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Terming the state budget as "revolutionary," Maharashtra Chief Minister Eknath <keyword id="20040955" type="General" weightage="20" keywordseo="shinde" source="keywords">Shinde</keyword> said that this budget in a true sense empowers women, youth, and farmers through various schemes worth Rs 1 lakh crore. He said that this budget is revolutionary and would make the future of weaker sections, farmers, and youth bright. Stating that the budget was a resolve to give a new direction to Maharashtra, <keyword id="20062947" type="General" weightage="20" keywordseo="CM-Shinde" source="keywords">CM Shinde</keyword> said that this budget has an "unending chant of the <keyword id="22227448" type="General" weightage="20" keywordseo="development-of-Maharashtra" source="keywords">development of Maharashtra</keyword>". Deputy Chief Minister and Finance Minister <keyword id="19941791" type="General" weightage="20" keywordseo="Ajit-Pawar" source="keywords">Ajit Pawar</keyword> on Saturday presented the additional budget for the year 2024-25 in the state assembly. The Finance Minister had presented the interim budget in February. Stating that the budget has important provisions to help women and unemployed youth to stand on their own feet, the Chief Minister said that "Chief Minister Majhi Laadki Baheen scheme, free vocational education to girl students, Chief Minister Annapoorna scheme which gives 3 cylinders per year to eligible families, project worth Rs 15 thousand crores for providing free electricity to farmers during day time, Chief Minister Baliraja electricity concession scheme which provides free power to farmers using agricultural pumps, training to 50 thousand youth every year to convey government schemes to masses and resolve to remove poverty of the weaker sections of the society have made this budget special." He said that provisions like free education to girl students for engineering, pharmacy, and medical education along with degree and diploma courses along with Rs. 1500 per month to every woman prove that the government has expressed its responsibility towards women of the state. Stating that the budget proves that it stands behind the farmers, Chief Minister Shinde said that the issue of food-grain storage would be resolved through schemes like Godown per village. He said that the lives of farmers would be transformed through various provisions in the budget which include financial assistance to cotton and soybean growers, special campaigns to complete irrigation projects, and solar pumps on demand. Pointing out that the decision to celebrate the coronation of <keyword id="19966480" type="General" weightage="20" keywordseo="Chhatrapati-Shivaji-Maharaj" source="keywords">Chhatrapati Shivaji Maharaj</keyword> through a ceremony every year at Fort Raigad is important, the Chief Minister said that other decisions include recommending the annual Pandharpur pilgrimage for the UNESCO World Heritage along with the rock sculptures in Konkan, Dahi Handi celebration are efforts towards the preservation of history and culture of the state. He said that the budget provides Rs 20,000 to every Dindi (the troops participating in the annual Pandharpur pilgrimage) and it has made the announcement of making arrangements for medical treatment of pilgrims through the Chief minister's medical relief cell and provision for Nirmal Waari show commitment towards the annual pilgrim and Warkari sect. He said that a separate Warkari Mahamandal or separate Corporation for the annual pilgrims would be set up. Stating that massive investment would be made in priority sectors and the <keyword id="21313056" type="General" weightage="20" keywordseo="green-hydrogen-sector" source="keywords">green hydrogen sector</keyword>, he said that it would generate employment in a big way. He said that the chief minister's youth training scheme would impart training to ten lakh youngsters every year and a centre of excellence would be established in ITI's which would benefit the youngsters. Stating that the Sanjay Gandhi Niradhar scheme and Shrawan Bal seva state pension scheme assistance would be raised are strong steps CM Shinde said that providing for housing of various sections of society, Anand Dighe housing scheme for differently abled amply proves that the state government is taking strong steps towards removing the poverty in the state. The chief minister said that Metro routes worth 449 Kms in Mumbai, Pune, and Nagpur along with 23 thousand kilometer road stretch works under Chief Minister Gram Sadak scheme, construction of buildings of village Panchayats under Balasaheb Thackeray memorial Matoshree Gram Panchayat scheme, PM e-bus scheme in municipal corporation areas and other infrastructure works would be undertaken in a big way which would result in speedy development of the state. The monsoon session of the Maharashtra Assembly began on Thursday (June 28) and will go on till July 12. This is the last legislative session before the state assembly polls, in the next four months.

