation inching up in cereals, fruits and milk, the survey participants expect an easing of prices in the second quarter with kharif output reaching the market. The economists who were part of the report opined that a cut in the repo rate is expected only in the latter half of the current fiscal year as RBI is expected to continue with its cautious approach keeping a close watch on the inflation trajectory. The policy repo rate is forecasted to moderate to 6.0 per cent by the end of the fiscal year 2024-25 (March 2025). The economists also anticipated continuity in policy in the Union Budget 2024-25 and further momentum in reforms already being undertaken by the government. On the subject of fiscal management and expenditure, the participating economists mentioned that the government has done a deft job on the fiscal side. It is expected that such prudence will continue as it is important to ensure macroeconomic stability. According to economists, the government has an opportunity to leverage additional resources from robust tax collections and the Reserve Bank of India's dividend transfer. This fiscal headroom could be used to increase the spend on social sector schemes especially to support the rural economy. On capital expenditure, it was pointed out that the target could be increased but not much deviation was expected from the Rs 11.1 trillion figure that was indicated in the interim budget for FY2025.
—ANI

FICCI forecasts India's GDP growth at 7.0% for 2024-25, with agriculture at 3.7% and industry at 6.7%. Inflation at 4.5%. Repo rate cut expected late fiscal year.

FICCI forecasts 7.0pc annual GDP growth for India in 2024-25

New Delhi: Extending the gains accumulated over the past several weeks, Indian stock indices - Sensex and Nifty - closed at a fresh record high on Tuesday. Sensex settled at 80,716.55 points, up 0.1 per cent, while Nifty settled at 24,613.00 points, up 0.1 per cent. While broader indices closed marginally higher, sectoral indices, most of them, settled in the red. Nifty media declined the most at 1.03 per cent, while Nifty realty rose the most at 1.66 per cent, NSE data showed. The week gone by saw Indian stock markets touching fresh all-time highs. The upmove in the market was triggered by the latest moderation in US inflation, better-than-expected results in the IT space, and lack of negative market fundamentals. From here, the market is likely to see stock-specific moves this week on the back of the ongoing earning season. The market participants also digested the elevated inflation data for June, besides eyeing the much-awaited Budget to be presented on July 23. "The domestic market failed to uphold the opening gains as investor concerns about current valuations and subdued expectations for Q1FY25 earnings. With the earnings season set to fully commence this week, investors are likely to gain a broader sectoral perspective," said Vinod Nair, Head of Research, Geojit Financial Services. Sensex and Nifty have cumulatively accumulated 11-13 per cent returns so far in 2024-25. Strong buys by both foreign and domestic institutional buyers also have been supporting the stock markets. The Indian stock market will remain closed on Wednesday due to Muharram. "Technically, after an early morning intraday rally market witnessed some profit booking at higher levels. However, the short-term texture of the market is still positive," said Shrikant Chouhan, Head Equity Research, Kotak Securities.
—ANI

Sensex and Nifty closed at record highs; Sensex at 80,716.55 points, Nifty at 24,613.00 points. Broader indices higher, sectoral indices mostly in the red.

Sensex and Nifty settle Tuesday's trading at fresh record high

New Delhi: Retail inflation increased to 5.08 per cent in June as kitchen items became dearer, according to government data released on Friday.
The Consumer Price Index (CPI) based retail inflation was 4.8 per cent in May 2024 and 4.87 per cent in June 2023 (previous low).  Inflation in the food basket was 9.36 per cent in June, up from 8.69 per cent in May, according to the data released by the National Statistical Office (NSO).
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The government has tasked the Reserve Bank of India (RBI) to ensure that the CPI inflation remains at 4 per cent with a margin of 2 per cent on either side.  The RBI projected the CPI inflation for 2024-25 at 4.5 per cent, with Q1 at 4.9 per cent, Q2 at 3.8 per cent, Q3 at 4.6 per cent, and Q4 at 4.5 per cent.  The central bank mainly factors in the retail inflation while deciding its bi-monthly monetary policy.
—PTI

Retail inflation in June 2024 surged to 5.08% due to rising kitchen item prices, while food basket inflation hit 9.36%, according to NSO data.

