India Needs To Add 80 GW Coal-Based Capacity By 2030: Minister

India needs to add thermal coal-based power generation capacity of 80 GW against the 27 GW currently under construction as the peak power demand in the country would spike to 335 GW by 2030 from 241 GW at present, Union Power Minister RK Singh said on Tuesday.

Mr Singh presided over a review meeting on thermal power capacity addition in the country where independent power producers and state-owned generators NTPC, SJVN, NHPC, DVC, THDCIL, and NLCIL participated virtually and in physical mode on Tuesday.

Besides energy secretaries of 13 major states were also invited for deliberations.

Addressing the review meeting, Mr Singh said India's peak power demand would touch 335 GW in 2029-30 from the present level of 241 GW.

Peak power demand had touched all-time high of 241 GW in September, reflecting rise in electricity consumption in the country with expansion of economic activities as well as per capita usage.

The minister said India needs 80 GW of coal-based thermal power generation capacity to be build against 27 GW under construction at present.

He was of the view that the renewable energy capacity addition alone cannot help meet the rising electricity demand in the country that has already peaked at an all-time high of 241 GW.

India has set an ambitious target of having 500 GW of renewable energy capacity by 2030.

The minister said unless storage is viable and scalable, coal (based power generation) cannot be ignored.

Therefore, power demand in India requires coal-based thermal power capacity addition in the country to avoid outages, he said.

He said "the hypocrisy around renewable energy propagated by developed countries stands exposed and the West, which is itself dependent on 75 per cent fossil fuels, cannot lecture us".

He pointed out that India's per capita emission is the lowest in the world.

As per the latest report of the Central Electricity Authority (CEA) for October, India's installed generation capacity is about 425 GW, including around 179 GW renewable energy and large hydro electric plants.

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IndiGo Expects Grounding Of 35 Aircraft In Q4 Due To P&W Engine Issue

IndiGo on Tuesday said it expects at least 35 planes to be grounded due to powder metal issue with the Pratt & Whitney engines during the March quarter next year.

The country's largest airline already has nearly 40 aircraft on the ground due to other issues with the Pratt & Whitney (P&W) engines.

The carrier, which had a fleet of 334 planes at the end of September, will face capacity issues due to the significant number of grounded aircraft in the March quarter even as various measures are being taken to address the situation.

"We have recently received additional information on the powder metal issue from Pratt & Whitney and based on our preliminary assessment of this, we anticipate Aircraft on Ground (AOG) in the range of mid-thirties in the fourth quarter (Jan-Mar2024) due to accelerated engine removals. These groundings will be incremental to the current AOGs," IndiGo said in a statement.

Earlier this year, P&W highlighted the impact of the powder metal issue that has affected its new generation GTF aircraft engine.

"Globally, we understand that a large number of incremental engines ranging between 600-700 are being removed for accelerated inspections and shop visits between 2023 and 2026 and two-thirds of these engine removals are planned for 2023 and early 2024," IndiGo said.

Going forward, the airline said it will continue to work with P&W on more information and addressing the situation and implementing mitigation measures to minimise the impact of these AOGs on its capacity in the fourth quarter of the current fiscal and beyond.

"We also confirm our earlier capacity guidance for the entire FY23-24 'in the North of mid-teens' significantly aided by proactive mitigation measures taken earlier by IndiGo... IndiGo also remains confident in meeting its long-term capacity guidance," the statement said.

While announcing its September quarter results on November 3, IndiGo said it was in constant touch with the Original Equipment Manufacturer (OEM) to navigate the challenges related to aircraft.

"We have taken a whole range of measures... in living up to our capacity guidance of north of mid-teens (for this fiscal)," IndiGo CEO Pieter Elbers said on November 3.

Among the mitigation measures are taking planes on wet lease, retaining ceo aircraft and also leasing additional ceo planes from the secondary market.

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India Imposes $800 Per Tonne Minimum Export Price On Onion

The government on Saturday imposed a minimum export price (MEP) of USD 800 per tonne on onion exports till December 31 this year with a view to increase availability of the vegetable in the domestic market and contain prices.

The decision will come into effect from October 29.

Besides, the government has also announced the procurement of additional 2 lakh tonnes of onion for the buffer, over and above the 5 lakh tonnes already procured.

The MEP is there for all varieties of onion except Bangalore Rose and Krishnapuram onions; and for cut, sliced, or broken in powder forms.

"Exports of onions is free. MEP of USD 800 FOB (free on board) per tonne is imposed till December 31, 2023," the Directorate General of Foreign Trade said in a notification.

An official statement said that the step will help in maintaining sufficient availability of onion to domestic consumers at affordable prices as the quantity of stored Rabi 2023 onion is declining.

The USD 800 per tonne MEP translates into about Rs 67 per kg.

Onion from the buffer has been disposed continuously since the second week of August in major consumption centres all over the country, and also supplied to retail consumers at Rs 25 per kg through mobile vans operated by NCCF and NAFED.

"Till date about 1.70 lakh metric tonne of onion has been disposed from the buffer. The continuous procurement and disposal of onion from the buffer are undertaken to moderate the prices for consumers while ensuring remunerative prices to the onion farmers," the statement said.

The DGFT notification added that certain onion consignments will be allowed to be exported without MEP and that included consignments that have been handed over to the Customs before this notification and is registered in their system.