Budget resolves to give new direction to Maharashtra: CM Shinde

<keyword id="19955648" type="General" weightage="20" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="261" meta.entityid="Adani Group">Adani Group</keyword> released the composite result and Credit Compendium of Adani Group of <keyword id="20027214" type="General" weightage="20" keywordseo="companies" source="keywords">companies</keyword> for Q1 FY25. The Results Compendium provides a comprehensive overview of the <keyword id="20088085" type="General" weightage="20" keywordseo="financial-performance" source="keywords">financial performance</keyword> of the Adani Portfolio, while the Credit Compendium offers in-depth insights into the portfolio's robust credit strength. According to the results, the strong performance for the quarter was led by <keyword id="20113873" type="General" weightage="20" keywordseo="Adani-Enterprises" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Enterprises" meta.hostid="261" meta.entityid="Adani Enterprises">Adani Enterprises</keyword>' emerging businesses, including solar and wind manufacturing. In a press release, the company stated that it has emerged as India's largest player in the fully integrated <keyword id="19990484" type="General" weightage="20" keywordseo="green-hydrogen" source="keywords">green hydrogen</keyword> chain, as well as in the airports and roads sectors. The company added that AEL's infrastructure businesses' steadily rising contribution is playing a significant role in this growth, with <keyword id="19957744" type="General" weightage="20" keywordseo="EBITDA" source="keywords">EBITDA</keyword> expanding by 69.98 per cent YoY. These fast-growing businesses now contribute 13.3 per cent to the portfolio-level EBITDA, up from 7.2 per cent a year ago. The overall EBITDA of Adani Group companies surged by 32.87 per cent year-on-year (YoY) to reach Rs 22,570 crore, resulting in a trailing twelve-month (TTM) EBITDA of Rs 79,180 crore, marking a 45.13 per cent increase over the corresponding TTM of the previous year. The Adani Group highlighted that its 'Core Infrastructure' platform comprises AEL's (Adani Enterprises) Infrastructure businesses, Utility (Adani Green Energy, Adani Power, Adani Energy Solutions, and Adani Total Gas), and Transport (Adani Ports &amp; SEZ) businesses. The Solar module manufacturing business of the group saw module sales rise by 125 per cent YoY in the quarter. Furthermore, the operationalization of photovoltaic cell lines lowered costs, resulting in higher profitability. The airport business also continues to see strong growth from rising passenger movement, increasing consumer offerings, and the addition of routes, airlines, and flights across seven operational airports. Adani Enterprises' performance indicates that in airports, the annual passenger movement across 7 airports crossed 90 million for the first time. During the quarter, eight new routes, six new airlines, and 13 new flights were added across all seven airports. Additionally, 25 new brands were introduced at Lucknow airport after the inauguration of Terminal 3. The road business achieved its highest-ever 730 lane-km construction during this quarter. In the Adani Green Energy segment, construction work for a 500 MW hydro pump storage has commenced, with a 31 per cent YoY capacity addition during the quarter. Another 250 MW wind capacity was operationalized in July at Khavda, bringing the total capacity to 11.2 GW. Adani Energy Solutions stated that the Khavda-Bhuj Transmission Line (KBTL) is fully commissioned, enabling 3 GW green power evacuation from Khavda. The 1,765 ckm Warora Kurnool Transmission Line (WKTL) was also fully commissioned, strengthening the national grid by ensuring seamless power flow between the western and southern regions. Adani Ports &amp; SEZ reported that Vizhinjam port, India's first transhipment port equipped with South Asia's most advanced container-handling technology, was formally commissioned in July and will become operational in November. In the Cements segment, the promoters infused Rs 15,000 crore in two tranches in Ambuja Cements in March and April, fully subscribing to the warrant program and infusing a total of Rs 20,000 crore since the acquisition in September 2022. The company also acquired Penna Cement, increasing the total capacity to 89 MTPA. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-9-pro-fold-launched-in-india-at-172999-but-you-cant-get-your-hands-on-it-right-now/articleshow/112517193.cms">Google Pixel 9 Pro Fold launched in India at ₹1,72,999, but you can’t get your hands on it right now</a> <a href="https://www.businessinsider.in/stock-market/news/ipo-scam-two-victims-from-hyderabad-lose-over-11crore-in-fake-ipo-scams/articleshow/112488051.cms">IPO scam – Two victims from Hyderabad lose over ₹11 crore in fake IPO scams</a> <a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms">India’s wearables market decline for the first time as smartwatch shipments fall</a>