India's retail inflation rises to 5.08% in July

New Delhi: The market capitalisation of BSE-listed firms soared to a new lifetime high of Rs 452.38 lakh crore on Friday, with investors' wealth rising Rs 1.17 lakh crore, amid a rally in equities where the Sensex hit its fresh all-time peak.
The 30-share BSE Sensex jumped 622 points or 0.78 per cent to settle at a new closing high of 80,519.34. During the day, it zoomed 996.17 points or 1.24 per cent to hit an all-time peak of 80,893.51.  Thanks to the optimism in equities, the market capitalisation (mcap) of BSE-listed firms hit a record peak of Rs 4,52,38,553.68 crore  Investors' wealth also climbed Rs 1.17 lakh crore.  "Markets were encouraged by TCS Q1 results, which triggered a massive rally in other IT stocks and drove Sensex close towards the 81,000 mark in early trades," said Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd.  Among the Sensex pack, Tata Consultancy Services climbed nearly 7 per cent after the country's largest IT services player reported 8.7 per cent growth for the June quarter net profit at Rs 12,040 crore.  Infosys, HCL Technologies, Tech Mahindra, Axis Bank, JSW Steel, Reliance Industries, Bajaj Finance and Larsen &amp; Toubro were the other major gainers.  Maruti, Asian Paints, Kotak Mahindra Bank and ICICI Bank were among the laggards.
Among the indices, IT surged 4.32 per cent, teck zoomed 3.29 per cent, energy (0.13 per cent), bankex (0.10 per cent) and services (0.06 per cent).  In contrast, realty, power, metal, utilities, auto, industrials and consumer discretionary were among the laggards.  On a weekly basis, the BSE benchmark Sensex jumped 522.74 points or 0.65 per cent, while the Nifty climbed 178.3 points or 0.73 per cent.  "We expect this momentum to continue supported by the expectation of healthy quarterly results, hope of a rate cut, and a pre-budget rally," Siddhartha Khemka, Head - Retail Research at Motilal Oswal Financial Services Ltd, said.
—PTI

BSE market cap hits Rs 452.38 lakh crore, Sensex at a record high of 80,519.34 points. Investors' wealth rises Rs 1.17 lakh crore, driven by strong IT stocks.

Mcap of BSE-listed firms hit fresh record peak; investors' wealth jumps Rs 1.17 lakh crore

Thiruvananthapuram: Kerala Chief Minister Pinarayi Vijayan welcomed the first mothership "San Fernando " at the Vizhinjam International Seaport in Kerala on Friday. Welcoming the ship, the CM highlighted that now India had entered the global map through Vizhinjam port and called it a proud moment for India. "India enters into the global map through Vizhinjam. It is a huge port among world ports. The biggest ships in the world can berth in Vizhinjam. The operation is starting through a trial run. And will start completely functioning soon. This is becoming the mother port and it is a proud moment" said CM Vijayan. He also added "Now the first phase is completing. Phase two to Phase four were scheduled to be completed by 2045. But it will be completed fully by 2028,17 years' advance" Union Minister of Ports, Shipping &amp; Waterways, Sarbananda Sonowal also attended the event as the chief guest Adani Ports MD Karan Adani was also present during the welcome ceremony by Kerala CM. The ship reached at the Vizhinjam International Seaport on Thursday. The first container ship 'San Fernando' owned by SFL Corporation Ltd and chartered by Maersk- (AP Moller Group), Denmark, reached the outer area of the port around 7 am on Thursday and berthed at the port by 9:50 am. It was welcomed with a water salute. The San Fernando, carrying over 1,000 containers, is anchored at the port as part of a trial run ahead of the commencement of commercial operations. This is a trial run and it will continue for two months. The commissioning of the seaport is expected by October.
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Union minister Sarbananda Sonowal also said this port will be a remarkable one in the economic growth of the country. He also attended the meeting of stakeholders on Thursday at Vizhinjam lighthouse. Vizhinjam seaport is very close to the famous Kovalam beach. It has water connectivity to many regional and international ports. This is the first transhipment port in the country. Till now India was dependent on Colombo, Dubai and Singapore ports for transhipment. Now Vizhinjam International Seaport will be the transhipment port of the country. The Vizhinjam International Seaport has been built by Adani Ports and Special Economic Zone Ltd, (APSEZ). The port is built with a total investment of Rs 8,867 crore. The state government of Kerala has contributed about Rs 5,595 crore while the central government contributed Rs 818 crore for the port. Built on the public-private partnership, Vizhinjam International Port's construction started in 2016. The project was allotted to APSEZ on December 5, 2015, after the Government of Kerala and Adani Vizhinjam Port Private Ltd. (AVPPL) agreed to a concession agreement on August 17, 2015. "This is the largest port project in the PPP mode in the country which is designed, built, Finance, Operate and Transfer, the project outlay is Rs 8,867 crore with a state government contribution of around Rs 5,595 crore" said, K S Srinivas, Principal Secretory Port Department during the event. On Thursday Gautam Adani, Chairman and founder of the Adani group of companies called the welcoming of the mothership 'San Fernando' at the Vizhinjam International Seaport a historic occasion. "Historic Day as Vizhinjam welcomes its 1st container vessel! This milestone marks India's entry into global transhipment and ushers in a new era in India's maritime logistics, positioning Vizhinjam as a key player in global trade routes. Jai Hind!" Gautam Adani posted on X.
—ANI

