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IREDA Achieves a Record PAT of Rs 1,252 Crore

Indian Renewable Energy Development Agency Limited (IREDA) has revealed its audited financial results for the fiscal year 2023-24. IREDA has achieved an annual profit after tax (PAT) of Rs 1252.23 crore which is an all time high. The results mark an impressive growth of 44.83 percent over the previous fiscal year. The company has successfully reduced its net non-performing assets (NPAs) to 0.99 percent in FY 2023-24 from 1.66 percent in FY 2022-23. It demonstrates a significant reduction of 40.52 percent year-on-year.IREDA's loan book has grown from Rs 47,052.52 crore as on March 31, 2023, to Rs 59,698.11 crore as on March 31, 2024, registering a growth of 26.81 percent. The company has achieved all-time high annual loan sanctions of Rs 37,353.68 crore and disbursements of Rs 25,089.04 crore in financial year 2023-24, registering an increase of 14.63 percent and 15.94 percent respectively, over previous financial year loan sanctions of Rs 32,586.60 crore and disbursements of Rs 21,639.21 crore. The net-worth of the company as on March 31, 2024, has reached Rs 8,559.43 crore as against Rs 5,935.17 crore, year ending March 31, 2023, increased by 44.22 percent. IREDA CMD Pradip Kumar Das said, “IREDA's steadfast commitment to accelerating the adoption of renewable energy solutions in India indicates a promising trajectory for investors and stakeholders. IREDA CMD attributed the company's growth to the unwavering trust of its stakeholders while extending gratitude to the Ministry of New & Renewable Energy and Board of Directors for their indispensable support and guidance. Read the full article

#IndianRenewableEnergyDevelopmentAgencyLimited #IREDACMD #MinistryOfNew&RenewableEnergy #NonPerformingAssets #NPAs #PAT #PradipKumarDas #ProfitAfterTax #IREDA

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NHAI targets monetisation of 2,741 km highway stretches in FY'25

The National Highways Authority of India (NHAI) has identified 33 highway stretches spanning 2,741 kilometer for monetisation during the current financial year. These stretches encompass Lucknow-Aligarh, Kanpur-Ayodhya-Gorakhpur, and Bareilly-Sitapur in Uttar Pradesh; Gurugram-Kotputli-Jaipur bypass and Jaipur-Kishangarh in Rajasthan; Panikoili-Rimuli in Odisha; Chennai bypass in Tamil Nadu; and Muzaffarpur-Darbhanga-Purnia highway in Bihar. In the fiscal year 2023-24, NHAI raised Rs 40,314 crore through various asset monetisation methods, exceeding the target of Rs 28,868 crore. NHAI's total asset monetisation has crossed Rs 1 lakh crore to date. The Ministry of Road, Transport, and Highways (MoRTH) raised Rs 32,855 crore in 2022-23 through various modes of asset monetisation. MoRTH monetises its assets under three modes: toll-operate-transfer (TOT) model, Infrastructure Investment Trust (InvIT), and project-based financing, providing all categories of investors an opportunity to invest in highways and associated infrastructure. InvIT is an instrument similar to mutual funds, pooling money from investors to invest in assets that provide cash flows over time. Read the full article

#Highways #InfrastructureInvestmentTrust #InvIT #MinistryOfRoadTransportAndHighways #MoRTH #NationalHighwaysAuthorityofIndia #NHAI) #ToT #TollOperateTransfer

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Gas-based power plants to be activated to meet summer electricity demand

To address the escalating electricity demand during the summer season, the Government of India has announced plans to activate gas-based power plants. In a bid to maximize power generation from these stations, the government has issued directives to all gas-based generating stations under Section 11 of the Electricity Act, 2003. This section empowers the government to specify that a generating company must operate and maintain a generating station as per government directions in extraordinary circumstances. Currently, a significant portion of gas-based generating stations remains underutilised, mainly due to commercial considerations. The order issued under Section 11, similar to the approach taken for imported-coal-based power plants, aims to enhance the availability of power from gas-based generating stations during the upcoming high-demand period. This order is effective for the generation and supply of power from May 1, 2024, to June 30, 2024. GRID-INDIA to coordinate gas-based power supply Under this arrangement, GRID-INDIA will notify gas-based generating stations in advance of the number of days for which gas-based power is required. Gas-based generating stations that hold Power Purchase Agreements (PPAs) with Distribution Licensees are required to offer their power to PPA holders first. Any unutilized power will then be offered in the power market. Gas-based generating stations without PPAs must offer their generation in the power market. To facilitate the implementation of this directive, a high-level committee chaired by the Chairperson of the Central Electricity Authority has been formed. This decision to activate gas-based generating stations is part of a broader strategy by the Government of India to ensure sufficient power availability during the summer season. Union Minister for Power and New & Renewable Energy Shri R. K. Singh has convened several meetings to underscore the importance of ensuring an adequate power supply to meet the demand during the hot weather. In addition to the activation of gas-based generating stations, the government has implemented several other measures to address the summer demand: - Planned maintenance of power plants will be rescheduled to the monsoon season. - New capacity additions will be expedited. - Partial outages of thermal power plants will be minimised. - Surplus power from captive generating stations will be utilised. - Section 11 Directions have been issued for imported-coal-based power plants to ensure full capacity availability for generation. - Hydro power generation will be shifted to peak hours. - Advanced planning by all stakeholders will ensure coal availability. India's electricity demand has been steadily increasing, driven by economic growth, particularly during hot-weather and high-demand periods. The Indian Meteorological Department (IMD) has forecasted above-normal maximum temperatures across most parts of the country for the 2024 hot weather season. The above-mentioned measures are being undertaken to prepare for the anticipated high electricity demand during this period. Read the full article

#ElectricityAct2003 #ElectricityDemand #GasBasedPowerPlants #GRIDINDIA #HotWeather #IMD #IndianMeteorologicalDepartment #PowerRenewableEnergyMinister #RKSingh #SummerSeason

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Gas-based power plants to be activated to meet summer electricity demand