EBITDA of Adani Group companies surged by 32.87% year-on-year to ₹22,570 crore

As the global urgency to combat <keyword id="19907392" type="General" weightage="20" keywordseo="climate-change" source="keywords">climate change</keyword> intensifies, all eyes are on India's <keyword id="19955368" type="General" weightage="100" keywordseo="Budget-2024" source="keywords">Budget 2024</keyword>, as there’s no better way to walk the talk than allocating funds. Speculation is rife about the potential measures the government may introduce to accelerate the transition to a sustainable energy future — a move that is supremely necessary after the slew of deadly climate catastrophes that we saw last year. India’s Union Budget 2024 will be presented by Finance Minister Nirmala Sitharaman in a couple of days, and is expected to reflect the nation’s commitment to achieving <keyword id="21280854" type="General" weightage="20" keywordseo="net-zero-carbon-emissions" source="keywords">net-zero carbon emissions</keyword> by 2070. Here are some of the key initiatives from the interim budget that was presented in February earlier this year, along with their anticipated impacts! <h2>Rooftop Solarisation</h2>One of the most talked-about initiatives is the ambitious rooftop solar programme, which aims to provide free electricity up to 300 units per month to one crore households. If implemented, this move will help in not only cutting down energy bills — a godsend for the middle- and lower-income folks — but will also give households a chance to generate and even sell their surplus power. <h2>Electric Vehicle (EV) Ecosystem</h2>Charging up the electric vehicle movement, the interim budget included measures to expand EV manufacturing and infrastructure in the country. The move aimed to accelerate the adoption of <keyword id="19895203" type="General" weightage="20" keywordseo="electric-vehicles" source="keywords">electric vehicles</keyword>, reducing emissions from the transport sector and making your commute cleaner and greener. Additionally, the government seemed keen on encouraging the adoption of electric buses to make urban travel more eco-friendly. <div type="Article" hostid="261" msid="111855546" title="Budget 2024: How will budget affect India’s position in the global space race?" mstype="2" mssubtype="0"></div> <h2><keyword id="20495045" type="General" weightage="20" keywordseo="offshore-wind-energy" source="keywords">Offshore Wind Energy</keyword></h2>Riding the winds of change, the interim budget introduced a viability gap funding for 1 GW of offshore wind energy. As per the Finance Ministry, this initiative aims to harness the power of India’s vast coastline, pushing the envelope on <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> and reducing our fossil fuel dependency. <h2><keyword id="22499996" type="General" weightage="20" keywordseo="national-green-hydrogen" source="keywords">National Green Hydrogen</keyword> Mission</h2>The interim budget also supercharged the National Green Hydrogen Mission with a massive boost to Rs 600 crore from last year’s Rs 297 crore. The government has continually insisted that Green Hydrogen is set to become the fuel of the future, and this announcement supports its development and adoption, paving the way for cleaner industrial processes. <h2>Coal Gasification and Liquefaction</h2>Switching up the coal game, the interim budget plans to set up coal gasification and liquefaction projects that will be able to process 100 metric tonnes by 2030. These projects aim to make the most out of coal in a cleaner way, especially by reducing our reliance on imported natural gas and slashing emissions. <div type="Article" hostid="261" msid="111827903" title="Union Budget 2024 for Railways: Expectations focused on improving passenger safety, experience, infrastructure" mstype="2" mssubtype="0"></div> <h2>Bioenergy and Biomass Aggregation</h2>Turning waste into wealth, the interim budget has also promised additional financial assistance for biomass aggregation. This, they explain, will help in creating a sustainable model for managing agricultural waste, promoting bioenergy production and giving farmers a new revenue stream. <h2>Research and Development (R&amp;D)</h2>In a nod to innovation, the interim budget allocated a whopping Rs 1 lakh crore for interest-free financing in “sunrise” R&amp;D for emerging <keyword id="19931192" type="General" weightage="20" keywordseo="green-technologies" source="keywords">green technologies</keyword>. If the government follows through on this promise, the funding could catapult a wave of innovation, supporting the transition to a sustainable energy future. By focusing on renewable energy, reducing carbon emissions, and supporting green technologies, India’s initial budget allocations seem to be taking significant strides towards its net-zero goal. Whether this will ultimately pan out to become a greener and more resilient future for its citizens remains to be seen.

Budget 2024: Key sustainability and energy initiatives that Indian government plans to implement this year

<keyword id="19955648" type="General" weightage="20" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="261" meta.entityid="Adani Group">Adani group</keyword> plans to invest about Rs 1.3 lakh crore across its portfolio companies in this financial year, as it doubles down on its $100 billion investment guidance over the next 7-10 years to grow businesses, the group's CFO said. The investment will range from ports to energy, airports, commodities, cement and media. 70% of this will met through internal cash generation and the remaining will be taken care through debt, group CFO Jugeshinder 'Robbie' Singh noted. The group will look to refinance $3-4 billion of debt maturing in the year and raise an additional $1 billion in project financing, he said, adding the annual $2-2.5 billion of equity infusion by bringing in new investors is also likely to continue. "This year will be more about asset completion," the CFO continued. <keyword id="34553" type="General" weightage="20" keywordseo="Renewable-energy" source="Orion">Renewable energy</keyword> firm <keyword id="19898586" type="General" weightage="20" keywordseo="Adani" source="keywords">Adani</keyword> Green will complete 6-7 GW project, while the solar wafer manufacturing unit will also attain scale. Also, the new airport at Mumbai will be completed. The projected capital expenditure or capex for 2024-25 (April 2024 to March 2025) fiscal is 40% higher than what the portfolio is estimated to have incurred in FY24. The group had previously guided a $100 billion capex over the next 7-10 years. Most of this investment is going to go into the group's fast growing businesses -- renewable energy, <keyword id="8411893" type="General" weightage="20" keywordseo="green-hydrogen" source="Orion">green hydrogen</keyword> and airports and infrastructure. As much as 70% of the planned capex will go into its green portfolio - primarily <keyword id="19904987" type="General" weightage="20" keywordseo="renewable-power" source="keywords">renewable power</keyword>, green hydrogen, green evacuation. Of the remaining 30%, the majority will be spent towards airports and ports businesses. Adani group companies posted a record 45% rise in pre-tax profit (Ebitda) to Rs 82,917 crore (about $10 billion) in FY24, Singh said. Emerging from a damning report of a US short seller <keyword id="191733" type="General" weightage="20" keywordseo="Hindenburg" source="Orion">Hindenburg</keyword>, which hit the market value of its listed companies, Adani group in 2023-24 focused on containing debt, reducing founder share pledge and consolidating the business in core competencies. The five-year CAGR (compound annual growth rate) for profit growth was 54% A school drop-out, group chairman <keyword id="19929098" type="General" weightage="100" keywordseo="Gautam-Adani" source="keywords">Gautam Adani</keyword> started out as a commodities trader and rose to be counted amongst world's richest with an empire spanning across ports, power generation, airports, mining, renewables, gas, data centres, media and cement. Today, Adani group is the world's second largest solar power company, it is the largest airport operator with 25% of passenger traffic and 40% of air cargo, the largest ports and logistics company with 30% market share, largest integrated energy player, and the country's second largest cement manufacturer. With strong emphasis on <keyword id="19895435" type="General" weightage="20" keywordseo="green-energy" source="keywords">green energy</keyword> transition, it will be allocating more than 70% of this $100 billion to its green businesses including renewable power, green hydrogen, and green evacuation transmission lines. The conglomerate is building the world's largest renewable park at Khavda, Gujarat, spanning over 530 square kilometers, which is about five times the size of the city of Paris. A large portion of total investments is earmarked for expansion and development of its fast-growing airports business and ports business. With a portfolio boasting eight airports including the upcoming <keyword id="57321" type="General" weightage="20" keywordseo="navi-mumbai" source="Orion">Navi Mumbai</keyword> airport and 14 domestic ports, Adani wants to further solidify its presence in these sectors.