Kerala CM Pinarayi Vijayan inaugurates San Fernando mothership at Vizhinjam Seaport, marking India's entry into global shipping.

Vizhinjam port's 2nd to 4th phase will be completed by 2028, 17 years in advance: Pinarayi Vijayan CM Kerala

New Delhi: India's first semi-automated container port, the Vizhinjam International Seaport on Thursday welcomed its first mothership, 'San Fernando'. The Ship was welcomed by Kerala's Minister of Ports V N Vasavan and Minister for Food and Civil Supplies G R Anil along with other officials at the port. The San Fernando, carrying over 1,000 containers, is anchored at the port as part of a trial run ahead of the commencement of commercial operations. The Vizhinjam International Seaport has been built by Adani Ports and Special Economic Zone Ltd, (APSEZ). The port is built with a total investment of Rs 8,867 crore. The state government of Kerala has contributed about Rs 5,595 crore while the central government contributed Rs 818 crore for the port. Built on the public-private partnership, Vizhinjam International Port's construction started in 2016. The project was allotted to APSEZ on December 5, 2015, after the Government of Kerala and Adani Vizhinjam Port Private Ltd. (AVPPL) agreed to a concession agreement on August 17, 2015. Elated over the arrival of the port's first containership, the Chief Minister of Kerala, Pinarayi Vijayan said in a post on X (formerly Twitter), "This Friday (July 12), the Vizhinjam International Seaport in Thiruvananthapuram will host a grand celebration to welcome its first mothership, San Fernando, a Maersk Line Vessel. This event signifies a monumental moment in Kerala's maritime history and stands as a testament to the unwavering commitment of the Left Democratic Front government to the state's development." Vijayan appreciated Adani Group saying, "Adani Group, the builders and operators of the port, deserve appreciation for their efforts in ensuring the completion of this project. Vizhinjam Port exemplifies a successful public-private partnership, highlighting the potential of collaborative development. Join us in celebrating this historic achievement that marks a new era of progress and prosperity for Kerala." Last year in October, Karan Adani, Chief Executive Officer of Adani Ports and SEZ Limited (APSEZ) announced that the port would be capable of docking some of the largest container ships in the world and would also emerge as a global bunkering hub, supplying green fuel like hydrogen and ammonia. While addressing the inaugural ship docking ceremony at Vizhinjam International Seaport, in October last year Karan Adani said the port has the potential to compete with leading global ports like Colombo, Singapore, Port Klang and Jebel Ali. He termed the project as the most challenging project that APSEZ has ever taken and executed. "This project was very tough as we had to encounter repeated disruptions from cyclone Ockhi to the super floods of 2018 - a once-in-a-century occurrence, followed by a devastating flood in 2019...the worldwide Covid pandemic unleashed lockdowns and waves of disruption in 2020 and 2021. But we held on," he had said. The Vizhinjam International Seaport has created over 5,000 direct jobs and will significantly boost the industry, commerce, transportation, and tourism sectors.
—ANI

Vizhinjam Seaport welcomes its first ship, San Fernando. Built by Adani Ports, it marks a new era in Kerala's maritime history, boosting industry and tourism.