To address the escalating electricity demand during the summer season, the Government of India has announced plans to activate gas-based power plants. In a bid to maximize power generation from these stations, the government has issued directives to all gas-based generating stations under Section 11 of the Electricity Act, 2003. This section empowers the government to specify that a generating company must operate and maintain a generating station as per government directions in extraordinary circumstances. Currently, a significant portion of gas-based generating stations remains underutilised, mainly due to commercial considerations. The order issued under Section 11, similar to the approach taken for imported-coal-based power plants, aims to enhance the availability of power from gas-based generating stations during the upcoming high-demand period. This order is effective for the generation and supply of power from May 1, 2024, to June 30, 2024. GRID-INDIA to coordinate gas-based power supply Under this arrangement, GRID-INDIA will notify gas-based generating stations in advance of the number of days for which gas-based power is required. Gas-based generating stations that hold Power Purchase Agreements (PPAs) with Distribution Licensees are required to offer their power to PPA holders first. Any unutilized power will then be offered in the power market. Gas-based generating stations without PPAs must offer their generation in the power market. To facilitate the implementation of this directive, a high-level committee chaired by the Chairperson of the Central Electricity Authority has been formed. This decision to activate gas-based generating stations is part of a broader strategy by the Government of India to ensure sufficient power availability during the summer season. Union Minister for Power and New & Renewable Energy Shri R. K. Singh has convened several meetings to underscore the importance of ensuring an adequate power supply to meet the demand during the hot weather. In addition to the activation of gas-based generating stations, the government has implemented several other measures to address the summer demand: - Planned maintenance of power plants will be rescheduled to the monsoon season. - New capacity additions will be expedited. - Partial outages of thermal power plants will be minimised. - Surplus power from captive generating stations will be utilised. - Section 11 Directions have been issued for imported-coal-based power plants to ensure full capacity availability for generation. - Hydro power generation will be shifted to peak hours. - Advanced planning by all stakeholders will ensure coal availability. India's electricity demand has been steadily increasing, driven by economic growth, particularly during hot-weather and high-demand periods. The Indian Meteorological Department (IMD) has forecasted above-normal maximum temperatures across most parts of the country for the 2024 hot weather season. The above-mentioned measures are being undertaken to prepare for the anticipated high electricity demand during this period. Read the full article

#ElectricityAct2003 #ElectricityDemand #GasBasedPowerPlants #GRIDINDIA #HotWeather #IMD #IndianMeteorologicalDepartment #PowerRenewableEnergyMinister #RKSingh #SummerSeason

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IREDA's Gandhinagar office to boost green hydrogen and renewable energy manufacturing projects

 Indian Renewable Energy Development Agency Limited (IREDA) has opened an office in GIFT City, Gandhinagar, specialising in offering debt options denominated in foreign currencies. This initiative aims to enable natural hedging and substantially decrease financing costs for Green Hydrogen and Renewable Energy Manufacturing projects, thereby supporting India's shift towards a more sustainable future. The announcement was made by IREDA's Chairperson & Managing Director, Pradip Kumar Das, during a panel discussion on "Future Growth Opportunities for Long Duration Energy Storage" at the World Future Energy Summit 2024 in Abu Dhabi on April 17, 2024. Das emphasised the critical role of energy storage in achieving the National Green Hydrogen Mission's ambitious target of over 5 million metric tons per annum (MTPA) of hydrogen production by 2030. He outlined key priorities for advancing storage technologies, including enhancing research and development efforts to reduce costs and improve performance, implementing policies to strengthen the supply chain network, and providing competitive financial solutions to encourage investment in energy storage projects. India has undertaken several initiatives in this direction, including formulating a storage requirement roadmap up to 2047, issuing technology-agnostic storage tenders, and implementing supportive government interventions for battery manufacturing and pumped storage hydropower projects. The Central Electricity Authority of India forecasts a storage demand of close to 400 gigawatt-hours (GWh) by 2030-32, necessitating an estimated investment of over Rs 3.5 lakh crore. IREDA has been a pioneer in renewable energy financing, offering innovative products for emerging technologies at competitive rates, and is committed to supporting the deployment of energy storage technologies in India. Read the full article

#AbuDhabi #Gandhinagar #GIFTCity #GreenHydrogen #IndianRenewableEnergyDevelopmentAgencyLimited #IREDACMD #NationalGreenHydrogenMission #PradipKumarDas #RenewableEnergyManufacturingProjects #SustainableFuture #WorldFutureEnergySummit2024 #IREDA

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Indigenous technologies transferred to industries at Digital India FutureLABS Summit 2024

The recently held launch event of  "Digital India FutureLABS Summit 2024" held at IIIT-Delhi witnessed the transfer of three indigenous technologies to twelve industries.  This initiative is a step towards the Innovation, Science, and Technology theme of Vikshit Bharat @2047, part of Prime Minister Narendra Modi's vision. These technologies included the following: Thermal Camera:The thermal Smart camera features an inbuilt DPU to run various AI-based analytics. This indigenised technology targets applications across multiple domains, including Smart Cities, Industries, Defence, Health, and others. The field implementation, testing, and validation of this camera were done for road traffic applications. The technology was simultaneously transferred to the following eight industries comprising, RRPS4E Innovation Pvt Ltd, SCITA Solutions,  TAK Technologies Pvt Ltd, AABMATICA Technologies,  Prama India Pvt Ltd,  Samriddhi Automations Pvt Ltd, Norden Research and Innovation Centre and Vehant Technologies Pvt Ltd. CMOS Camera:The Industrial Vision Sensor iVIS 10GigE is a CMOS-based vision processing system with a powerful onboard computing engine for next-generation industrial machine vision applications. Fleet Management System: Personalised Transit Route Guidance System is a mobile app that aims to improve the travel experience for passengers by offering them the option to choose the most efficient or personalised routes of their choice. This technology was transferred to three industries simultaneously: Atulya Abhinav Tech Private Limited, Unidad Techno Labs (P) Ltd and IBI Group India Private Limited. The exchange of technology transfer documents took place in the presence of Minister of State for Electronics & Information Technology, Skill Development & Entrepreneurship, and Jal Shakti, Rajeev Chandrasekhar;  Sunita Verma, GC R&D in E⁢ E. Magesh, DG-CDAC; Kalaiselvan A, Director - CDAC Trivandrum; senior officials in the government, CEO & CTO of Industries. Read the full article