Adani to invest Rs 1.3 lakh crore in FY25 across its companies

Houston: Petroleum minister <keyword id="19968713" type="General" weightage="20" keywordseo="Hardeep-Singh-Puri" source="keywords">Hardeep Singh Puri</keyword> lauded India's economic growth under Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="Narendra-Modi" source="keywords">Narendra Modi</keyword>, saying the country has advanced from the 10th largest economy in 2014 to the 5th largest by 2019, surpassing the UK. Speaking at a community reception, organized by Consul General of India in Houston, D C Manjunath, at India House here, Puri emphasized Houston's pivotal role in the global energy sector, particularly in green hydrogen and aerospace. Expressing his thoughts about deepening <keyword id="22356868" type="General" weightage="20" keywordseo="US-India-collaboration" source="keywords">US-India collaboration</keyword> in the clean energy sector, Puri praised India's refining capacity and initiatives in biofuel blending, aiming to boost refining capacity to 300 million metric tons per annum. He termed the US-India Strategic Clean Energy Partnership as a cornerstone of future collaboration between the two countries. He acknowledged the political successes of Prime Minister Modi's party in the recent elections and said the country under Modi's regime has advanced from the 10th largest economy in 2014 to the 5th largest by 2019, surpassing the UK. The minister also pointed towards the Indian government's ambitious urban development initiatives, saying that the country has committed USD 25 billion (Rs 1.57 lakh crore) to urban schemes from 2017 to 2024. He compared this investment to constructing a new Chicago each year, illustrating the rapid expansion of urban infrastructure, including new metro systems and airports. He also noted that India's civil aviation sector is set to grow significantly, with the number of airports increasing from 74 to 150. Puri lauded Houston as a global hub for energy innovation and said events like "Howdy Modi" in 2019 showcased the strength of Indian-American relations. The minister paid tribute to the contributions of the Indian diaspora in various fields, particularly in medicine and engineering, while emphasizing the importance of maintaining cultural traditions, even while living abroad. He expressed gratitude for the warmth and hospitality received from the Indian community in Houston, acknowledging their role in enhancing India's global image.

India advanced from 10th place in 2014 to become 5th largest economy in 2019: Petroleum minister Hardeep Singh Puri