Adani Ports' Vizhinjam International Seaport welcomes first mothership "San Fernando"

New Delhi: Telangana Chief Minister Revanth Reddy met Prime Minister Narendra Modi on Thursday and discussed several critical issues pertinent to the state and put forth several requests before him. The key requests presented by the Chief Minister include allocation of coal blocks to Singareni Collieries Company Limited (SCCL), revival of Information Technology Investment Region (ITIR) in Hyderabad, sanction of defence land, fulfilment of promises under State Reorganization Act and a host of other issues. The Chief Minister urged the removal of the Shravanapalli coal block from the auction list and its allocation, along with Koyagudem and Sattupalli Block 3, to SCCL. This is vital to meet the state's power generation needs, a press release from the Telangana government read. Reddy also emphasized the need to boost IT infrastructure. The Chief Minister sought the revival of ITIR in Hyderabad to encourage the growth of new IT companies and developers. The project, initially approved in 2010, has been stalled since 2014. A request was made for the allocation of 2,450 acres of defense land to the state for infrastructure projects, including elevated corridors on the Hyderabad-Karimnagar and Hyderabad-Nagpur highways (NH-44). The Chief Minister offered alternative land in Raviryal in exchange, the release read. The Chief Minister reiterated the need to fulfil promises made during the state reorganization, including the establishment of a steel plant in Bayyaram and a coach factory in Kazipet. Highlighting the lower allocation in the initial phase, the Chief Minister requested the sanction of 2.5 million houses for Telangana in the upcoming phase of the Pradhan Mantri Awas Yojana (PMAY). The state is prepared to align its guidelines with those of PMAY, the release added. Given the interest of several companies in setting up semiconductor fabs in Hyderabad, Chief Minister Reddy sought the inclusion of Telangana in the India Semiconductor Mission. Reddy also requested the immediate sanction of an Indian Institute of Management (IIM) in Hyderabad, citing available land at the Hyderabad Central University campus. A request was also made for the release of Rs 1,800 crores under the Backward Regions Grant Fund (BRGF) for the years 2019-2024. Chief Minister Reddy sought the upgrade of 13 state highways to national highways to meet increased transportation needs and improve connectivity to major towns and pilgrimage sites. On the speedy construction of the Regional Ring Road (RRR), the Chief Minister urged expedited tenders for the northern part of the RRR and its southern extension, emphasizing its importance for the development of national highways around Hyderabad. The meeting, accompanied by Deputy Chief Minister Bhatti Vikramarka, lasted approximately one hour, during which these critical issues were discussed in detail, the press release said.
—ANI

Telangana CM Revanth Reddy meets PM Modi to discuss SCCL coal block allocation, ITIR Hyderabad revival, defense land for infrastructure, and state reorganization promises.