Onion consignment that has entered the Customs station for exportation before this notification and is registered in the electronic systems of the concerned custodian of the Customs station with verifiable evidence of date and time stamping of these commodities having entered the customs station prior to the issuance of this notification is also permitted to be exported.

It added that export duty will not be refunded, if paid.

Onion prices have further risen to Rs 65-80 per kg in the retail market of the national capital on lower supply.

Mother Dairy, which has around 400 Safal retail stores in Delhi-NCR, is selling loose onions at Rs 67 per kg. E-commerce portal Bigbasket is selling at Rs 67 per kg, while Otipy at Rs 70 per kg.

Local vendors are selling onions at Rs 80 per kg.

Mother Dairy was selling onions at Rs 54-56 per kg on Wednesday and now the rates have touched Rs 67 per kg.

With the rise in retail prices, the Centre on Friday decided to step up the sale of buffer onion at a subsidised rate of Rs 25 per kg in retail markets in order to provide relief to consumers.

According to the Department of Consumer Affairs data, on Saturday the all-India average retail price of onion is Rs 45 per kg, but the maximum price is Rs 80 per kg. In Delhi, the average price is ruling at Rs 75 per kg.

According to the ministry, onion is being offloaded from the buffer stock in both wholesale and retail markets in those states where there is a sharp rise in prices.

Since mid-August, about 1.7 lakh tonnes of buffer onion has been offloaded in 22 states at different locations.

In retail markets, buffer onion is being offloaded through two cooperative bodies NCCF and NAFED outlets and vehicles at a subsidised rate of Rs 25 per kg.

In Delhi too, buffer onion is being sold at this subsidised rate.

A senior government official said the delay in kharif onion sowing due to weather reasons has resulted in less coverage and late arrival of the crop.

The fresh kharif onion should have started arriving by now but it has not.

With stored rabi onion getting exhausted and due to delay in the arrival of the kharif onion, there is a tight supply situation, resulting in price increases in both wholesale and retail markets, the official added.

He also mentioned that the government has doubled the buffer onion stock for the current year and this should improve domestic availability and check prices in the coming days.

For the 2023-24 fiscal year, the consumer affairs ministry through NCCF and NAFED has maintained a buffer onion stock of 5 lakh tonnes and plans to procure an additional 2 lakh tonnes of onion in the coming days.

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Bitcoin Nears $31,000 Mark. Here Are The Reasons For Its Recent Boom

Cryptocurrency Bitcoin is witnessing a boom and the coin managed to gain 2.19 per cent and traded at $30,543.48 on Monday. The value of the largest cryptocurrency by circulation went up by over 9.5 per cent in the past seven days and is nearing the $31,000 mark now.

Bitcoin price witnessed sluggish growth and lost significant value in the crypto crashes in recent years. Bitcoin managed to attain an all-time high of $68,789.63 on November 10, 2021, before it started dropping in value. The tables have turned now owing to the recent surge rally in the crypto domain.

At the time of writing, Bitcoin held a market capitalization of $596.19 billion, up by 2.2 per cent, according to CoinMarketCap statistics. In addition, the 24-hour trade volume saw a substantial hike of 22.5 per cent and was recorded at $16.14 billion. In the past month, the cryptocurrency behemoth gained 14.91 per cent in value.

October has proven to be a lucky month for Bitcoin, aka BTC, and the entire crypto market. In October, Bitcoin price shot up by about 12.7 per cent.

The recent Bitcoin surge can be attributed to several key factors. At first, the market for crypto rallied on October 21 and led to the liquidation of about $64 million in short positions in the span of 24 hours. This liquidation, including a staggering figure of $2.53 million on the crypto trading app Binance forced short-sellers to cover their positions, thereby adding to the Bitcoin demand.

In addition, US Federal Reserve Chair Jerome Powell's hints of possible suspension of interest rate hikes may have also had an immediate effect on Bitcoin price.

According to a report by Coinpedia, on October 19, Bitcoin surged by about 3.7 per cent after Powell's remarks.

Apart from the above mentioned factors, the crypto market sentiment was further boosted by a drop in charges against Ripple executives in the XRP vs SEC lawsuit. The XRP price rose over 8 per cent on Thursday and likely affected Bitcoin's price as well, considering that cryptocurrency is an integrated market.

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India Among Top 3 Nations With Highest 5G Base, Remarkable: Nokia CEO

The 5G network rollout in India has been remarkable and the country is among the top three nations with the largest 5G installed base in the world, a top Nokia official said on Thursday. Nokia President and CEO Pekka Lundmark was addressing an event during the inauguration of the company's 6G research lab in Bengaluru.

"5G rollout in India is truly remarkable. This has been one of the fastest telecom network roll-outs ever and means India is now among the top three countries in the world that have the largest 5G installed base, with 5G download speeds beating those found in many advanced markets," Lundmark said.

While there has been a decline in telecom gear shipment across major geographies, the 5G rollout in India has been able to offset a dip in the business of Ericsson and Nokia.

Nokia posted 333 per cent growth in India sales at about Rs 9,500 crore in the June quarter of 2023.

Ericsson reported 74 per cent growth in net sales in the June 2023 quarter in "South East Asia, Oceania and India" to around Rs 10,700 crore of which around 90 per cent of its business comes from India.

Reliance Jio and Bharti Airtel are expected to invest about Rs 75,000 crore in the current financial year to strengthen their networks, according to a report by JM Financial.