State-owned <keyword id="20039950" type="General" weightage="20" keywordseo="Bharat-Petroleum-Corporation" source="keywords" meta.keywordsubtype="org" meta.entityname="Bharat Petroleum Corporation" meta.hostid="153" meta.entityid="Bharat Petroleum Corporation">Bharat Petroleum Corporation</keyword> plans to invest Rs 1.7 lakh crore over the next five years to grow its core oil refining and fuel marketing business as well as in 'future big bets' of <keyword id="20115883" type="General" weightage="20" keywordseo="petrochemicals" source="keywords">petrochemicals</keyword> and <keyword id="19895435" type="General" weightage="20" keywordseo="green-energy" source="keywords">green energy</keyword>, its chairman G Krishnakumar has said. At present, Bharat Petroleum Corporation Ltd (<keyword id="19908646" type="General" weightage="100" keywordseo="BPCL" source="keywords" meta.keywordsubtype="org" meta.entityname="BPCL" meta.hostid="153" meta.entityid="BPCL">BPCL</keyword>) owns about 14 per cent of India's oil <keyword id="20064251" type="General" weightage="20" keywordseo="refining-capacity" source="keywords">refining capacity</keyword> and about a quarter of the fuel retailing network. It plans to grow these businesses while foraying into newer areas. The firm is now implementing the first phase of a multi-decade aspirational journey in the form of '<keyword id="22826627" type="General" weightage="20" keywordseo="project-Aspire" source="keywords">Project Aspire</keyword>' - its five-year strategic framework that is based on two fundamental pillars - 'Nurturing the Core' and 'Investing in Future Big Bets', he said in the company's latest annual report. "Our mid-term strategy is on a continuum. While we remain committed to growing our core businesses, which include refining and marketing <keyword id="20037698" type="General" weightage="20" keywordseo="petroleum-products" source="keywords">petroleum products</keyword> and upstream, we are equally focused on our big bets comprising petrochemicals, gas, green energy, non-fuel retail, and digital. "Project Aspire, with a planned capex outlay of around Rs 1.70 lakh crore over five years, will enable us to create long-term value for our stakeholders while preserving our planet for future generations," he said. "A cornerstone of our long-term strategy, Project Aspire, with a Rs 1.70 trillion investment, marks the initial phase of our multi-decade odyssey to shape the energy of tomorrow. This, coupled with our robust balance sheet, fuels our ambition to lead the <keyword id="19951336" type="General" weightage="20" keywordseo="energy-transition" source="keywords">energy transition</keyword>." The company is targeting net zero carbon emissions from its operations by 2040. "BPCL has drawn a net-zero roadmap, which encompasses renewable power, green hydrogen, compressed biogas, carbon capture, utilisation, and storage (CCUS), efficiency improvement and the offsets procurements. This would require a phased capital outlay of approximately Rs 1 lakh crore till 2040, and the company is geared for the same," he said. The firm's bet on continuing investing in core businesses is based on the premise that India's booming economy will drive a 4-5 per cent annual increase in energy demand and petroleum product consumption. Also, the demand for major petrochemical products is expected to rise by 7-8 per cent annually. "This presents a strategic opportunity to expand refining capacity alongside the development of integrated petrochemical complexes," he said. BPCL is implementing new petrochemical projects at two of its three oil refineries. A Rs 49,000 crore ethylene cracker project is being implemented at the Bina refinery in Madhya Pradesh, alongside raising oil refining capacity from the current 7.8 million tonnes to 11 million tonnes annually by 2029. A polypropylene project is being set up at Kochi refinery in Kerala by 2027. "To meet the anticipated demand beyond our planned expansions in Bina and Kochi, we are actively evaluating options for setting up additional integrated refining and petrochemical capacities within the next 5-7 years," Krishnakumar said without disclosing either the investments or the location of such a project. Andhra Pradesh is being speculated as the likely site after Prime Minister Narendra Modi's BJP and regional party TDP stormed to power in the state in recently concluded assembly elections. TDP has been demanding the implementation of a refinery-cum-petrochemical complex that was promised as part of the package when the state was split more than a decade back. "Our investment in the petrochemical project is consistent with our aspiration of becoming a dominant player in India's petrochemical growth story," Krishnakumar said. On energy transition, he said BPCL is targeting to build 2 gigawatts (GW) of <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> capacity by 2025 and 10 GW by 2035. "We are investing nearly Rs 1,000 crore to establish two 50 MW captive wind power plants in Maharashtra and Madhya Pradesh, which will support our refineries in Mumbai and Bina." The firm is also investing around Rs 300 crore in 72 MWp of solar project in Prayagraj, Uttar Pradesh. "Concomitantly, we are executing green hydrogen projects aligned with the National Green Hydrogen Mission. These projects include a 5 MW electrolyser plant at Bina refinery and a green hydrogen refuelling station with an indigenously developed electrolyser at Kochi," he noted. BPCL, he said, is committed to supporting the transition to electric mobility through a robust and accessible charging infrastructure. The company has installed over 3,000 charging stations, including fast chargers for cars and two-wheelers. 900 fast chargers are installed across 120 highway corridors, which helps address the range, discovery and time anxiety of electric vehicle (EV) owners. "Over the next five years, we aim to install 4-wheeler fast chargers at approximately 6,000 retail outlets across 400 highway corridors, prioritising high-traffic corridors like the Golden Quadrilateral and N-S/E-W highways," he said. On biofuels, he said BPCL sells petrol with 20 per cent ethanol blend at 4,279 out of its over 22,000 petrol pumps. It is also building compressed biogas plants using municipal solid waste to make gas that can be used as CNG in automobiles. The firm is also exploring partnerships in the arena. "These combined efforts, along with the upcoming commissioning of a bio-ethanol refinery, positions BPCL as a key player in India's transition to a greener fuel mix, creating a robust ecosystem for the adoption of cleaner fuels across the country," he added. BPCL is establishing a corporate venture capital fund to invest directly in promising startups. "In order to thrive in this complex and challenging business landscape, we will leverage our agility and focus on operational excellence to ensure continued success. Safety and reliability will remain our top priorities, guiding all our actions. We are committed to upholding the highest standards of corporate governance," he added. He said the energy sector of India stands at an inflection point. "The nation has an ambitious vision of becoming a USD 30 trillion developed economy by 2047. 'Viksit Bharat @2047' will necessitate an almost fourfold increase in primary energy demand." India's exponential growth trajectory will propel it to a pivotal role in the global energy market, accounting for roughly 12 per cent of world energy consumption by 2047. "The key strategic objectives for India in the energy sector will entail significant expansion in refining capacities, raising the share of gas in the energy basket from about 6 per cent to 15 per cent, establishing leadership in petrochemical exports, and sharply reducing energy imports from current levels of 47 per cent to below 25 per cent by 2030 and to zero by 2047," he said. India is targeting 500 GW of non-fossil fuel energy capacity, sourcing half of its energy needs from renewables, reducing carbon emissions by 1 billion tonnes and lowering carbon intensity by 45 per cent by 2030 with the ultimate goal of net-zero emissions by 2070. "Building on its strong Indian energy presence, BPCL aspires to meet 7-10 per cent of the nation's primary energy demand by 2047," he said.

