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The Indian government is drafting a new policy in which countries that do not allow Indian investments won’t be able to invest in India either. India is going to adopt a reciprocity policy in power sector too and won’t allow investments from nations that do not allow investments from Indian companies. This means, Chinese companies won’t be able to invest in <keyword id="387470" type="UNKNOWN" weightage="20" keywordseo="Power-transmission">power transmission</keyword> in India as China does not approve of overseas investments in its electricity grid for security reasons but India allows 100% foreign direct investment (FDI) in the power sector. If India bars Chinese companies in investing in power transmission, it will help in protection from cyberattacks because the power sector is increasingly software driven with intelligent technology and control systems being used. In a recent interview, India’s Power Minister <keyword id="6355222" type="PERSON" weightage="20" keywordseo="Piyush-Goyal">Piyush Goyal</keyword> had told ET that India won't allow power companies to invest from countries where Indian firms are banned. "Discussions have already been held with the commerce ministry. There should be reciprocity in trade. Other countries should not be allowed to exploit the Indian market while they protect their domestic players and space,” a government official told ET. Meanwhile, the power ministry is working on a secure management to prevent cyberattacks on the electricity grid. Domestic power equipment manufacturers have said it could also be a threat to national security as electricity distribution systems carry power to pipelines, water systems, telecommunications and other critical infrastructure, while also serving key government and military facilities.

Chinese companies won’t be able to invest in India’s power transmission. Here’s why