According to the report, Jio may invest around Rs 42,000 crore and Bharti Airtel around Rs 33,000 crore in FY24, but the investment will taper down after their 5G network rollout target is met as per their announcement.

"We are satisfied with this work so far - but there is still more to do. We will continue to support India's digital transformation across industry, society and public services," Lundmark said.

Nokia's 6G Lab was inaugurated virtually by Union Telecom Minister Ashwini Vaishnaw.

The first-of-its-kind project aims to accelerate the development of fundamental technologies and innovative use cases underpinned by 6G technology that will address the future needs of both industry and society.

Nokia's 6G lab will function as a platform for collaboration among industry stakeholders and facilitate the testing of innovative solutions while establishing their potential for commercialisation.

The lab includes a setup to research 'Network as a Sensor' technology that enables the network to sense objects, people and movement without the need for onboard sensors.

In the 6G era, 'Network as a Sensor' has been identified as a key enabling technology that supports the vision of bringing the digital and physical worlds together, Nokia said in a statement.

Sensing will be fully integrated into the wireless network and operate simultaneously with communication services.

"Nokia's experts at its Bengaluru centre will support India's ambition to make notable contributions towards global 6G technology standards. Further, it is in the process of building research collaborations with premier research institutes in India like IISc and IITs to further scale up the 6G research initiative in India," the statement said.

Last month, India's vision to have ubiquitous coverage under 6G technology was accepted by UN body ITU's Study Group in its meeting held in Geneva -- a move that is expected to reduce the cost of deployment of the next-generation technology.

The International Telecommunication Union (ITU) decides on the development of international mobile telecommunication standards after coordination with its member countries, technology companies and other stakeholders.

India has already secured more than 200 patents on 6G technology through Industry and academic collaboration with the support of the Department of Telecom.

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US Federal Reserve Holds Interest Rates At 22-Year High

The US Federal Reserve voted Wednesday to keep interest rates at a 22-year high, while forecasting an additional rate hike before the end of the year to bring down inflation.

The Fed's decision to keep its key lending rate between 5.25 percent and 5.50 percent gives policymakers time to "assess additional information and its implications for monetary policy," the central bank said in a statement.

After 11 interest rate hikes since March last year, inflation has fallen sharply but remains stubbornly above the Fed's long-run target of two percent per year -- keeping pressure on officials to consider further policy action.

On Wednesday, the Fed said economic activity had been expanding "at a solid pace," while noting strong job gains and a low unemployment rate.

A recent string of positive economic data has raised hopes that policymakers can slow price increases without triggering a damaging recession.

Alongside its interest rate decision, the rate-setting Federal Open Market Committee (FOMC) also updated members' forecasts for a range of economic indicators, as well as expectations of future monetary policy.

FOMC members left the median projection for interest rates between 5.50 percent and 5.75 percent, keeping alive the possibility of another quarter percentage point hike before year-end.

They also lifted expectations for interest rates next year by half a percentage point, suggesting the Fed anticipates rates will have to stay significantly higher for longer in order to lower inflation to target.

FOMC members more than doubled the median projection for economic growth this year as well to 2.1 percent, from 1.0 in June, and sharply raised their forecast for next year.

The prediction for the unemployment rate in 2023 was lowered slightly from June, suggesting the jobs market is faring better than hoped, while the expectation for headline inflation was increased slightly.

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Court Orders Probe Agency To Reply To Naresh Goyal's Plea Challenging Arrest

The Bombay High Court on Wednesday directed the Enforcement Directorate (ED) to file its affidavit in response to Jet Airways founder Naresh Goyal's plea challenging his "illegal" arrest in a money laundering case linked to bank loan default.

Goyal, in his plea, claimed his arrest was illegal as it was done without following provisions of the Prevention of Money Laundering Act (PMLA) and also challenged orders of a special court which had sent him to the ED custody first and thereafter to jail under judicial remand.

When the plea was taken up for hearing on Wednesday by the HC, advocate Hiten Venegaonkar, appearing for the central agency, sought time to file their reply affidavit.

Senior counsel Amit Desai, appearing for the 74-year-old businessman, urged the court to grant a short date for hearing and pointed to his client's advanced age.

A division bench of Justices Revati Mohite Dere and Gauri Godse then said it has to give the other side time to respond.

"He (Goyal) can file for bail. That liberty is there... ED may challenge this plea (filed by Goyal in HC) on maintainability itself," Justice Dere noted.

The bench posted the matter for hearing on October 6 by when the financial crime-fighting agency has to file it affidavit.

Goyal is currently in judicial custody and lodged at Arthur Road Jail in Mumbai after arrest in the money laundering case linked to an alleged fraud of Rs 538 crore at Canara Bank.

The septuagenarian businessman, who once operated India's top private airline, was arrested by the ED on September 1 and produced before a special court which remanded him to custody of the central agency till September 14.

On September 14, he was remanded to judicial custody for two weeks.

Goyal, in the plea, said his arrest was arbitrary, unwarranted and done without the ED following proper procedure. He sought to be released immediately.

The money laundering case stems from an FIR of the Central Bureau of Investigation (CBI) against Jet Airways, Goyal, his wife Anita and some former company executives of the now grounded airline in connection with the alleged Rs 538-crore fraud at Canara Bank, a government lender.

The FIR was registered on the bank's complaint which alleged that it sanctioned credit limits and loans to Jet Airways (India) Ltd to the tune of Rs 848.86 crore of which Rs 538.62 crore was outstanding.