BPCL planning Rs 1.7 lakh crore spend to expand core business, new energy foray over next five years

<ul><li>NIIF’s MD and CEO Sujoy Bose gives a break up of investments across sectors to hit its <keyword id="34553" type="General" weightage="20" keywordseo="renewable-energy" source="Orion">renewable energy</keyword> targets by 2030.</li><li><keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> needs to invest $200 billion to set up 500GW of non-fossil fuel energy. </li><li>The country needs $160 billion to fund its <keyword id="8411893" type="General" weightage="20" keywordseo="green-hydrogen" source="Orion">green hydrogen</keyword> goals. </li><li>The capex that must be spent towards electric vehicles is $200 billion, says Bose.</li></ul>India needs hundreds of billions of dollars in capital infusion to meet its sustainability and renewable energy targets. Sujoy Bose, the MD and CEO of the National Investment and Infrastructure Fund, has put a number on it – $560 billion. That’s more than a seventh of India’s current GDP of $3.5 trillion. According to Bose, India needs to invest trillions of dollars to achieve its goal of “Net Zero” by 2070. Bose said India’s sustainability goals could not only help it environmentally, but also economically. “India can become a new hub for technology and its deployment. Investing in sustainability is required to be at the forefront of new industries,” Bose said at the annual FICCI Capital Markets conference, adding that these investments could lead to new, higher income jobs as well. This has the implication of uplifting India’s median wages as well, which stood at $400, placed 72nd among 106 countries in a 2020 survey. Here’s a breakdown of the different renewable energy bills India will need to fund, according to Bose: <cmsannotation type="cmsannotation" annotationid="$200 billion for 500GW of non-fossil fuel energy by 2030" comment="subhead" text="$200 billion for 500GW of non-fossil fuel energy by 2030">$200 billion for 500GW of non-fossil fuel energy by 2030</cmsannotation> Currently, 40% of India’s total energy needs are met by renewables and hydro power. The government intends to increase this to 60% by the end of the decade, and that will need over $200 billion in funds, according to Bose. As of now, India’s total renewable energy capacity stands at 160GW, and the government has a goal of expanding it to 500GW by 2030. By the government’s estimates, India’s total energy capacity would more than double from the current 404GW to 820GW by 2030. <cmsannotation type="cmsannotation" annotationid="$160 billion to fund India’s green hydrogen goals" comment="subhead" text="$160 billion to fund India’s green hydrogen goals">$160 billion to fund India’s green hydrogen goals</cmsannotation> Green hydrogen is being seen by many as a key component of achieving “Net Zero” status. This prospect has India’s richest men – Gautam Adani and Mukesh Ambani – excited. Earlier this year, Adani Enterprises announced a partnership with France’s TotalEnergies to create a green hydrogen ecosystem with an investment of $50 billion over the next 10 years. Ambani, on the other hand, pledged $75 billion towards <keyword id="60895" type="General" weightage="20" keywordseo="green-energy" source="Orion">green energy</keyword> – including an undisclosed sum towards green hydrogen. Yet, these announcements are still not close to the total capex required for green hydrogen goals. But help is coming, including from the state-run Indian Oil Corporation, and the Hyderabad-based Greenko group. <cmsannotation type="cmsannotation" annotationid="$200 billion for India’s EV goals by 2030" comment="subhead" text="$200 billion for India’s EV goals by 2030">$200 billion for India’s EV goals by 2030</cmsannotation> The EV revolution might still be on its way to India, but there has been an uptick in EV sales over the past two years — inching towards 5 lakh units. A report by India Energy Storage Alliance (IESA) states that EV sales could increase at a compounded annual growth rate of 49% till 2030, touching total sales of 17 million. For that to materialize, though, Bose says a massive $200 billion capex is needed. <cmsannotation type="cmsannotation" annotationid="Here’s how India can fund its renewable energy goals" comment="subhead" text="Here’s how India can fund its renewable energy goals">Here’s how India can fund its renewable energy goals</cmsannotation> According to Bose, three types of capital will be required to fund India’s renewable energy goals, including equity, risk capital, and debt. “The government has shown the way via the regulatory innovation in the case of renewable energy – the creation of the Solar Energy Corp of India, combined with tools such as priority dispatch, was crucial to give a fillip to private investment in the renewable sector,” he said. He says this has led to renewable energy generation being cheaper than coal-fired power in many cases. For now, though, most of the equity investment in the renewable energy sector is foreign. Bose says that linking international and domestic finance to climate-related projects will help close the gap. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/cant-be-locking-horns-with-zomato-and-swiggy-says-restaurant-body/articleshow/94203208.cms">Can’t be locking horns with Zomato and Swiggy, says restaurant body</a> <a href="https://www.businessinsider.in/stock-market/news/these-are-the-best-and-worst-performing-nifty-indices-in-2022-so-far/articleshow/94149156.cms">These are the best and worst performing Nifty indices in 2022 so far</a> <a href="https://www.businessinsider.in/stock-market/news/explained-what-are-you-in-investing-in-when-youre-investing-in-nifty50/articleshow/94041896.cms">Explained: What are you investing in when you’re investing in Nifty50</a>