<ul><li><keyword id="10850136" type="UNKNOWN" weightage="20" keywordseo="chinese-cybercriminals">Chinese cybercriminals</keyword>, dubbed <keyword id="10849528" type="COMPANY" weightage="20" keywordseo="redecho">RedEcho</keyword>, are targeting India’s <keyword id="6368906" type="COMPANY" weightage="20" keywordseo="power-grid">power grid</keyword> with background Trojans called ShadowPad.</li><li>The investigation by Recorded Future identifies 10 distinct power sector organisations and two maritime ports as targets of RedEcho.</li><li>The cybersecurity firm points out that this infiltration has little to offer in terms of economic espionage, but could be used as a ‘show of force’, a tool to sway public opinion or serve as research for bigger attacks in the future.</li></ul> Chinese cybercriminals are targeting the <keyword id="65314" type="ORGANIZATION" weightage="20" keywordseo="Indian-power-sector">Indian power sector</keyword>, according to a report by US-based cybersecurity company Recorded Future. The two Asian giants may be disengaging on the ground but relations do not seem to have thawed in the realm of cybersecurity. An investigation conducted by the firm’s Insikt Group claims to have discovered a steep rise in the attacks against many companies in India’s power sector. “10 distinct Indian power sector organisations, including 4 or the 5 Regional Load Despatch Centres (RLDC)... have been identified as targets in a concerted campaign against India's critical infrastructure,” <a href="https://www.recordedfuture.com/redecho-targeting-indian-power-sector/">said the report.</a> Chidambaranar and Mumbai ports were also identified as targets. <div type="image" title="china power grid attack map" msid="81274118" hostid="261" caption="&amp;lt;p&amp;gt;Suspected Indian power sector victims of RedEcho targeted intrusions&amp;lt;/p&amp;gt;"></div> However, Recorded Future pointed out that infiltration of RLDCs have very little to offer in terms of meeting any economic espionage objectives. But it does have its uses. Regardless of whether the attack itself was severe or not, the electric grid falls into the critical infrastructure category. The report <a href="https://go.recordedfuture.com/hubfs/reports/cta-2021-0228.pdf?utm_medium=email&amp;_hsmi=110851062&amp;_hsenc=p2ANqtz-9jdCA-FQY1DAHO0FT1PDC4VZzmFmLhLt2PHMaQMzioRH4rvElhlAXO9NRsMuvDFDoMuz-WYhwkkfzsMu3PUYoL3tCNwlNCtuCqcgtnG-DCbfosJVU&amp;utm_content=110851062&amp;utm_source=hs_automation">believes</a> such attacks are ideal for posturing and can deliver potential outcomes such as: <ul><li>To be a robust signaling message as a ‘show of force’</li><li>To enable influence operations to sway public opinion during a diplomatic confrontation</li><li>To support potential destructive cyber operations against critical infrastructure in the future</li></ul>These points are key because the discovery of the attack comes at a time when Indo-Sino relations are tense and <a href="https://www.businessinsider.in/defense/news/india-and-china-begin-to-disengage-from-friction-areas-along-the-border/articleshow/80831679.cms">disengagement attempts</a> on-going along the Line of Actual Control (LAC). <div type="Article" hostid="261" msid="77497819" title="After Jio, India's unicorn startups are the top target for Chinese hackers trying to get their hands on Indian users' data" mstype="2" mssubtype="0"></div> The two Asian giants were involved in their first fatal border clash in 45 years in <a href="https://www.businessinsider.in/defense/news/indian-army-on-india-china-war-in-galwan-valley-soldiers-killed/articleshow/76402297.cms">June last year</a>. Since then, their military forces have been locked in a face-off along multiple frictions points in Leh, especially along the southern banks of Pangong Tso Lake. Who are these Chinese Hackers? The first thing to note is that these attacks were using ShadowPad, which is one of the largest known supply-chain attacks, according to cybersecurity firm <a href="https://www.kaspersky.com/about/press-releases/2017_shadowpad-how-attackers-hide-backdoor-in-software-used-by-hundreds-of-large-companies-around-the-world">Kaspersky</a>. It is a covert background malware, which hides inside legit software. Once activated, it allows hackers to access the system in order to install more malicious software or steal data. <div type="image" title="Screenshot (629)_edited" msid="81274305" hostid="261" caption="&amp;lt;p&amp;gt; High-level RedEcho Terrorist Tactics, Techniques, and Procedures (TTPs) and Recorded Future data sourcing graphic &amp;lt;/p&amp;gt;"></div> Even though the investigators spotted some overlaps with other cybercriminal groups — like APT41, known for the <a href="https://securelist.com/shadowpad-in-corporate-networks/81432/">NetSarang</a> incident using ShadowPad, and Tonto Team — they don’t believe that there is enough evidence to pin the blame on any known perpetrators. In addition to APT41 and Tonto Team, ShadowPad is used by at least three other distinct Chinese groups. So, instead, this closely-related but distinct activity group has been dubbed RedEcho. SEE ALSO: <a href="https://www.businessinsider.in/business/news/elon-musk-and-reliance-industries-mukesh-ambani-compete-in-energy-storage-skytran-and-hyperloop/articleshow/81266903.cms">Elon Musk is facing a challenge from Asia’s richest man Mukesh Ambani in India⁠— both in energy and transportation</a> <a href="https://www.businessinsider.in/india/news/indians-are-heading-back-to-parks-supermarkets-and-pharmacies-but-malls-and-theatres-are-not-on-the-priority-list/articleshow/81271614.cms">Indians are heading back to parks, supermarkets and pharmacies — but malls and theatres are not on the priority list</a>

Chinese hacked into India’s power grid just to show that they can

India is one of the liberal markets when it comes to Foreign Direct Investment (FDI) but now it is going to end the one-side affair. India’s power sector is not allowing foreign companies to take undue advantage of the liberal policies and has said foreign companies from countries where Indian companies are banned cannot invest in India. Putting end to the one-sided gains, India’s Power Minister <keyword id="6355222" type="PERSON" weightage="20" keywordseo="Piyush-Goyal">Piyush Goyal</keyword> said foreign firms from countries that do not allow Indian companies to invest and make money in their markets won’t be allowed. "Reciprocity will be the rule. Either they open up for us, or we close down for them. India is not a market to be exploited and enjoyed when you protect your own market. Countries that do not allow our companies, we will not allow their companies," Goyal told ET in an interview. "You have to be strong. You have to have courage of conviction. Fortunately, that's something Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> doesn't lack." India offers a huge potential to investors in the power sector. Meanwhile, Goyal also rubbished reports claims by few experts that electricity generated from wind and sun was a threat to grid stability and a problem for thermal power stations. "A country that makes 1,200 billion units, what is 20 billion units? Can you call it the cause of the problems that the thermal sector or any other sector is having? So it's all excuses and it's a naysayer philosophy - whatever good is happening, criticise it," Goyal told ET. Goyal also spoke about future of <keyword id="6358835" type="UNKNOWN" weightage="20" keywordseo="Electric-cars">electric cars</keyword> in India. "I suspect that by 2030 we should be able to start selling electric cars across the board and I believe these cars will not only be more efficient, they will also be much cheaper to operate," Goyal said.