#DigitalIndiaFutureLABSSummit2024 #IIITDelhi #PrimeMinisterNarendraModi #VikshitBharat2047

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PM Modi Inaugurates India Energy Week 2024 in Goa, Unveils Development Projects Worth Rs 1330 Crore

Goa. Prime Minister Narendra Modi inaugurated the India Energy Week 2024 in Goa (being held from 6 to 9 February), marking a significant milestone in India's energy transition journey. This event, the largest and only comprehensive energy exhibition and conference in India, aims to catalyse the nation's efforts towards sustainable energy development. The Prime Minister also convened a roundtable discussion with global oil & gas CEOs and experts, fostering dialogue and collaboration in the energy sector. Addressing the audience, Prime Minister Modi expressed his pleasure at hosting the event in the vibrant state of Goa, renowned for its hospitality and natural beauty. He emphasised the state's role as an ideal venue for discussions on sustainability and environmental consciousness. Highlighting Goa's burgeoning development, the Prime Minister welcomed foreign delegates to experience the state's unique charm. The Prime Minister underscored India's robust economic growth, with GDP rates surpassing 7.5 percent in the first half of the fiscal year, positioning India as the fastest-growing economy globally. He cited projections by economic experts forecasting India's ascent as the third-largest economy in the world, emphasising the significant role of the energy sector in this trajectory. India's significant position in the global energy landscape was emphasised by Prime Minister Modi, noting its status as a major energy consumer and importer. He outlined India's ambitious plans to meet growing energy demands, including substantial investments in infrastructure and the expansion of renewable energy sources. Highlighting India's commitment to sustainability, Prime Minister Modi discussed initiatives such as the Global BioFuel Alliance, which fosters collaboration among governments, organisations, and industries worldwide. He underscored India's progress in biofuel adoption, particularly in ethanol blending, aimed at reducing carbon emissions and enhancing energy security. The Prime Minister reiterated India's focus on renewable energy, with notable achievements in solar energy capacity expansion. He announced ambitious missions, including the installation of solar rooftop panels in one crore homes, aimed at promoting self-reliance and clean energy adoption. Prime Minister Modi emphasized India's role in promoting green hydrogen and encouraged collaboration among stakeholders to realise its potential. He emphasised the event's significance as a platform for global cooperation and knowledge exchange in sustainable energy development. The event witnessed the presence of dignitaries including Governor of Goa, P S Sreedharan Pillai, Chief Minister of Goa, Pramod Sawant, Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, and Union Minister of State for Petroleum, Oil and Natural Gas, Rameswar Teli. Also, in a significant move towards bolstering infrastructure and welfare initiatives in Goa, Prime Minister Narendra Modi inaugurated and laid the foundation stone for development projects worth over Rs 1330 crore under the Viksit Bharat, Viksit Goa 2047 program. The ceremony witnessed the Prime Minister's active participation as he also undertook a walkthrough of the exhibition showcasing the projects. The highlights of the day's endeavours include the inauguration of the permanent campus of the National Institute of Technology, Goa, marking a significant moment for educational advancement in the region. Additionally, the Prime Minister dedicated the new campus of the National Institute of Watersports, aimed at fostering the development of watersports and water rescue activities. Among the cornerstone initiatives is the foundation stone laying ceremony for the Passenger Ropeway, an ambitious project set to enhance tourism connectivity between Panaji and Reis Magos. Complementing this, the inauguration of a 100 MLD Water Treatment Plant in South Goa further underscores the commitment to sustainable development in the state. In addressing employment needs, Prime Minister Modi distributed appointment orders to 1930 new government recruits across various departments during the Rozgar Mela, while also providing sanction letters to beneficiaries of various welfare schemes, ensuring inclusive growth and empowerment at the grassroots level. Reflecting on Goa's cultural richness and historical significance, Prime Minister Modi reiterated the state's crucial role in fostering peace and communal harmony. He underscored the government's commitment to the holistic development of Goa, emphasising the importance of "Sabka Saath, Sabka Vikas" in achieving equitable progress. Furthermore, Prime Minister Modi emphasised the concept of 'saturation' as the cornerstone of true secularism and social justice, reiterating the government's unwavering commitment to ensuring the full transfer of benefits to all segments of society. In concluding remarks, Prime Minister Modi called for collective efforts towards Goa's rapid development, urging citizens to actively participate in the state's progress. The ceremony was attended by dignitaries including Governor of Goa, P S Sreedharan Pillai, Chief Minister of Goa, Pramod Sawant, and Union Minister of State for Tourism and Ports, Shipping and Waterways, Shripad Yesso Naik, among others.   Read the full article

#ChiefMinisterofGoa #Goa #IndiaEnergyWeek2024 #NITGoa #PMModi #PramodSawant #PrimeMinisterNarendraModi #ShripadYessoNaik #ViksitBharat #ViksitGoa

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PM Modi Unveils Development Projects Worth Rs 1330 Crore in Goa