The bill for India's renewable energy goals by 2030 – $560 billion

India will spend nearly Rs 143 lakh crore on infrastructure between fiscals 2024 and 2030, more than twice the Rs 67 lakh crore spent in the past seven financial years starting 2017, rating agency Crisil said on Tuesday. Of the total, Rs 36.6 lakh crore will be green investments, marking a five times rise compared with the amount spent during fiscals 2017-2023, it added. "India's infrastructure spending will double to Rs 143 lakh crore between fiscals 2024 and 2030, compared with 2017-2023," Crisil said in its Infrastructure Yearbook 2023. Crisil Ltd managing director and CEO Amish Mehta said the agency expects India's gross domestic product to grow at an average 6.7% through fiscal 2031 to be the fastest-expanding large economy. "Per capita income is seen rising from USD 2,500 now to USD 4,500 by fiscal 2031, creating a middle-income country," he said, adding that this growth will be underpinned by massive all-round infrastructure development, with sharp focus on integrating sustainability." While releasing '<keyword id="19169539" type="General" weightage="20" keywordseo="crisil-infrastructure-yearbook-2023" source="Orion">CRISIL Infrastructure Yearbook 2023</keyword>', which includes a unique national index CRISIL InfraInvex, Mehta said policy interventions and a conducive investment climate have aided the uptrend in the CRISIL InfraInvex scores across sectors. "Four of these -- roads and highways, power transmission, renewable energy and ports -- have an overall score of 7-plus (out of 10), which underscores the pace of reforms and developments of the past few years," he added. The rating agency noted that the next phase of infrastructure development will be marked by growth in the average ticket size of projects and a significant number of mega-scale projects. Appropriate and consistent policy and regulatory interventions and focus on timely execution build an attractive case for various stakeholders to accelerate investments across infrastructure sectors, Crisil said. The renewable push The rating agency predicted that prominent sectors such as roads and power are expected to remain major contributors, while relatively nascent ones such as <keyword id="312660" type="General" weightage="20" keywordseo="EVs" source="Orion">EVs</keyword>, solar, wind, and hydrogen will pick up pace. "The share of EVs in India's overall automobile sales is likely to reach 30% by 2030. "Two-wheeler EV sales are expected to outpace other segments up to 2028, while demand for EV buses will be driven by state transport undertakings," it said. According to Crisil, favourable total cost of ownership and total cost of acquisition, as well as model availability for two- and three-wheelers will support EV offtake in coming years. It said the share of renewable energy in total capacity is estimated to grow 4x between fiscals 2023 and 2030. While solar will account for half of the incremental non-fossil generation, Crisil said there is a growing need to leverage emerging technologies such as 'floatovoltaics' (floating solar), offshore wind technology and green hydrogen. Noting that the hydrogen sector is poised to attract substantial investments, estimated at Rs 1.5 lakh crore between fiscals 2024 and 2030, the rating agency said mandates for green hydrogen use and incentive schemes will be important here considering the cost of production of green hydrogen is twice that of fossil-based hydrogen. Crisil said India's first sovereign green bond issuance will pave the way for the development of the domestic bond market for green issuances. Over the past few years, global experience has shown increasing appetite for green assets among investors, leading to Indian companies seeking funds in global markets, it added.

India's infra spending to ride EV, solar, wind and hydrogen push

<ul class="summary-list"><li><keyword id="11922736" type="UNKNOWN" weightage="60" keywordseo="g7" source="Orion">G7</keyword> leaders this week agreed to pursue a cap on <keyword id="13337215" type="UNKNOWN" weightage="60" keywordseo="russian-oil" source="Orion">Russian oil</keyword> imports.</li><li>Germany, the US, and others said boosting natural-gas supplies wouldn't compromise climate goals.</li></ul>Leaders of the seven richest large democracies on Tuesday sent mixed messages on climate action at the close of a summit in Germany, promising to both shore up natural-gas supplies and slash planet-warming pollution.The G7 said it could phase out a dependency on Russian energy without compromising its climate goals, but advocacy groups are skeptical after world leaders endorsed investments in natural gas as a temporary solution.Countries also agreed to pursue a cap on the price of Russian oil imports, which they hope will slow global inflation and undercut the energy revenue helping fund President Vladimir Putin's war in Ukraine.Here are the major takeaways.<h2>A price cap on Russian oil imports</h2>The European Union and US Treasury Secretary Janet Yellen pushed for setting an artificially low price on Russian oil. The details haven't been worked out, but G7 leaders <a href="https://www.g7germany.de/resource/blob/974430/2057828/77d5804dd1ab3047bf0f5f74c1139066/2022-06-28-abschlusserklaerung-eng-web-data.pdf?download=1">said in a final communique</a> that it might involve prohibiting the shipment of Russian crude oil and petroleum unless it's "purchased at or below a price to be agreed in consultation with international partners." They instructed finance ministers to hash out how to implement and enforce a cap."By working together to limit the price of Russian oil, we will further strengthen the existing sanctions imposed by the G7 and our partners to make sure that Putin will not be able to profit from the higher global energy costs that have resulted from his invasion," <a href="https://home.treasury.gov/news/press-releases/jy0837">Yellen said in a statement Tuesday</a>.For now, a price cap wouldn't cover natural-gas imports from Russia.<h2>An opening for new natural-gas investments</h2>Europe relies heavily on natural gas from Russia, but Putin has cut supplies to countries including Germany, Italy, Poland, and Bulgaria — sending prices soaring.G7 leaders said that investing in liquefied natural gas, or LNG, was "appropriate as a temporary response" to the energy crisis but warned against locking in fossil-fuel use because that would make global climate goals unachievable. The group encouraged making gas infrastructure ready for low-carbon and renewable hydrogen.The statement raised alarm among climate advocates, who criticized the G7 as watering down promises to accelerate the clean-energy transition and sending conflicting messages. New fossil-fuel development <a href="https://www.iea.org/reports/net-zero-by-2050">isn't compatible with keeping global temperatures from rising</a> by more than 1.5 degrees Celsius above preindustrial levels — the goal of the Paris climate accord — and hydrogen technology is still nascent."Hydrogen — if it is to be useful for climate goals — will be produced from renewables in a variety of places and not necessarily in the same place as current gas production," Luca Bergamaschi, a cofounder and executive director of ECCO, an Italian climate-change think tank, <a href="https://twitter.com/lucaberga/status/1541111256895164416">tweeted on Sunday</a>.Critics also said the G7 statement backslid on a <a href="https://www.g7germany.de/resource/blob/974430/2044350/84e380088170c69e6b6ad45dbd133ef8/2022-05-27-1-climate-ministers-communique-data.pdf?download=1">commitment in May by the group's energy and climate ministers</a> to halt financing by year's end for fossil-fuel projects that are not paired with carbon-capture technology. That pledge around so-called unabated fossil-fuel projects for the first time included Japan, a top financier of foreign fossil fuels.<a href="https://priceofoil.org/2022/06/28/csos-condemn-g7-leaders-for-caving-in-to-gas-industry-and-weakening-pledge-to-end-international-public-finance-for-fossil-fuels/">Oil Change International</a> and a coalition of civil-society groups said the communique on Tuesday risked jeopardizing the opportunity to shift at least $33 billion a year in fossil-fuel funding from the G7 governments to clean energy.Gillian Nelson, a deputy director of policy at the We Mean Business Coalition, said that while the G7 did promise to "fully or partially" decarbonize its power sectors by 2035, it fell short of discussing how that could be achieved.<h2>Countries that are major polluters and emerging economies can join 'climate clubs'</h2>German Chancellor Olaf Scholz said during a press conference that he wanted climate protection to be an advantage in international trade. He got the G7 to support setting up <a href="https://www.g7germany.de/resource/blob/974430/2057926/2a7cd9f10213a481924492942dd660a1/2022-06-28-g7-climate-club-data.pdf?download=1">so-called climate clubs by the end of the year</a> that major polluters and emerging economies could join. The goal is to create global markets for green industrial products, such as through carbon pricing or other climate-mitigation strategies, as well as to help finance poorer countries' energy transitions.John Kirton, the director of <a href="http://www.g7.utoronto.ca/about/index.htm">the G7 and G20 Research Group</a> managed by the University of Toronto, said there would likely be a focus on carbon border adjustments that slap tariffs or impose quotas on imports from countries without a price on emissions or aggressive climate action.Carbon border tariffs are taking shape in Europe, but the US and Japan, which don't have a price on carbon, have been resistant to such a policy.