India says no more one-sided gains; won’t allow power companies to invest from countries where Indian firms are banned

<keyword id="3261283" type="UNKNOWN" weightage="100" keywordseo="Economic-Survey-2016">Economic Survey 2016</keyword> hints towards a positive growth of the <keyword id="6385673" type="UNKNOWN" weightage="100" keywordseo="power-sector">power sector</keyword> that is almost crippled with problems. Here’s the health report of the power sector. 

	• There has been record addition to generation capacity. 2014-15 marked the highest ever increase in generation capacity: 26.5 GW, much higher than the average annual addition of around 19 GW over the previous five years. 
 

	• Capacity enhancements in the power sector are unprecedented. These measures have helped to reduce India’s peak electricity deficit to 2.4 per cent, the lowest ever.
 

	• There has been a comprehensive initiative to improve the health and performance of power distribution companies—UDAY, the Ujwal DISCOM Assurance Yojana
 

	• Indian Railways is attempting to shift to open access for power purchase.
 

	• Renewables have received a major policy push. Targets have been revised from 32 Gigawatts to 175 Gigawatts by 2022. In the latest round of auction under the National Solar Mission, tariff reached an all time low of Rs. 4.34 /KWh.
 

	• Tantalising signs of moving to One Market in Power are becoming evident.
 

	Though the power sector has seen sweeping changes but it is still almost paralyzed with challenges, said Jaitley.
 

	Hence Jaitley came out with some long term policy issues for the revival of the sector.
 

	• Power tariff schedules are currently complex. Given high tariffs on industry, firms may be shifting from purchasing electricity from utilities to generating their own power.
 

	1. 47 per cent of firms report using a diesel generator
 

	2. Between 2006-07 and 2014-15, electricity procurement from utilities grew by 4.6 per cent annually, slower than the 9.3 per cent growth in self-generation.
 

	• Cross-subsidy surcharges and non-price regulatory measures are key tools for balancing DISCOMS’ equity and access considerations, but they may also hinder the creation of a nationwide electricity market.
 

	• Compared to other developing countries, India’s domestic power tariff schedules have greater scope for progressivity. Increases in tariffs for rich households can be achieved while maintaining or reducing tariffs for the poor.
 

	The Economic Survey 2015-16 suggest that tariffs can be made simple and transparent, reducing the gap between producers and distributors and by taking advantage of the possibility of greater progressivity in rate-setting, charges for the poor could be reduced while generating more revenues.
 

	State Governments and State Regulators should work together. The power sector is a perfect crucible for making effective the cooperative-competitive federalism experiment that is now India, the Survey adds.

	 
	 
	(Image credits: Indiatimes)

Economic Survey 2016: Sweeping reforms in power but tariffs must come down

The Indian <a href="http://www.businessinsider.in/searchresult.cms?query=power+sector&amp;sortorder=effectivedate">power sector</a> has been abuzz since the <a href="http://www.businessinsider.in/searchresult.cms?query=NDA+government+&amp;sortorder=effectivedate">NDA government </a>took over. 
 From announcing UDAY (Ujwal DISCOM Assurance Yojana) to boosting domestic <keyword id="500152" type="UNKNOWN" weightage="60" keywordseo="coal-supply">coal supply</keyword>, ramping up the country’s ailing transmission networks offering subsidized gas to plants, several initiatives have been introduced. 
 