In a significant move towards bolstering infrastructure and welfare initiatives in Goa, Prime Minister Narendra Modi inaugurated and laid the foundation stone for development projects worth over Rs 1330 crore under the Viksit Bharat, Viksit Goa 2047 program. The ceremony, held today, witnessed the Prime Minister's active participation as he also undertook a walkthrough of the exhibition showcasing the projects. The highlights of the day's endeavours include the inauguration of the permanent campus of the National Institute of Technology, Goa, marking a significant moment for educational advancement in the region. Additionally, the Prime Minister dedicated the new campus of the National Institute of Watersports, aimed at fostering the development of watersports and water rescue activities. Among the cornerstone initiatives is the foundation stone laying ceremony for the Passenger Ropeway, an ambitious project set to enhance tourism connectivity between Panaji and Reis Magos. Complementing this, the inauguration of a 100 MLD Water Treatment Plant in South Goa further underscores the commitment to sustainable development in the state. In addressing employment needs, Prime Minister Modi distributed appointment orders to 1930 new government recruits across various departments during the Rozgar Mela, while also providing sanction letters to beneficiaries of various welfare schemes, ensuring inclusive growth and empowerment at the grassroots level. Reflecting on Goa's cultural richness and historical significance, Prime Minister Modi reiterated the state's crucial role in fostering peace and communal harmony. He underscored the government's commitment to the holistic development of Goa, emphasising the importance of "Sabka Saath, Sabka Vikas" in achieving equitable progress. Furthermore, Prime Minister Modi emphasised the concept of 'saturation' as the cornerstone of true secularism and social justice, reiterating the government's unwavering commitment to ensuring the full transfer of benefits to all segments of society. In concluding remarks, Prime Minister Modi called for collective efforts towards Goa's rapid development, urging citizens to actively participate in the state's progress. The ceremony was attended by dignitaries including Governor of Goa, P S Sreedharan Pillai, Chief Minister of Goa, Pramod Sawant, and Union Minister of State for Tourism and Ports, Shipping and Waterways, Shripad Yesso Naik, among others. The newly inaugurated permanent campus of the National Institute of Technology, Goa, is equipped with state-of-the-art facilities to cater to the diverse needs of students, faculty, and staff. Similarly, the new campus of the National Institute of Watersports aims to nurture talent and promote water-based activities in the region. The Integrated Waste Management Facility, featuring advanced waste treatment technologies and a solar power plant, marks a significant step towards sustainable waste management practices in Goa. Additionally, the foundation stone laying ceremony for the Passenger Ropeway and the Water Treatment Plant signifies a renewed focus on enhancing infrastructure and connectivity in the state. With the distribution of appointment orders and welfare scheme benefits, the government reaffirmed its commitment to empowering the workforce and ensuring social inclusivity in Goa's development journey. Read the full article

#ChiefMinisterofGoa #Goa #NITGoa #PMModi #PramodSawant #PrimeMinisterNarendraModi #ShripadYessoNaik #ViksitBharat #ViksitGoa

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Coal Ministry achieves 99.73 million tonne coal production

The Ministry of Coal has reported a significant surge in coal production during January 2024, reaching 99.73 million tonnes (MT). This marks a substantial increase from the 90.42 MT produced in the same month last year, representing a growth rate of 10.30%. Coal India Limited (CIL) contributed significantly to this achievement, with its production reaching 78.41 MT in January 2024, reflecting a growth of 9.09% compared to 71.88 MT in January 2023. The cumulative coal production up to January 2024 stands at 784.11 MT (provisional) for the financial year 2023-24, showing a notable increase from 698.99 MT during the same period in FY 2022-23, with a growth rate of 12.18%. In terms of coal dispatch, January 2024 saw a substantial increase to 87.37 MT, up from 82.02 MT in January 2023, indicating a growth rate of 6.52%. CIL's dispatch performance was also impressive, reaching 67.56 MT in January 2024, compared to 64.45 MT in January 2023, reflecting a growth of 4.83%. The cumulative coal dispatch up to January 2024 stands at 797.66 MT (provisional) for FY 2023-24, compared to 719.78 MT during the corresponding period in FY 2022-23, showing a commendable growth of 10.82%. As of January 31, 2024, the coal stock held by coal companies has surged to 70.37 MT, reflecting a remarkable annual growth rate of 47.85% and highlighting the robust performance and efficiency of the coal sector. Additionally, the coal stock at Thermal Power Plants (TPP), specifically at the location identified as DCB, has increased significantly to 36.16 MT on the same date, with an annual growth rate of 15.26%. These statistics underscore the resilience and commitment of the coal sector in meeting the nation's energy demands. The Ministry of Coal remains dedicated to fostering sustained growth and efficiency within the sector.   Read the full article

#CIL #CoalIndiaLimited #MinistryofCoal

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Modi launches projects worth over Rs 68,000 crore in Odisha

Prime Minister Narendra Modi has inaugurated and dedicated several development projects in Sambalpur in Odisha. These projects valued at over Rs 68,000 crore comprise of energy, infrastructure, and education. The Prime Minister visited the model of Indian Institute of Management (IIM) Sambalpur and attended a photo exhibition during the event. Highlighting the significance of these projects, he said these projects emphasise on Odisha's development, and employment generation. He also announced the Bharat Ratna for former Deputy Prime Minister Lal Krishna Advani. PM Modi praised the government's efforts to make Odisha a hub for education and skill development. He mentioned the establishment of modern educational institutions like Indian Institute of Science Education and Research (IISER) Berhampur and IIM Sambalpur. The Prime Minister stressed the importance of balanced development across all states and reiterated the government's support for Odisha. He highlighted the central government's investments in Odisha's petroleum and petrochemicals sector, railway infrastructure, rural roads, and National Highways. PM Modi also mentioned the inauguration of three National Highways projects, which will improve connectivity between Odisha and Jharkhand, and the development of industries in the region. He noted the increase in Odisha's income due to changes in mining policies and highlighted the District Mineral Foundation's role in the welfare of mining areas. He assured continued support from the central government for Odisha's development. The event was attended by Governor of Odisha, Raghubar Das; Chief Minister of Odisha, Naveen Patnaik; Union Minister of Education and Skill Development and Entrepreneurship; Dharmendra Pradhan, and Union Minister for Railways, Ashwini Vaishnaw, among others. Aligned with the Prime Minister's vision to enhance the country's energy security, the event focused on projects to boost the energy sector in Sambalpur, Odisha. PM Modi inaugurated the 'Dhamra – Angul Pipeline Section' of the 'Jagdishpur-Haldia & Bokaro-Dhamra Pipeline Project', which will connect Odisha with the National Gas Grid. He also laid the foundation stone for the 'Nagpur-Jharsuguda Natural Gas Pipeline Section' of the Mumbai-Nagpur-Jharsuguda Pipeline, improving natural gas availability to several states. PM Modi dedicated and laid the foundation stone for multiple power projects, including thermal power stations and coal infrastructure projects, which will provide low-cost power and boost the supply of coal from Odisha. He also inaugurated several National Highways road sector and railway projects, enhancing connectivity and rail network capacity in the region. Read the full article