Telangana CM Revanth Reddy calls on PM Modi; discusses state issues

New Delhi: Poverty in India is estimated to have declined to 8.5 per cent in 2022-24 from 21.2 per cent in 2011-12, despite the challenges posed by the pandemic, according to a research paper by the economic think tank NCAER.
The paper titled 'Rethinking Social Safety Nets in a Changing Society', authored by Sonalde Desai of NCAER, used data from the newly completed Wave 3 of the India Human Development Survey (IHDS) as well as data from Waves 1 and 2 of the IHDS.  "According to the IHDS findings... poverty declined significantly between 2004-2005 and 2011-12 (from a headcount ratio of 38.6 to 21.2), and it continued to decline between 2011-12 and 2022-24 (from 21.2 to 8.5) despite the challenges posed by the pandemic," the paper said.  The paper said economic growth and poverty decline create a dynamic climate that requires nimble social protection programmes.  Traditional strategies designed to address chronic poverty in a large segment of society may be less effective as accidents of birth become less important than accidents of life, it added.
The paper noted that ensuring social protection systems keep up with the pace of social transformation will be a key challenge for India as it strives towards equitable development.  According to the paper, during an era of economic growth, when opportunities increase, the long-term determinants of poverty may decline while accidents of life associated with natural disasters, illness and death, and changes in occupation-specific opportunities may become more important.
"Accidents of birth are more likely to affect long-term chronic poverty, accidents of life may have a transitory effect on moving in and out of poverty," it said.  Earlier this year, NITI Aayog CEO B V R Subrahmanyam had said the latest consumer expenditure survey indicates that poverty has come down to 5 per cent in the country and people are becoming prosperous both in rural and urban areas.  "If we take the poverty line and inflate it with the Consumer Price Index (CPI) to today's rate, we see that the average consumption of the lowest fractional, the 0-5 per cent, is about the same. This means poverty in the country is there in the 0-5 per cent group only," the NITI Aayog CEO had said.  The National Sample Survey Office (NSSO), under the Ministry of Statistics and Programme Implementation, released data on household consumption expenditure for the year 2022-23 on February 24 that showed per capita monthly household expenditure more than doubled in 2022-23 as compared to 2011-12.  The poverty line recommended by the Tendulkar Committee Report was set to Rs 447 and Rs 579 for rural and urban areas, respectively, but varied between states for 2004-2005. These poverty thresholds were subsequently adjusted by The Planning Commission to Rs 860 and Rs 1,000 for 2011-12.
—PTI

India's poverty rate fell to 8.5% in 2022-24 from 21.2% in 2011-12, according to NCAER. Economic growth and social protection programs are key to this significant decline.

Poverty in India declines to 8.5% in 2022-24 from 21.2% in 2011-12: NCAER paper

Mumbai: Today marked a historic day for India's stock markets as the BSE Sensex surged past the 79,000 mark and the NSE Nifty breached 24,000 for the first time, setting new records in mid-day trading. The Sensex soared 470.71 points to reach 79,159.89, while the Nifty rose by 164.10 points to stand at 24,032.90. The day began with a mild setback as the stock market opened flat, initially showing slight declines following a record-high close in the previous trading session. The Sensex commenced trading 94.13 points lower at 78,580.12, while the Nifty opened at 23,849.55 after a drop of 19.25 points. The early market sentiment was tempered by weaker cues from Asian markets, influencing initial trading patterns. Throughout the morning session, the market displayed a mixed performance among Nifty-listed companies, with 21 stocks witnessing gains and 29 experiencing declines. Investors closely monitored sectors ranging from banking and finance to technology and healthcare, contributing to the overall market dynamics. The surge past significant milestones by both the Sensex and Nifty reflects strong investor confidence amidst favorable domestic economic indicators and global market stability. Analysts attribute today's record-breaking performance to renewed optimism over corporate earnings, sustained foreign institutional investments (FIIs), and positive cues from global indices. Market experts suggest that the ongoing bullish trend underscores India's resilience in the face of global economic uncertainties, positioning the country as a robust investment destination. As trading progresses, market participants continue to monitor sector-specific developments and policy announcements for further insights into future market trends. The record-breaking levels achieved by the Sensex and Nifty today mark a significant milestone in India's financial markets, highlighting their role as key drivers of economic growth and investor sentiment.
—ANI

Historic highs for India's stock markets: BSE Sensex hits 79,000 and NSE Nifty breaks 24,000. Strong investor confidence amid favorable economic indicators.

Sensex hits historic high, crosses 79,000; Nifty breaks 24,000 barrier in stock market rally

Bengaluru: India's No.2 telecom operator by subscribers Bharti Airtel has spent Rs 6,857 crore ($820.3 million) to acquire spectrum at India's airwaves auction, it said on Wednesday.
The company bought 97 MHz spectrum in 900 MHz, 1800 MHz and 2100MHz frequency bands, it added.
—Reuters

Bharti Airtel spends Rs 6,857 crore in spectrum auction, acquiring 97 MHz across 900, 1800, and 2100 MHz bands to enhance network capacity and connectivity.