EESL’s Managing Director Saurabh Kumar told Business Insider the current government’s efforts are ‘laudable’ in an exclusive interview on the sidelines of the Energy Infra Post launch. 
 “The <keyword id="6385673" type="UNKNOWN" weightage="80" keywordseo="power-sector">power sector</keyword> has transformed in the last 2 years, after the new government came in. Coal production has gone up, supply has improved, and attempts are being made to improve transmission lines. That’s laudable”, Kumar told reporters. 
 
Domestic <a href="http://www.businessinsider.in/searchresult.cms?query=coal+supply&amp;sortorder=effectivedate">coal supply</a> has improved and international coal prices have fallen over the last two years. Thermal power, which accounts for approx 70% of the country’s power generation, rose around 5% to 943 billion units in 2015-16. The country’s thermal power capacity has shot up more than 11% to 2,10,675 MW by March 2016. 
 
According to the government’s targets, the country’s transmission lines network will be expanded to a further 3,64,900 cKm by March 2017. The addition of 2,49,400 MVA transformation capacity during 2012-16, has been the highest ever in the country’s history. 
 
When asked about the country’s power challenges, Kumar said, “Wind power is under-utilized, renewable power should be more widely adopted and we’ll have to bring focus back to hydro-electric power. Coal and gas-based power plants must also be revived.” 
 
The current government has been conducting auctions to revive stranded gas-based plants. 
 
Image credit: Indiatimes

‘India’s Power sector has
transformed in the last 2 years’: EESL MD
Saurabh Kumar

With India's economic recovery catching a faster pace, the next <keyword id="5966195" type="General" weightage="20" keywordseo="multibagger-stocks" source="Orion">multibagger stocks</keyword> might emerge from sectors like power, tourism, realty and IT sectors. Lately, banking, PSUs and even the stocks of brokerage firms have shown an upward trend. However, steep valuations have somewhat subdued investors' interest, said industry experts. Nonetheless, an accelerated economic recovery has boosted demand for sectors such as power and tourism. Consequently, stocks of companies in these sectors hold potential for giving future healthy returns. "IT sector has seen tremendous growth in the last two years since the lockdown as more and more companies move towards making themselves digitally equipped to tackle any such situation in the future," said Vijay Dhanotiya, Senior Research Analyst, CapitalVia Global Research. "We have also seen strong demand environment, sustained margins and improved cash flows which is expected to continue and hence we believe it will be one of the outperforming sectors in the market." Besides, he cited <keyword id="997729" type="General" weightage="20" keywordseo="power-sector-stocks" source="Orion">power sector stocks</keyword> to hold great potential. "Indian power sector has seen outstanding demand growth and India has become the fourth largest energy consumer in the world. Power sector has also seen growth due to the government policies as well as the demand increases. "Indian government has allowed 100 per cent FDI in the sector and has allowed the private players to enter the market. The sector is seen as one of the top outperforming sectors as the demand of energy is sought to increase at an unprecedented pace." Furthermore, MOFSL's advisory subsidiary Teji Mandi, CIO Vaibhav Agrawal said that travel and tourism sector is expected to "do well on account of the opening up of the economy and revenue consumption". "Even real estate as a sector is at an inflection point on account of low interest rates, tax savings on buying houses and increase in people's affinity to buy houses." "Furthermore, resumption of office life should help to increase demand for commercial real estate as well." According to Rahul Sharma, Co-Founder, Equity99, sectors such as real estate, specialty-chemicals and automobiles are guiding the next stage of rally. "This sector (specialty-chemicals) has sawn some correction in recent times due multi-fold rise in raw-material prices," Sharma said. "However, considering the increasing demand and steady increase in end products price by companies we expect the raw material price increase to not have significant impact." In addition, he pointed out that automobile sector has taken a huge hit by chip shortage crisis and is available at "good discount". "However, we think that correction in this sector is over and is ready for next stage of up-move." "Also there has been significant demand for EV vehicles and most companies are launching many EV models. We are bullish on this sector and expect a good move here." SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/nykaa-vs-itc-memes-are-hilarious-but-it-may-not-be-the-right-comparison/articleshow/87755496.cms">Nykaa vs ITC memes are hilarious but it may not be the right comparison</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/the-excitement-around-go-fashion-ipo-is-making-money-for-shareholders-of-tcns-clothing-too/articleshow/87756224.cms">The excitement around Go Fashion IPO is making money for shareholders of TCNS Clothing too</a>