#AshwiniVaishnaw #BharatRatna #ChiefMinisterofOdisha #DistrictMineralFoundation #IIMSambalpur #IISERBerhampur #Jharkhand #LalKrishnaAdvani #NaveenPatnaik;DharmendraPradhan #PMModi #PrimeMinisterNarendraModi #RaghubarDas #RailwaysMinister #SambalpurOdisha

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Finance Minister Nirmala Sitharaman unveils 'Amrit Kaal' strategy in Interim Budget 2024-25

Finance Minister Nirmala Sitharaman presented the Interim Budget 2024-25 in Parliament, unveiling the 'Amrit Kaal' strategy. She emphasised the government's commitment to ensuring timely and adequate finances, relevant technologies, and appropriate training for Micro, Small, and Medium Enterprises (MSMEs) to grow and compete globally. Sitharaman highlighted the importance of orienting the regulatory environment to facilitate MSME growth. In line with the 'Panchamrit' goals, the government aims to facilitate high and more resource-efficient economic growth, working towards energy security in terms of availability, accessibility, and affordability. Sitharaman emphasised that guided by the principle 'Reform, Perform, and Transform,' the government will take up next-generation reforms and build consensus with states and stakeholders for effective implementation. The government will adopt economic policies that foster and sustain growth, said Sitharaman adding that the policies will facilitate sustainable and inclusive development, besides improving productivity, creating opportunities for all, helping in enhancing their capabilities, and contributing to the generation of resources to power investments and fulfill aspirations. The Minister further noted that to meet the investment needs, the government will prepare the financial sector in terms of size, capacity, skills, and regulatory framework.   Read the full article

#AmritKaal #FinanceMinister #InterimBudget2024 #NirmalaSitharaman

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Interim Budget 2024-25, a beacon of hope for India's growth amid challenges

The Interim Budget 2024-25, presented by Union Finance and Corporate Affairs Minister Nirmala Sitharaman seeks to inject the economy with policies and measures aimed at reigniting positive sentiments and accelerating growth. Can this budget be the catalyst for achieving these growth targets? Let’s delve into its key highlights. Under the guiding principles of ‘Sabka Saath, Sabka Vikas, and Sabka Vishwas’ and the inclusive approach of “Sabka Prayas,” the Finance  Minister  presented the Interim Union Budget 2024-25 in Parliament. The budget focuses on social justice, particularly uplifting four major segments: the poor (‘Garib’), women (‘Mahilayen’), youth (‘Yuva’), and farmers (‘Annadata’). Key Initiatives: Poverty Alleviation: The budget emphasises 'Garib Kalyan, Desh ka Kalyan,' claiming to have lifted 25 crore people out of multi-dimensional poverty in the last decade. Direct Benefit Transfer (DBT) of Rs 34 lakh crore through PM-Jan Dhan accounts has resulted in government savings of Rs 2.7 lakh crore. The PM-SVANidhi scheme provided credit assistance to 78 lakh street vendors, with 2.3 lakh receiving credit for the third time. Tribal and Artisan Support: Schemes like PM-JANMAN Yojana aid the development of particularly vulnerable tribal groups (PVTG), while PM-Vishwakarma Yojana provides end-to-end support to artisans and craftspeople in 18 trades. Agricultural Initiatives: PM-KISAN SAMMAN Yojana provided financial assistance to 11.8 crore farmers, while PM Fasal Bima Yojana offers crop insurance to 4 crore farmers. The Electronic National Agriculture Market (e-NAM) integrated 1361 mandis, serving 1.8 crore farmers with a trading volume of Rs 3 lakh crore. Women Empowerment: The budget highlights 30 crore Mudra Yojana loans given to women entrepreneurs. Female enrollment in higher education has increased by 28%, with girls and women constituting 43% of enrollment in STEM courses, one of the highest rates globally. Over 70% of houses under PM Awas Yojana in rural areas have been allotted to women. Housing: Despite COVID challenges, the budget aims to achieve the target of three crore houses under PM Awas Yojana (Grameen) soon, with an additional two crore houses to be taken up in the next five years. Strategic Initiatives: Rooftop Solarisation and Free Electricity: A significant announcement is the provision of 300 units of free electricity per month through rooftop solarisation to one crore households, expected to save households Rs 15,000 to Rs 18,000 annually. Healthcare: The Ayushman Bharat scheme will be extended to all Accredited Social Health Activist (ASHA) workers, Anganwadi Workers, and Helpers, ensuring broader access to healthcare services. Agriculture and Food Processing: The Pradhan Mantri Kisan Sampada Yojana has benefited 38 lakh farmers and generated 10 lakh employment opportunities. The Pradhan Mantri Formalisation of Micro Food Processing Enterprises Yojana has assisted 2.4 lakh Self-Help Groups (SHGs) and 60,000 individuals with credit linkages, boosting the agricultural and food processing sectors. Research and Innovation: A corpus of Rs 1 lakh crore will be established with a fifty-year interest-free loan to catalyse growth, employment, and development through research and innovation. Infrastructure: An 11.1% increase in capital expenditure outlay for infrastructure development and employment generation, amounting to Rs 11,11,111 crore, is aimed at enhancing the country's infrastructure and creating employment opportunities. Railways: Under the PM Gati Shakti initiative, three major economic railway corridor programs will be implemented to improve logistics efficiency and reduce costs. Aviation Sector: The plan to double the number of airports to 149 and the order of over 1000 new aircraft signals significant growth in the aviation sector. Green Energy: Plans include setting up a coal gasification and liquefaction capacity of 100 MT by 2030 and a phased mandatory blending of compressed biogas (CBG) in compressed natural gas (CNG) for transport and piped natural gas (PNG) for domestic purposes. Tourism Sector: States will be encouraged to undertake comprehensive development of iconic tourist centers, with long-term interest-free loans provided for financing such development. Investments: The budget highlights significant Foreign Direct Investment (FDI) inflows, totaling USD 596 billion during 2014-23, reflecting a positive outlook for investments in the country. Reforms in the States: To support milestone-linked reforms by state governments, a provision of Rs 75,000 crore as a fifty-year interest-free loan is proposed. The budget also focuses on tax rationalisation efforts, achievements in taxpayer services, and the economic journey since 2014. It sets the stage for a dynamic and inclusive growth trajectory, aiming to propel India towards greater prosperity and well-being for all its citizens. Read the full article