Bharti Airtel spends Rs 6,857 crore to buy spectrum at auction

Mumbai: Indian benchmark indices reached fresh record highs on Wednesday, driven by gains in banking and media stocks. Sensex closed at 78,572.43, up 518.91 points and Nifty 120.60 points high closing at 23,868.80 after the close of the market on June 26. The BSE Sensex soared to an all-time high of 78,759.40, closing at 78,674.25 with an increase of 620.72 points or 0.80 per cent. Concurrently, the NSE Nifty 50 climbed 147.50 points or 0.62 per cent to settle at 23,868.80, having hit a record high of 23,889.90 during the session. Leading the gains on the NSE Nifty 50 were Reliance Industries, Bharti Airtel, UltraTech Cement, ICICI Bank, and Grasim. Conversely, Apollo Hospitals, Mahindra &amp; Mahindra, Bajaj Auto, Tata Steel, and Hindalco Industries emerged as the top laggards. Reliance Industries set a new record high, while Bharti Airtel surged over 3 per cent, marking significant large-cap gains on the major indices. The broader markets displayed mixed performance with the Nifty SmallCap rising by 0.11 per cent and the MidCap slightly declining by 0.05 per cent. Sector-wise, the Nifty Media rose by 1.7 per cent, Nifty Bank by 0.5 per cent, and Nifty FMCG by 0.4 per cent. The Metal sector remained the top loser, dropping over 1.39 per cent. Among the sectoral indices, Nifty Bank, Financial Services, FMCG, Media, Pharma, PSU Banks, Private Banks and Oil and Gas remains in the green territory. The stock of sectors such as Consumer durables, Midsmall healthcare,Realty, Metal and IT ended in the green. Foreign investors made a substantial move by buying Indian equities, while domestic investors showed differing market sentiment by selling shares. "Foreign portfolio investors (FPIs) sustained their buying streak for the 12th consecutive session, acquiring USD 141 million worth of shares on Tuesday. Since June 7, FPIs have invested a total of USD 3.7 billion in Indian equities, buoyed by reduced policy uncertainty. Domestic institutional investors (DIIs) have also been active, purchasing USD 1.6 billion worth of shares in the same period," Varun Aggarwal MD, Profit Idea. "Gold and silver prices are declining due to the Federal Reserve's aggressive stance on maintaining higher interest rates, which increases US Treasury bond yields and limits precious metal gains. However, geopolitical tensions between Israel and Lebanon are supporting safe-haven demand," he added. Gold is trading between Rs 71,000 and Rs 71,800, awaiting a breakout to establish a new trend.
—ANI

Indian benchmark indices hit record highs; Sensex at 78,572.43, Nifty at 23,868.80, driven by banking and media stocks. Reliance Industries and Bharti Airtel lead gains.

Sensex-Nifty hit all-time high as trading session closes in green

Foxconn's exclusion of married women from iPhone factory jobs in India raises serious concerns about hiring discrimination and labor law compliance.

Apple supplier Foxconn rejects married women from India iPhone jobs

New Delhi: The Enforcement Directorate (ED) on Thursday searched about 35 premises in Delhi-NCR, Mumbai and Nagpur as part of a money laundering probe against a company and its promoters accused of perpetrating an alleged bank loan fraud of more than Rs 20,000 crore, official sources said.
The raids are being carried out on the Amtek Group and its directors, including Arvind Dham, Gautam Malhotra and others. About 35 business and residential premises in Delhi, Gurugram, Noida, Mumbai and Nagpur are being raided since this morning, the sources said.  The probe stems from a CBI FIR against a group entity of Amtek—ACIL Limited—on allegations of a bank fraud of more than Rs 20,000 crore in a number of listed companies which were finally taken over in NCLT proceedings at nominal price leaving the consortium of banks with nominal recovery, they said.
The Supreme Court too had sought an ED probe, the sources said.  This, as per the ED, led to a loss of about Rs 10,000-Rs 15,000 crore to the exchequer, the sources said.  The ED believes that loan funds were "siphoned off" to invest in real estate, foreign investment and investment in new ventures.  Bogus sales, capital assets, debtors and profit were shown in group concerns to get more loans so that it doesnt get non-performing assets (NPA) tag, the sources said.  It is alleged that the shares of listed companies were "rigged", books of account were window dressed for obtaining higher loans through collusion of auditors/professionals.  Thousands of crores of assets have been allegedly parked in the name of shell companies, a number of foreign assets have been created and money is still parked under the new names through benami directors and shareholders, the ED found.
—PTI

ED raids Amtek Group premises in a Rs 20,000 crore bank fraud probe involving top directors. Misappropriated funds suspected to be diverted into real estate and foreign investments.