Next multibagger stocks might emerge from sectors like power, tourism, realty and IT sectors

As <keyword id="2783177" type="UNKNOWN" weightage="100" keywordseo="Budget-2016">Budget 2016</keyword> nears, concerns about the staggering sectors are increasing. <keyword id="6385673" type="UNKNOWN" weightage="100" keywordseo="power-sector">Power sector</keyword> is one of them, that has not seen any significant upward curve in its growth chart in the last five years. State Electricity Boards are facing bankruptcy. They aren’t able to pay the suppliers from whom they buy <keyword id="44011" type="CITY" weightage="100" keywordseo="power">power</keyword>. Apart from supply shortage, there is power theft too that is aggravating the problem. This comes at a time when inadequacy of coal supply has almost paralysed the sector. One can see why the whole power sector is waiting with bated breath, with lot of hopes pinned on <keyword id="6355261" type="POSITION" weightage="100" keywordseo="Finance-minister">Finance Minister</keyword> Arun Jaitley. Here’s what the sector expects from the upcoming <keyword id="6360189" type="COMPANY" weightage="100" keywordseo="Union-Budget">Union Budget</keyword> 2016. 

	Vision 2022
 

	The government should give priority to its ambitious RE power target of 175 Gw by 2022. This will bring the much needed spark back in the sector.
 

	New technology thermal capacity plants
 

	Though the new government is betting big on renewable energy this year, a decision applauded by all, the government should not ignore the power that can be generated by thermal power plants. The first question that comes is where all the coal will come from. Here’s the trick. The supply is already there. Due to lack of other resources there are numerous partially completed projects hanging around in the plants.
 

	Technology has the solution. All the government needs to do is to recognise it and apply new technology in thermal capacity plants to complete stalled projects within a stipulated time.
 

	Transmission and Distribution
 It is high time the government focussed on the Transmission &amp; Distribution segment. Several ready power projects are stranded due to either a missing transmission link or because the states are unable to buy the power. Granting infrastructure status to <keyword id="6362476" type="ORGANIZATION" weightage="100" keywordseo="investments">investments</keyword> in the T&amp;D sector will bring in more participation in the sector. 

	Power tariff
 

	Sometimes a king needs to rule (instead of leading) to eradicated misrule from his kingdom. Our government is in such a position now. Hiking power tariff might not be a welcoming step, but it is the call of the moment.
 

	<keyword id="6354679" type="ORGANIZATION" weightage="100" keywordseo="GST">GST</keyword>
 

	Removal of electricity from the exempt category of goods in the GST would ensure improvement of business metrics in the power sector.

	 
	 
	(Image credits: indiatimes)

Budget 2016: If you are concerned about ever increasing power bills, read this.