#FinanceMinister #NirmalaSitharaman #UnionInterimBudget2024

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Prime Minister to launch priority section of Delhi-Ghaziabad-Meerut RRTS Corridor

Prime Minister Narendra Modi is set to inaugurate a groundbreaking chapter in India's transportation history as he unveils the priority section of the Delhi-Ghaziabad-Meerut Regional Rapid Transit System (RRTS) Corridor. The inaugural ceremony will take place at Sahibabad RapidX Station in Uttar Pradesh on October 20, 2023. During this momentous occasion, the Prime Minister will also ceremoniously flag off the RapidX train, connecting Sahibabad to Duhai Depot, symbolising the official launch of India's first-ever RRTS. Following this, at around 12 Noon, Modi will address a public gathering in Sahibabad, marking a pivotal moment in the nation's transportation infrastructure. The 17-kilometer priority section of the Delhi-Ghaziabad-Meerut RRTS Corridor, set for inauguration, will seamlessly link Sahibabad to 'Duhai Depot,' featuring stations at Ghaziabad, Guldhar, and Duhai. Notably, the foundation stone for this transformative corridor was laid by the Prime Minister on March 8, 2019. Aligned with PM’s vision to elevate regional connectivity in India through the development of world-class transportation infrastructure, the RRTS project is shaping up as a beacon of innovation. RRTS is poised to redefine rail-based, semi-high-speed, high-frequency commuter transit systems. Boasting a design speed of 180 kilometers per hour, this initiative is designed to offer high-speed intercity commuting at intervals as short as 15 minutes, with the flexibility to increase the frequency to every 5 minutes, as needed. The National Capital Region will witness the development of eight RRTS corridors, of which three have been accorded priority status for implementation in Phase I. These corridors include the Delhi-Ghaziabad-Meerut Corridor, Delhi-Gurugram-SNB-Alwar Corridor, and Delhi-Panipat Corridor. The Delhi-Ghaziabad-Meerut RRTS, with an estimated investment exceeding Rs 30,000 crore, will render the journey from Delhi to Meerut less than an hour, passing through urban hubs like Ghaziabad, Muradnagar, and Modinagar. This trailblazing RRTS initiative is on par with the best global standards, offering safe, dependable, and contemporary intercity commuting solutions. As part of the PM GatiShakti National Master Plan, the RRTS network is designed for extensive multi-modal integration, ensuring seamless connectivity with railway stations, metro stations, bus services, and more. This visionary approach to regional mobility is poised to invigorate economic activities, enhance access to employment, education, and healthcare opportunities, while also significantly mitigating vehicular congestion and reducing air pollution. In a dual celebration of India's transportation strides, Prime Minister Modi will also formally dedicate two stretches of the Bengaluru Metro's east-west corridor. These stretches, connecting Baiyappanahalli to Krishnarajapura and Kengeri to Challaghatta, commenced public service from October 9, 2023, providing commuters with much-needed convenience ahead of their formal inauguration. Read the full article

#DelhiGhaziabadMeerut #Duhai #DuhaiDepot #Guldhar #NarendraModi #PMModi #PrimeMinister #RapidX #RegionalRapidTransitSystem #RRTS) #SahibabadStation

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Coal sector's green initiatives expand India's land cover

In the fiscal year 2023-24, the Coal Ministry's unwavering commitment to environmental preservation reached new heights as over 51 lakh saplings were planted, effectively bringing more than 2734 hectares of land under a lush green canopy. This achievement surpassed the initial target of 2400 hectares. Additionally, 372 hectares have been rejuvenated with grass cover, stabilising soil, enhancing moisture retention, and preventing erosion on restored land. During the preceding fiscal year 2022-23, coal and lignite Public Sector Undertakings (PSUs) under the Ministry of Coal planted around 50 lakh saplings, covering 2370 hectares of land. Over the past five years, coal and lignite PSUs have significantly expanded India's green cover by planting over 233 lakh saplings, reclaiming and greening 10,894 hectares of land. This remarkable endeavour, under the vigilant guidance and supervision of the Coal Ministry, has been realised through annual large-scale plantation initiatives across various areas, including avenue plantations, overburden dumps, residential colonies, riverbanks, and roadsides. Innovative techniques such as miyawaki plantation, seed ball plantation, grassland development, and drone technology for planting in challenging terrains have been embraced. India's coal sector has emerged as a key contributor to the nation's environmental sustainability goals and ecological conservation. Focused on improving the ecological balance and restoring mined-out areas, coal and lignite PSUs have played a pivotal role in augmenting the nation's forest and tree cover. These initiatives align not only with the National Mission for a Green India (GIM), a critical component of the National Action Plan on Climate Change, but also contribute to India's Nationally Determined Contribution (NDC) commitment to create an additional carbon sink of 2.5 to 3 billion tonnes of CO2 equivalent through increased forest and tree cover by 2030. In addition to afforestation efforts, the coal sector actively promotes the development of eco-parks and mine tourism sites. Fifteen eco-parks and mine tourism sites have been successfully established, with seven integrated into the local tourism circuit. Looking ahead, these PSUs have ambitious plans to create 19 new eco-parks and tourism sites in coal mining areas, fostering sustainable tourism and environmental conservation. The estimated investment for these initiatives is a substantial ₹128 crore. These eco-parks, featuring tree plantations and grasslands, serve as essential components of green landscapes and function as carbon sinks. These accomplishments underscore the dedication and relentless efforts of coal and lignite PSUs in contributing to India's environmental sustainability goals. Read the full article

#CoalandLignitePSUs #CoalMinistry #Environment #ForestCover #GreenCover #MinistryofCoal #TreeCover

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Trade deficit improves by 47% in April-September 2023, reaching $39.91 Billion