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States Shifting To Old Pension Scheme Major Step Backwards: RBI Article

States reverting to the old pension scheme is a "major step backwards" and may take the fiscal stress of states to "unsustainable levels" in the medium to long term, according to an article by RBI staffers.

The article by Rachit Solanki, Somnath Sharma, RK Sinha, SR Behera and Atri Mukherjee said the cumulative fiscal burden in the case of the Old Pension Scheme (OPS) could be as high as 4.5 times that of the New Pension Scheme, which was implemented over a decade ago as part of pension reforms.

The views expressed in the research paper are not that of the Reserve Bank of India (RBI).

Recently, Rajasthan, Chhattisgarh, Jharkhand, Punjab and Himachal Pradesh have announced reversal to the OPS from NPS, the article said.

The OPS has Defined Benefits (DB) while the NPS has defined contributions, the article said, adding that while the OPS has a short term allure, the same poses challenges in the medium to long term.

"...short run reduction in states' pension outgo which may be driving decisions to restore OPS, would be eclipsed by the huge rise in future unfunded pension liabilities in the long run," it said.

"States' reverting to the OPS would be a major step backwards and can increase their fiscal stress to unsustainable levels in the medium to long term," the article warned.

The immediate gain for states shifting back to the OPS is that they will not have to spend on the NPS contribution of the current employees, but in the future, the unfunded OPS is likely to exert "severe pressures" on their finances, it said.

States will save only 0.1 per cent of GDP in yearly pension outgo by reverting to the OPS till 2040 but would be required to incur an average additional increase in pension expenditure by 0.5 per cent of yearly GDP post 2040.

It said several developed economies with DB schemes in the past have faced rising public expenditure due to the rising life expectancy of its citizens, and the changing demographic profile and rising fiscal costs have compelled several economies around the world to re-examine their pension schemes.

"Any reversion to the OPS by the states would be fiscally unsustainable, though it may result in an immediate fall in their pension outgo," the article said.

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Tata Steel, UK Announce 1.25 Billion Pound Joint Investment Plan

The United Kingdom on Friday announced a joint investment package with Tata Steel worth 1.25 billion pounds, including a government grant of 500 million pounds, for the country's largest steelworks in Wales that will help protect thousands of jobs and boost the British economy.

The government's grant has been dubbed as one of the largest British government support packages in history and a "defining moment" for the country's steel industry.

As part of the agreement, the Indian steel giant is expected to invest GBP 1.25 billion, including the government grant, in a new electric arc furnace and related facilities for greener steel production at Port Talbot in South Wales, currently the UK's largest single carbon emitter.

"This investment will modernise and secure a more sustainable future for the UK steel industry.

"It will also protect thousands of skilled jobs in the long-term and help grow the economy," UK Prime Minister Rishi Sunak said in a post on social media platform X.

Tata Steel UK employs over 8,000 people, including at Port Talbot, which was under serious threat without substantial investment. The company also supports around 12,500 further jobs in the upstream supply chain.

The Department for Business and Trade (DBT) on Friday said the proposal, which is subject to information and consultation processes led by Tata Steel, has the potential to safeguard over 5,000 jobs across Britain.

"The UK government is backing our steel sector, and this proposal will secure a sustainable future for Welsh steel and is expected to save thousands of jobs in the long term," UK Business and Trade Secretary Kemi Badenoch said.

According to her, this is a historic package of support from the UK government and will not only protect skilled jobs in Wales but also "grow the UK economy, boost growth and help ensure a successful UK steel industry".

Tata Steel and the UK government have announced a joint agreement on a proposal to invest in state-of-the-art electric arc furnace steel making at the Port Talbot site with a capital cost of 1.25 billion pounds, inclusive of a grant from the government of up to 500 million pounds, the company said in a statement.

The new electric furnace is to replace the existing coal-powered blast furnaces, which are nearing the end of their effective life, and reduce the UK's entire carbon emissions by around 1.5 per cent as a result.

The proposal is subject to relevant regulatory approvals, information, and consultation processes, and finalisation of detailed terms and conditions.

"The agreement with the UK government is a defining moment for the future of the steel industry and indeed the industrial value chain in the UK," said Tata Group Chairman N Chandrasekaran, who had been working with the government in developing a "transition pathway" for sustainable steelmaking in the UK.

"The proposed investment will preserve significant employment and presents a great opportunity for the development of a green technology-based industrial ecosystem in South Wales. We look forward to working with our stakeholders on these proposals in a responsible manner," he said.

Tata Steel's Chief Executive Officer and Managing Director T V Narendran said the proposed project with one of the largest investments in the UK steel industry in recent decades, provides an opportunity for an optimal outcome for all stakeholders.

"We will undertake a meaningful consultation with the Unions on the proposed transition pathway in the context of future risk and opportunities for Tata Steel UK," Narendran said.

UK Chancellor Jeremy Hunt said the proposal is a landmark moment for maintaining ongoing UK steel production - supporting sustainable economic growth, cutting emissions, and creating green jobs.

Tata Steel UK will now inform and consult with staff and unions on the agreed proposals.

"Unions should have had a seat at the table throughout this process, as it is clear the interests of the workforce have not been considered in the rush to sign off a deal to do decarbonisation on the cheap," the Community steelworkers, which is among those concerned about the arrangements, said.