Rs 20,000 crore bank fraud: ED raids premises of Amtek Group

Nalanda (Bihar): Prime Minister Narendra Modi on Wednesday said that the revival of Nalanda will mark the beginning of the 'Golden Age' of India adding that the new campus of the university will give the world an introduction to India's capability. After inaugurating the new campus of Nalanda University in Rajgir, the Prime Minister said, "I am happy that I got the opportunity to visit Nalanda within 10 days after swearing in as PM for the third time." "Nalanda is more than just a name, it's a mantra, an identity, a declaration that books might get destroyed in fire, but knowledge persists. The revival of Nalanda will mark the beginning of the Golden Age of India," the PM said . "Nalanda's reawakening, this new campus, will give the world an introduction to India's capability," he said. The Prime Minister said that Nalanda is not just limited to the renaissance of India's past instead the heritage of various countries of the world and Asia is linked to it. "Nalanda is not just a renaissance of India's past. The heritage of many countries of the world and Asia is linked to it. Our partner countries have also participated in the reconstruction of Nalanda University. I greet all the friendly countries of India on this occasion," he said. "Nalanda was once the epicentre of India's educational identity. Education goes beyond the realms of borders, profits and losses. Education shapes our thoughts and behaviour. During ancient times, admission to Nalanda University was not based on the nationality of the student. People from different walks of life used to come here in pursuit of education," PM Modi said. Highlighting International Yoga Day which is celebrated on June 21, the Prime Minister said that Yoga Day has become a global celebration. "June 21 is International Yoga Day. Today hundreds of forms of yoga exist in India. How much deep research our sages must have done for this! But, no one created a monopoly on yoga. Today the whole world is adopting Yoga, Yoga Day has become a global celebration," he said. Sharing his missions, PM Modi said that he wants to make the country a centre of education and knowledge for the world. He said that India has carried progress and the environment together. "My mission is--India should become a centre of education and knowledge for the world. India should once again be recognised as the most prominent knowledge centre in the world. India has lived as a model of sustainability for centuries. We have carried progress and environment together. Based on those very experiences, India has given the world a human vision like Mission Life," he said. "Nalanda is the first-ever campus in India which will work on the model of Net Zero energy, Net Zero emissions and Net Zero waste. Working on the idea of 'Be your own light', this campus will guide the world," the PM added. Noting that the 21st centre is being called the Asian century, PM Modi said that Nalanda University is working towards making Association of Southeast Asian Nations (ASEAN) the India university network "Nalanda University will soon become an important centre for our cultural exchange programmes. Documentation of various artworks from India and Southeast Asia is being undertaken here. Common Archival Resources Centre is also being established here. Nalanda University is working towards making ASEAN- the India University network... Many leading global institutions have joined in, and the 21st century is being called the Asian century," he said. Nalanda's new campus has two academic blocks with 40 classrooms, with a total seating capacity of around 1900. It has two auditoriums with a capacity of 300 seats each. It has a student hostel with a capacity of around 550 students. It also has various other facilities, including an international centre, an amphitheatre that can accommodate up to 2000 individuals, a faculty club, and a sports complex, among others. The Campus is a 'Net Zero' Green Campus. It is self-sustaining with solar plants, domestic and drinking water treatment plants, a water recycling plant for reusing wastewater, 100 acres of water bodies, and many other environment-friendly facilities. The university is conceived as a collaboration between India and East Asia Summit (EAS) countries. It has a deep connection with history.
—ANI

PM Modi inaugurates Nalanda University's new Net Zero campus, marking a 'Golden Age' for India. Highlights include global education, Yoga Day, and ASEAN cultural ties.

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