India's economic landscape showcased notable shifts in trade dynamics for September 2023, with overall exports estimated at $63.84 billion, representing a slight downturn of -1.20% compared to the same period in 2022. Meanwhile, overall imports stood at $68.75 billion, reflecting a more pronounced decrease of -13.67% from September 2022. In terms of merchandise trade, September 2023 witnessed merchandise exports totaling $34.47 billion, a minor dip from $35.39 billion in September 2022. Concurrently, merchandise imports for the same month reached $53.84 billion, notably lower than the $63.37 billion recorded in the previous year. For the period spanning April to September 2023, merchandise exports amounted to $211.40 billion, down from $231.73 billion during April-September 2022. Correspondingly, merchandise imports for the same period were $326.98 billion, compared to $372.56 billion in the prior year. The merchandise trade deficit for April-September 2023 was estimated at $115.58 billion, down from $140.83 billion in April-September 2022. Non-petroleum and non-gems & jewellery exports showed resilience, rising to $24.78 billion in September 2023, surpassing the $24.33 billion recorded in September 2022. Meanwhile, non-petroleum, non-gems & jewellery imports for September 2023 were at $33.58 billion, a decrease from the $38.25 billion in September 2022. From April to September 2023, non-petroleum and non-gems & jewellery exports reached $153.89 billion, compared to $160.25 billion in the prior year. Imports for the same period were recorded at $209.65 billion, down from $224.89 billion in April-September 2022. The services sector presented a mixed picture, with services exports valued at $29.37 billion in September 2023, up from $29.22 billion in September 2022. In contrast, services imports for September 2023 stood at $14.91 billion, a decrease from $16.27 billion in the same month of the previous year. For the April-September 2023 period, services exports reached $164.89 billion, compared to $156.07 billion in the same period of 2022. Meanwhile, services imports for April-September 2023 were $89.22 billion, down from $90.58 billion in the prior year. This contributed to a services trade surplus of $75.67 billion for April-September 2023, compared to $65.49 billion during the same period in 2022. In September 2023, merchandise exports showed varied growth patterns. Notably, 12 of the 30 key sectors exhibited positive growth, including Iron Ore (8054.78%), Oil Meals (72.66%), Ceramic Products & Glassware (50.49%), Cotton Yarn/Fabs./Made-Ups, Handloom Products Etc. (27.39%), Meat, Dairy & Poultry Products (19.4%), Cereal Preparations & Miscellaneous Processed Items (17.65%), Tobacco (9.18%), Drugs & Pharmaceuticals (9.01%), Oil Seeds (8.77%), Carpet (7.51%), Engineering Goods (6.79%), and Marine Products (4.66%). Electronic goods exports saw notable growth, registering a 27.62% increase, with exports amounting to $13.11 billion during April-September 2023, compared to $10.27 billion during April-September 2022. Merchandise imports, on the other hand, encountered a mixed trajectory, with 20 out of 30 key sectors experiencing negative growth in September 2023. These sectors included Silver (-89.94%), Cotton Raw & Waste (-87.68%), Fertilisers, Crude & Manufactured (-61.89%), Sulphur & Unroasted Iron Pyrites (-56.96%), Transport Equipment (-53.15%), Coal, Coke & Briquettes, Etc. (-33.39%), Vegetable Oil (-24.11%), Project Goods (-23.53%), Pearls, Precious & Semi-Precious Stones (-22.49%), Newsprint (-22.4%), Leather & Leather Products (-21.72%), Petroleum, Crude & Products (-20.32%), Wood & Wood Products (-14.71%), Organic & Inorganic Chemicals (-12.89%), Chemical Material & Products (-12.04%), Textile Yarn Fabric, Made-Up Articles (-8.29%), Metaliferrous Ores & Other Minerals (-4.44%), Iron & Steel (-3.25%), Machine Tools (-1.6%), and Pulp And Waste Paper (-0.83%). The period from April to September 2023 saw 13 of the 30 key sectors in merchandise exports exhibiting positive growth, including Iron Ore (128.04%), Oil Meals (41.16%), Electronic Goods (27.62%), Oil Seeds (23.47%), Ceramic Products & Glassware (20.25%), Fruits & Vegetables (10.67%), Tobacco (7.6%), Drugs & Pharmaceuticals (5.02%), Coffee (3.43%), Cereal Preparations & Miscellaneous Processed Items (1.89%), Cotton Yarn/Fabs./Made-Ups, Handloom Products Etc. (1.83%), Spices (1.35%), and Cashew (0.31%). In the merchandise import category, 17 of the 30 key sectors experienced negative growth during April-September 2023, as compared to the same period in 2022. These sectors included Silver (-88.58%), Cotton Raw & Waste (-62.9%), Sulphur & Unroasted Iron Pyrites (-48.62%), Coal, Coke & Briquettes, Etc. (-36.72%), Fertilisers, Crude & Manufactured (-36.25%), Pearls, Precious & Semi-Precious Stones (-25.88%), Organic & Inorganic Chemicals (-25.38%), Vegetable Oil (-23.33%), Petroleum, Crude & Products (-22.81%), Textile Yarn Fabric, Made-Up Articles (-19.62%), Leather & Leather Products (-15.14%), Wood & Wood Products (-12.99%), Fruits & Vegetables (-8.19%), Transport Equipment (-7.7%), Metaliferrous Ores & Other Minerals (-6.76%), Artificial Resins, Plastic Materials, Etc. (-6.37%), and Newsprint (-1.39%). Notably, silver imports registered a significant decrease of 89.94%, falling from $1.06 billion in September 2022 to $0.11 billion in September 2023. Looking ahead, services exports are projected to continue their positive growth trend, with an estimated 5.65% increase during April-September 2023 over the same period in 2022. Overall, India's trade deficit has shown substantial improvement for April-September 2023. Overall trade deficit for April-September 2023* is estimated at USD 39.91 Billion as compared to the deficit of USD 75.34 Billion during April-September 2022, registering a decline of (-) 47.03 percent.   Read the full article

#Exports #imports #India #MerchandiseExports. #TradeDeficit

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Gadkari announces completion of ₹82 crore infrastructure project in Jammu & Kashmir