Stephen Kinnock, Opposition Labour MP for Aberavon which covers Port Talbot, said the investment to decarbonise was long overdue but that he was concerned that ministers did not "adequately consult steel unions".

The UK government said it would also ensure support for any staff affected by the transition, working with the devolved Welsh government and Tata Steel to establish a dedicated transition board to support both affected employees and the local economy with a funding up to 100 million pounds.

"Steelmaking remains a vital part of the Welsh economy and this huge support package from the UK Government ensures that the industry now has a bright future to match its long and proud history in South Wales," Welsh Secretary David T C Davies said.

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Jindal Steel Gets Green Panel Notice Over Worker's Death In Molten Slag Incident

The National Green Tribunal (NGT) has issued a notice to Jindal Steel and Power Limited in connection with the death of a worker after hot or molten slag allegedly fell on him at the company's steel plant in Patrapali village in Raigarh district of Chhattisgarh.

The NGT was hearing an application registered on the basis of a news report published by PTI on August 22 regarding the worker's death.

The application raised an apprehension of non-compliance with environmental laws in the process of disposal of slag, a byproduct of steel manufacturing.

In an order passed on Thursday, a bench headed by NGT Chairperson Justice Prakash Shrivastava said the Chhattisgarh Environment Conservation Board had filed a reply without touching the aspect of handling slag, which was the cause of the accident in the present case.

"In this context, the guidelines prepared by the Central Pollution Control Board (CPCB) to deal with the handling and management of slag generated from pyro-metallurgical operations in iron and steel industries need to be referred," the bench, also comprising judicial member Justice Sudhir Agarwal and expert member A Senthil Vel, said.

"Hence, at this stage, we deem it proper to issue notice. The registry of the tribunal is directed to serve the project proponent i.e, Jindal Steel and Power Limited, Patrapali village, Raigarh," it added.

The principal bench of the green panel said as the matter pertained to the Central Zone bench of the tribunal in Bhopal, it was being transferred for "appropriate further action".

According to police, payload operator Chini Lal Patel died on August 22 due to serious burns after molten slag from the furnace fell on him.

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Adani Enterprises Arm To Build 5.2 MW Wind Turbine Generators

Adani Enterprises Ltd said on Wednesday that its arm Adani New Industries Ltd has received a key international certification and will now be able to start production of 5.2 MW series wind turbine generators for global markets.

The company was so far manufacturing and supplying 5.2 MW Wind Turbine Generators (WTGs) for domestic wind industry players.

"Adani Wind's 5.2 MW WTGs, which are India's largest, have received type certification from WindGuard GmbH. The certification enables Adani Wind to start series production for global markets," Adani Enterprises Limited (AEL) said in a regulatory filing.

Adani Wind is the wind energy solutions division of Adani New Industries Limited (ANIL), a wholly-owned subsidiary of Adani Enterprises Ltd.

The certification to standards relating to equipment for use in renewable energy applications affirms that the company's 5.2 MW WTG meets highest quality and safety standards and provides international recognition to this turbine, the filing said.

"The type certificate reaffirms the quality and robustness of our 5.2 MW WTG platform built to bring down Levelised Cost of Energy," ANIL Director Vneet Jaain said in the filing.

"The certification is a boost to our endeavour of making India the global manufacturing hub for renewable equipment. We are focused on building a portfolio of high-yield next generation wind turbines made in India and are well-poised to cater to the global wind energy demand," he said.

Adani Wind's 5.2 MW wind turbine features a rotor diameter of 160 metres and a tip height of 200 metres, making it one of the most powerful onshore wind turbines in the world, the filing said.

The 5.2 MW WTG is developed by Adani Wind in collaboration with W2E Wind to Energy GmbH, Germany at its plant in Kutch, Gujarat, it added.

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Industrial Production Growth Rises To 5-Month High Of 5.7% In July

India's industrial production growth rose to a five-month high of 5.7 per cent in July, mainly due to good showing by the manufacturing, mining and power sectors, according to the official data released on Tuesday.

The factory output growth measured in terms of the Index of Industrial Production (IIP) stood at 2.2 per cent in July 2022.

The previous high was recorded at six per cent growth in February 2023. Thereafter, the growth rate declined to 1.9 per cent in March 2023 before rising to 4.6 per cent in April and further to 5.3 per cent in May. The IIP growth again decelerated to 3.8 per cent in June this year.

During April-July 2023-24, the IIP growth works out to be 4.8 per cent, down from 10 per cent in the corresponding period a year ago.

"The growth rates over the corresponding period of the previous year are to be interpreted considering the unusual circumstances on account of the COVID-19 pandemic since March 2020," an official statement said.

As per the IIP data released by the National Statistical Office (NSO), the manufacturing sector's output grew 4.6 per cent in July 2023 against 3.1 per cent a year ago.

Power generation rose eight per cent in July 2023 compared to 2.3 per cent in the year-ago period.

Mining output rose by 10.7 per cent during the month under review against a 3.3 per cent contraction a year ago.

As per use-based classification, the capital goods segment grew 4.6 per cent in July this year compared to 5.1 per cent.

Consumer durables output during the month declined by 2.7 per cent against a 2.3 per cent growth in the year-ago period.

Consumer non-durable goods output increased by 7.4 per cent compared to a contraction of 2.9 per cent a year earlier.

Infrastructure/construction goods posted a growth of 11.4 per cent over a 4.8 per cent expansion in the same period a year ago.