G7 leaders pursue price cap on Russian oil, double down on natural gas, and say major polluters can join 'climate clubs'

<ul class="summary-list"><li>China's clean energy sector is replacing a gaping hole left by the real estate crash.</li><li>Clean energy investment contributed to 40% of China's economic growth in 2023.</li></ul>China's property sector has tanked — enter clean energy.Investment in solar power, electric vehicles, green hydrogen, and a spate of other clean energy technologies in China rocketed to 6.3 trillion yuan ($890 billion) in 2023, climate outlet Carbon Brief <a href="https://www.carbonbrief.org/analysis-clean-energy-was-top-driver-of-chinas-economic-growth-in-2023/">reported</a> on Thursday. That's a 40% increase from 2022, which saw 4.6 trillion yuan invested.In total, clean energy contributed to 40% of the country's economic growth in 2023. Without the sector, China's GDP would have risen only 3% instead of the recorded 5.2%.The ballooning industry is helping fill a gaping hole created by China's real estate collapse.At its peak, China's property sector was an estimated <a href="https://www.axios.com/2023/10/11/chart-chinas-real-estate-struggles">25%-30% of the country's GDP</a>. Then, property developer Evergrande found itself drowning in debt, tipping the dominos that would spark a deep real estate slump that experts predict could <a href="https://www.businessinsider.com/china-property-crisis-economy-downturn-correction-real-estate-prices-sales-2024-1">last a decade.</a>Since the property meltdown, money has been drying up in the industry, with investment shrinking 10% in 2022, and another 9% in 2023, Carbon Brief noted.The weakness in the property sector has created a big void in available investment opportunities, which local governments have quickly begun replacing with <a href="https://www.businessinsider.com/china-wants-to-use-electric-vehicles-to-power-grid-electricity-2024-1">sectors like clean energy. </a>Investment in manufacturing — specifically in clean energy — rose 9% year-over-year in 2023.China's lead in EV and solar panel manufacturing is being felt in markets around the world. In Europe, solar module prices have been crashing after a <a href="https://markets.businessinsider.com/news/stocks/solar-panel-oversupply-price-crash-europe-production-plant-meyer-burger-2024-1?mrfhud=true">glut of Chinese supply flooded the market. </a>And last September, the president of the European Commission <a href="https://www.businessinsider.com/eu-chinese-ev-subsidies-market-cheap-prices-cars-2023-9">announced an "anti-subsidy investigation"</a> into Chinese EVs, concerned that Beijing's cheap prices were warping the market. Later, in January, <a href="https://www.businessinsider.com/byd-founder-wang-chuanfu-biggest-chinese-global-ev-automaker-2024-1">BYD dethroned Tesla</a> as the world's largest EV maker.Still, the rise of the clean energy sector is not a cure-all for the <a href="https://www.businessinsider.com/china-economy-shrinking-xi-jinping-debt-real-estate-american-world-2024-1">malaise that has gripped China's economy.</a> The country continues to face a deflation problem, stunted consumer demand, and capital flight among foreign investors.

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