Union Minister for Road Transport and Highways, Nitin Gadkari, announced the successful completion of a significant infrastructure project in Jammu & Kashmir. The project involved the construction of a 250-meter, 2-lane viaduct, and a 395-meter, 2-lane Maroge Tunnel, with an estimated cost of ₹82 crore. This crucial infrastructure development is situated along the Ramban to Banihal section of NH-44. The completion of this 645-meter segment not only shortens the travel distance by 200 meters, reducing steep gradients, but also offers an alternative route that bypasses the well-known Sita Ram Passi slide area. Additionally, it facilitates the smooth flow of vehicles, avoiding the challenging Margo Area gradients. Minister Gadkari highlighted that under the visionary leadership of Prime Minister Narendra Modi, the commitment to delivering exceptional highway infrastructure to Jammu & Kashmir remains unwavering. Read the full article

#JammuKashmir #MarogeTunnel #NitinGadkari #PrimeMinisterNarendraModi #RambantoBanihal #RoadTransportHighwaysMinister #SitaRamPassi #MinisterGadkari

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PM inaugurates developmental projects worth over Rs 13,500 crore in Telangana

Mahbubnagar, Telangana, October 1, 2023 - Prime Minister Narendra Modi laid the foundation stone and inaugurated several transformative projects worth more than Rs 13,500 crore in Mahbubnagar, Telangana. These projects spanned various sectors, including roads, railways, petroleum, natural gas, and higher education. During the event, the Prime Minister also launched a train service via video conferencing. Addressing the gathering, Prime Minister Modi highlighted the festive season's arrival and emphasised the significance of the Nari Shakti Vandan Adhiniyam, recently passed in Parliament, which celebrates the spirit of Shakti Puja ahead of Navratri. The Prime Minister expressed his delight in inaugurating road connectivity projects that promise to transform the region. Notably, the Nagpur-Vijayawada Economic Corridor is expected to enhance transportation and trade across Telangana, Andhra Pradesh, and Maharashtra. This initiative is set to boost trade, tourism, and industry in these states, with key economic hubs, including eight Special Economic Zones, five Mega food parks, four fishing seafood clusters, three pharma and medical clusters, and one textiles cluster identified along the corridor. This development is anticipated to create numerous opportunities for the youth in districts like Hanamkonda, Mahabubabad, Warangal, and Khammam. Prime Minister Modi stressed the importance of rail and road connectivity for landlocked Telangana, allowing goods manufactured in the state to reach ports efficiently. Several significant economic corridors pass through Telangana, connecting the state to the East and West Coasts. The Suryapet-Khammam section of the Hyderabad-Visakhapatnam corridor is expected to facilitate this connectivity, as well as reduce logistics costs for industries and businesses. Additionally, the railway line construction between Jaklair and the Krishna section will be a vital development for the region. During the event, Prime Minister Modi announced the establishment of the National Turmeric Board by the Central Government, aimed at benefiting turmeric farmers in Telangana. This board will focus on enhancing value addition within the supply chain and improving infrastructure for farmers. Turning his attention to the energy sector, Prime Minister Modi highlighted the government's commitment to securing energy for both industries and households. He cited the substantial increase in the number of LPG cylinders, from 14 crores in 2014 to 32 crores in 2023, as well as recent reductions in gas prices. The Hassan-Cherlapalli LPG Pipeline Project, a critical component of energy security in the region, was inaugurated during the event. Additionally, the Prime Minister laid the foundation stone for the Multiproduct Petroleum Pipeline, which will run from Krishnapatnam to Hyderabad, creating thousands of direct and indirect jobs in Telangana. Furthermore, Prime Minister Modi inaugurated multiple buildings at the Hyderabad Central University, which has been granted the status of an 'Institution of Eminence' by the Central Government. He announced the establishment of a Central Tribal University in Mulugu district, named after the revered tribal goddesses Sammakka-Sarakka, with an estimated expenditure of Rs 900 crore. He congratulated the people of Telangana for this. The event was attended by dignitaries including Tamilisai Soundararajan, Governor of Telangana, Union Minister G Kishan Reddy, and Member of Parliament Bandi Sanjay Kumar, among others. Highlights                                                                                                                                                                                                                  As part of efforts to enhance modern road infrastructure across the country, multiple road projects were initiated during the event. Prime Minister Modi laid the foundation stone for key road projects within the Nagpur-Vijayawada Economic Corridor, including a 108 km long 'four-lane access-controlled Greenfield highway from Warangal to Khammam section of NH-163G' and a 90 km long 'four-lane access-controlled greenfield highway from Khammam to Vijayawada section of NH-163G.' These projects, with a combined cost of approximately Rs 6400 crores, are expected to reduce travel distances and improve connectivity. A road project, 'four laning of 59 km long Suryapet to Khammam section of NH-365BB,' was also dedicated to the nation. Built at a cost of about Rs 2,460 crore, this project is part of the Hyderabad – Visakhapatnam Corridor under Bharatmala Pariyojana. During the event, the Prime Minister inaugurated '37 Kms of Jaklair – Krishna New Railway Line,' which connects the backward district of Narayanpet to the railway network for the first time. He also flagged off the inaugural Hyderabad (Kacheguda) – Raichur – Hyderabad (Kacheguda) train service, connecting various districts in Telangana and Karnataka, benefiting students, daily commuters, labourers, and the local handloom industry. Additionally, the foundation stone and inauguration of vital oil and gas pipeline projects were performed during the event. These include the 'Hassan-Cherlapalli LPG Pipeline Project' and the 'Multiproduct Petroleum Pipeline of Bharat Petroleum Corporation Ltd (BPCL) from Krishnapatnam to Hyderabad (Malkapur).' These projects are aimed at providing efficient and eco-friendly transportation and distribution of LPG and petroleum products in the region. Lastly, the Prime Minister inaugurated new buildings at the University of Hyderabad, enhancing the infrastructure and facilities available to students and faculty. Read the full article

#AndhraPradesh #Maharashtra #MegaFoodParks #NagpurVijayawadaEconomicCorridor #NariShaktiVandanAdhiniyam #PrimeMinisterNarendraModi #RoadConnectivityProjects #SpecialEconomicZones #Telangana #TelanganaDevelopment