The data also showed that the output of primary goods logged 7.6 per cent growth in the month against 2.5 per cent in the year-ago period.

The intermediate goods output in July rose 1.9 per cent from 3.7 per cent growth during the corresponding month last year.

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US Firm KKR Invests $250 Million In Reliance Retail

US Investment firm KKR & Co Inc has increased its stake in billionaire Mukesh Ambani's Reliance Retail Ventures by investing an additional $250 million at a valuation of $100 billion, adding to its bet on the country's biggest retailer.

The private equity firm's follow-on investment translates into an additional equity stake of 0.25 percent in Reliance Retail on a fully-diluted basis, taking KKR's total equity stake in the Indian company to 1.42 percent, the retailer said on Monday.

The investment marks growing interest in Mukesh Ambani's retail operations which stretch from groceries to electronics, and include foreign partnerships with brands such as Jimmy Choo, Marks & Spencer and Pret A Manger. It has more than 18,000 stores and also competes with Amazon and Walmart's Flipkart.

In 2020, Reliance Retail raised $5.71 billion by selling a 10.09 percent stake to investors including KKR, the Saudi Public Investment Fund, General Atlantic and the United Arab Emirates' Mubadala.

That year, KKR had invested 55.5 billion rupees ($669.65 million) in Reliance Retail. Ambani recently said the 2020 fundraising valued the business at around $52 billion, and "in less than three years, the valuation of retail has almost doubled."

KKR's latest investment comes primarily from its Asian Fund IV and the transaction is subject to regulatory approvals, Reliance said. Morgan Stanley acted as financial adviser to Reliance Retail.

Reuters exclusively reported this month Reliance was in advanced talks with global investors to raise around $2.5 billion by the end of September, ahead of a potential stock market listing. Mr Ambani said in 2019 that the group planned to list the retail business in five years.

The plan is part of a combined $3.5 billion target the firm set for itself, of which it raised $1 billion from Qatar Investment Authority (QIA) at a $100 billion valuation last month.

Reliance Retail reported a consolidated net profit of 91.81 billion rupees ($1.11 billion) for the financial year that ended in March 2023, on revenue of 2.6 trillion rupees.

Since last year, Reliance has been acquiring dozens of small grocery and non-food brands as it tries to build a consumer business with annual sales of $6 billion within five years to challenge foreign giants like Unilever.

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Sandeep Bakhshi Reappointment As ICICI Bank's CEO For 3 years

Private sector ICICI Bank on Monday said the RBI has approved the reappointment of Sandeep Bakhshi as Managing Director and CEO of the private lender for three years.

The reappointment of Sandeep Bakhshi will be effective from October 4, 2023, till October 3, 2026, ICICI Bank said in a regulatory filing.

The bank's shareholders have already approved the appointment of Mr Bakhshi for three more years, it added.

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Adani Group Forms Joint Venture With Japanese Trading House Kowa Group

Billionaire Gautam Adani's group on Friday said it has formed an equal joint venture with Japanese trading house Kowa Group for marketing of green ammonia and green hydrogen produced by the Indian conglomerate.

"Adani Global Pte Ltd, Singapore, a step-down wholly-owned subsidiary of (Adani Enterprises Ltd) has signed a joint venture agreement with Kowa Holdings Asia Pte Ltd, Singapore on September 8," the Adani group flagship firm said in a stock exchange filing.

Adani Group is investing multi-billion dollars in setting up facilities to produce green ammonia and green hydrogen from water.

"Joint venture agreement records the terms of incorporation of a joint venture company in Singapore in accordance with the terms of the agreement for the sales and marketing of green ammonia, green hydrogen and its derivatives produced and supplied by Adani Group, in the agreed territory," it said.

Adani and Kowa will hold a 50 per cent stake each in the joint venture.

No other details were provided by the group.

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Retail Inflation Expected To Come Down From This Month: RBI Chief

Reserve Bank governor Shaktikanta Das on Friday said the central bank expects retail inflation to start declining from this month. He was referring to the central government's steps to check prices of vegetables like tomatoes, restrictions on export of non-basmati rice and reduction in prices of household LPG cylinders.

Mr Das was addressing a programme organised by Devi Ahilya Vishwavidyalaya in Indore to interact with local students. Earlier, he also attended the central board meeting of the Reserve Bank.

"We expect (retail) inflation to start coming down from September. Although August's (retail) inflation will be very high, we expect inflation to start coming down from September.

Tomato prices have already fallen and retail prices of other vegetables are also expected to come down from this month, he said.

Mr Das said the government has taken several steps to ensure affordable supply of tomatoes and other items of common need to the people. 

"Restrictions have been imposed on the export of non-basmati rice. The prices of LPG cylinders used in homes have been cut recently.''

According to government data, retail inflation rose to a 15-month high of 7.44 per cent in July.

"In July, (retail) inflation was at a very high level. This surprised everyone. But mainly due to high prices of tomatoes and other vegetables, we were expecting it to remain high in July."

He asserted that despite all the global challenges, India is among the fastest-growing major economies in the world.

Mr Das said that the position of Indian banks is strong and stable due to strong regulatory measures, "but the domestic financial world always needs to be vigilant".

"You must have seen the failure of some banks in the US recently and big banks like Credit Suisse in Switzerland. But this global turmoil had no impact on India," he said.

Mr Das also said that due to the promotion of digital payments, the number of transactions through UPI in the country crossed 10 billion in August.

The RBI Governor said efforts are being made to promote payments through feature phones in the country so that even those people in remote areas who do not have smartphones and where there is a problem with mobile networks can take advantage of this facility.

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Chief Economic Adviser's Prediction On India's GDP Growth, Fiscal Deficit

Chief Economic Adviser V Anantha Nageswaran on Thursday said the economy is expected to grow at 6.5 per cent in the current fiscal notwithstanding deficient rains in August.

India recorded economic growth of 7.8 per cent in the April-June quarter of 2023-24 against 13.1 per cent in the year-ago period.

India's economy in Q1 grew at the fastest pace in a year, on the shoulders of a boost in capital expenditure both at central and state levels, along with stronger consumption demand, especially in rural areas, and improved performance in the services sector, he said.

"There is momentum in economic activity in general and it is not driven by price-related distortions. Therefore our projections still are very comfortably placed at 6.5 per cent for the current financial year," he said.

Risk is evenly distributed to around 6.5 per cent growth projection for FY2023-24, he said while briefing media following the release of first quarter GDP numbers.

Rising crude prices may warrant attention and prolonged geopolitical uncertainty and likely tighter financial conditions with continued monetary tightening can pose challenges to growth, he added.

With regard to price situation, Mr Nageswaran said food inflation is likely to subside with the arrival of fresh stock in the market and government pre-emptive measures.

Tomato prices are likely to decline with the arrival of fresh stocks by early September while enhanced imports of tur dal are expected to moderate pulse inflation, he said.

However, he said, August rain has been deficient and both the government and the Reserve Bank will be watching the food price developments.

During the first quarter, inflation stood at 4.6 per cent, lower than many developed and emerging economies.

"Food inflation was dominated by specific commodities. So, I think there is no real cause for concern that inflation would spike out of control and both the government and the Reserve Bank are taking measures in their respective domain to ensure that there is adequate supply and availability and that any price increase is moderated," he said.

With regard to fiscal deficit, Mr Nageswaran said there is no threat to the 5.9 per cent fiscal deficit announced in the Budget despite the expected shortfall with respect to disinvestment.

To finance the fiscal deficit in 2023-24, the net market borrowings from dated securities are estimated at Rs 11.8 lakh crore. The balance financing is expected to come from small savings and other sources. The gross market borrowings are estimated at Rs 15.4 lakh crore.

In Budget Estimates 2023-24, the Finance Minister had that the total receipts other than borrowings and the total expenditure are estimated at Rs 27.2 lakh crore and Rs 45 lakh crore respectively. Moreover, the net tax receipts are estimated at Rs 23.3 lakh crore.

Continuing the path of fiscal consolidation, the government intends to bring the fiscal deficit below 4.5 per cent of GDP by 2025-26.

Talking about drivers of growth, Mr Nageswaran said investment and consumer momentum will underpin solid growth prospects over the upcoming year.

The private sector capital formation, supported by the government's capex push, is underway, and that is a big plus for economic growth, employment and income gains for households, he said.

He further said that the new investment projects announced by the private sector have been highest in Q1 of FY2023-24 in 14 years.

The Union government's single-minded focus on capital expenditure over the years has crowded in the private sector and it has rubbed off on state governments too..

Expansion of public digital platforms and path-breaking measures such as PM Gati Shakti, the National Logistics Policy, and the Production-Linked Incentive schemes would boost manufacturing output, he said.

A slowdown in the global economy and trade may moderate export growth, but it may be overall better for India, he added..

With regard to consumption, he said, the rural demand for FMCGs has increased especially for high-value goods. The same trend is evident for small towns, contributing to growth, he added.

The CEA said that in spite of the global slowdown, the services sector exports have shown a remarkable performance and both manufacturing and services sectors are expanding and income growth is evident in the recovery in rural demand.

The residential real estate sector will underpin growth in the construction material sector, he added.

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Hindustan Aeronautics Limited Hits All-Time High, Stock Turns Ex-Dividend

Shares of state-owned Hindustan Aeronautics Ltd (HAL) hit fresh lifetime highs as the stock turned ex-dividend on Thursday.

An ex-dividend date is the day on which a stock starts trading without the benefit of the next scheduled dividend payment.

The HAL stock gained as much as 2.7 per cent in trade on Thursday to hit a new all-time high of Rs 4,138.80 per share in the morning session on BSE. However, it soon erased all its gains to trade in the negative at Rs 3,989, down 1 per cent, by 11:25 AM.

A spurt in trading volume was also seen, with the number of shares changing hands on BSE jumping 1.2 times the daily average during the morning session itself.

To recall, the board of directors of the company had declared a final dividend of Rs 15 per equity share of Rs 10 each fully paid up (150 per cent) for the financial year 2022-23.

The record date for the payment of the final dividend, if approved by the shareholders in the company's annual general meeting (AGM), was set as August 24, 2023. The dividend shall be paid to the shareholders within 30 days from the date of its approval.

The 60th AGM of the company will be held on August 31, 2023, at 1500 Hours through video conferencing (VC) or other audio-visual means (OAVM).

Earlier in March 2023, HAL had paid an interim dividend of Rs 20 per share to the eligible shareholders for fiscal 2022-23. Before that, in calendar year 2022, the company had paid dividends thrice to its shareholders -- Rs 20 per share in November, Rs 10 per share in August and Rs 26 per share in February.

The company had recorded 31 per cent growth in its consolidated net profit at Rs 814 crore for the first quarter ended June 2023 (Q1 FY24) compared with Rs 620 crore in the year-ago period. Revenue from operation

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SpiceJet Goes To Court Over Rs 579 Crore Refund To Kalanithi Maran Order

SpiceJet and its promoter Ajay Singh Wednesday approached the Delhi High Court challenging a single-judge order upholding an arbitral award asking them to refund Rs 579 crore plus interest to media baron Kalanithi Maran.

The appeals came up before a division bench of Justices Yashwant Varma and Dharmesh Sharma which initially listed it for hearing on September 15 as the counsel for SpiceJet and Singh were not present.

Later, SpiceJet's counsel mentioned the matter before the bench which then listed it for hearing on Thursday.

On July 31, the single judge had upheld the award announced by the arbitration tribunal on July 20, 2018 in favour of Maran and his company Kal Airways.

“There is nothing in the impugned award to suggest that it suffers from patent illegality and the findings therein are perverse and will shock the conscience of this court.

"In the instant case, the petitioners have not been able to prove that the impugned arbitral award is patently illegal, against public policy of India or fundamental policy of law and thus have failed to make out a case for the award to be set aside,” the single judge bench had said in its verdict.

It had said the court was barred from entering into the merits of an award unless there was an error that was apparent on the face of the record or an illegality that goes to the root of the matter.

Ajay Singh had approached the high court challenging the arbitral award.

The high court had said the petitioners had failed to substantiate the grounds for setting aside the arbitral award and dismissed the two petitions by Spicejet and Ajay Singh.

The case dates to January 2015, when Singh, who owned the airline earlier, bought it back from Maran after it was grounded for months due to resource crunch.

While the tribunal had asked Maran to pay Singh and the airline Rs 29 crore in penal interest, Singh was asked to refund Rs 579 crore plus interest to Maran.

The tribunal, created in 2016 on the orders of the Delhi High Court to adjudicate the share transfer dispute, had held that there was no breach of a share sale and purchase agreement reached between Maran and current promoter Ajay Singh in late January 2015.

In a relief to Ajay Singh, the tribunal had, however, rejected Maran's appeal for damages of Rs 1,323 crore from the Gurugram-based carrier.

In February 2015, Maran of the Sun Network and Kal Airways, his investment vehicle, had transferred their 58.46 per cent stake in SpiceJet to Singh for Rs 2 along with Rs 1,500 crore debt liability, after the airline was grounded due to a severe cash crunch. Singh was the first co-founder of the airline and is now its chairman and managing director.

As part of the agreement, Maran and Kal Airways had claimed to have paid SpiceJet Rs 679 crore for issuing warrants and preference shares. However, Maran approached the Delhi High Court in 2017, alleging SpiceJet had neither issued convertible warrants and preference shares nor returned the money. 

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Adani TotalEnergies E-Mobility Partners With Evera Cabs For Charging Hubs

Adani TotalEnergies E-Mobility Limited (ATEL) will set up EV charging infrastructure with all-electric cab aggregator, Prakriti E-Mobility (Evera), the company said on Tuesday.

"The collaboration will feature an integration of 200 EV charging points super hub in Delhi. This strategic partnership will be scaled up pan-India to encourage decarbonized mobility," it said in a statement.

Adani TotalEnergies E-Mobility Limited (ATEL) is a wholly-owned subsidiary of Adani Total Gas Limited, the equal joint venture of Adani Group and French energy giant TotalEnergies.

ATEL is setting up EV charging ecosystem with a wide range of charging points catering to B2C and B2B customers.

The partnership with Evera comes at a time of rising EV demand, though charging infrastructure still remains scant.

It will "help catalyse India's 2030 decarbonization target, supported by a rising inclination towards electric vehicles in the cab-hailing segment," the statement said.

ATEL and Evera hope to bridge the existing EV infrastructural gaps in India, targeting key highways, workplaces, and other locations with convenient and fast-charging AC and DC solutions.

"We are excited to join hands with Evera in developing this prestigious project in the Delhi-NCR region, further strengthening our long-term strategic partnership. We are already engaged with Evera for operating its cluster hub at Okhla, Delhi.

"The upcoming hub is strategically located in close proximity to the Delhi International Airport and will support Evera to provide green rides to customers. The hub will include commissioning of approximately 200 EV charging points, which will be a combination of AC & DC chargers," said Suresh P Manglani, CEO, ATGL.

The large-sized EV charging station at Samalkha will allow use by other aggregators and individual EV owners to increase crossutilization and to improve the EV ecosystem in New Delhi. This model will then be replicated pan-India. ATEL and Evera will enable this infrastructure on a revenue-sharing model, which becomes strategically resourceful by championing the partners' individual expertise.

Commenting on the collaboration, Nimish Trivedi, Co-Founder & CEO, Evera, said, "This association will foster a user-friendly experience for Evera cab drivers as well as all electric vehicle owners by eliminating anxiety to travel farther distances.

"We are developing this with the aim to realize a sinewed mobility infrastructure that is green, climate-conscious, and sustainable. We could not be more excited to combine forces with ATEL to propel India's EV infrastructure that drives electric vehicle adoption among individuals, businesses, and cab aggregators." The upcoming charging station in the capital will not only eliminate range anxiety but also promote widespread adoption of electric vehicles, the statement added without giving out the number of EV charging stations the joint venture was planning to set up.

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