More than a month has passed since the cabinet gave its approval to the Ujwal DISCOM Assurance Yojana or <keyword id="9140" type="PERSON" weightage="80" keywordseo="Uday">UDAY</keyword> for short. The scheme has certain salient features that will help India's growing power sector face one of its most challenging problems. 
 The scheme comes forth at a time when DISCOMs have seen accumulated losses soaring to 3.8 lakh Crores and an outstanding debt of approximately Rs. 4.3 lakh Crore (as on March 2015). Just to put these numbers in perspective, the outstanding debt is close to twice the defence budget of the country at present. A question that naturally arises is what made things come to such a pass? The fact is DISCOMs have been facing problems for a long time now. However, the financial problem that DISCOMs have been facing became acute in the past 4-5 years as they began funding their operational losses by taking on more debt. Debt restructuring for DISCOMs have happened in the past but this time, it appears the government is keen on finding a long-term solution to the problem. Debt at present comes with <keyword id="6371181" type="UNKNOWN" weightage="80" keywordseo="interest-rates">interest rates</keyword> hovering as high as 15%. This high interest cost has trapped DISCOMs in a vicious debt cycle. Due to this the banks, have seen their NPA's rise that is a cause of concern for both the banks and the RBI. 
 
The scheme thus comes at an opportune time and tries to resolve these legacy issues of the Power sector in the next 2-3 years by a four-pronged approach. 
 
First, it seeks to improve the operational efficiencies of the power DISCOMs. It is proposed to be done through proper metering, up-gradation to energy efficient modes like usage of LED's the prices for which have already seen a tremendous downward spiral. Prices of LEDs have seen a tremendous downward spiral due to the removal of supply-side bottlenecks and with that economies of scale bringing prices further down. The measures to improve operational efficiency are done with a view to reducing the average AT&amp;C losses from the present 22 percent to a target of 15 percent by 2018-19. 
 
Second, the scheme proposes a reduction in the cost of power. It is a step that would require improvements across the upstream side of value chain right from the fuel supply to improvements in generation technologies and betterment in the existing and addition of new transmission line infrastructure. The government is keen to bring in improvements in these. In the previous year, the power sector has seen the highest production growth in coal sector as well as the highest capacity addition in the generation and highest ever transmission line additions. 
 
Third, the scheme seeks to reduce the interest cost of DISCOMs. It is to be done by asking states to take over 75 percent of the debt of DISCOMs as on 30 September 2015. The 75 percent debt is in line with the recommendations of the Fourteenth Finance Commission. The scheme proposes it to be done in 2 Phases- the first 50 percent to be taken over in 2015-16 and the rest 25 percent to be taken over by 2016-17. It is expected that this will reduce the interest cost by an estimated 6-7 percent thus disrupting the debt trap in which the DISCOMs seem to be stuck at present. 
 Finally, the scheme seeks to enforce financial discipline in DISCOMs by aligning them with states' finances. The initial years will see the fiscal space remaining the same for states even when they take over the debts. It is to be done by ensuring that for the initial two years evaluation of debt in the <keyword id="6365485" type="UNKNOWN" weightage="80" keywordseo="fiscal-deficit">fiscal deficit</keyword> does not take place. Also, the scheme proposes to make the states accountable by giving them the power to take over and fund at least 50 percent of the future losses (if any) of the DISCOMs in a graded manner. 
 
The scheme is optional and has so far seen has seen enrolment by nine states according to the official Twitter handle of the Power Minister. The scheme overall seems well thought through and is not just a restructuring package but a major reform that will help secure power for all citizens. In the process, it is hoped it will forever change the dynamics of DISCOMs in the country. Other sectors need to bring in such ‘reforms’ to make the states and well as India globally competitive. 
 
The article is co-authored with Sankalp Sharma, Senior Researcher at the Institute for Competitiveness, India. Amit Kapoor is Chair, Institute for Competitiveness &amp; Editor of Thinkers. The views expressed are personal. Amit can be reached at <a href="mailto:amit.kapoor@competitiveness.in">amit.kapoor@competitiveness.in</a> and tweets @kautiliya)

Power Sector
Reforms: The story of UDAY so far

State-owned <keyword id="77463" type="General" weightage="20" keywordseo="power-finance-corporation" source="Orion">Power Finance Corporation</keyword> has inked an initial pact with the <keyword id="6354766" type="General" weightage="20" keywordseo="gujarat" source="Orion">Gujarat</keyword> government to provide comprehensive financial backing for the state's <keyword id="6380509" type="General" weightage="20" keywordseo="generation" source="Orion">generation</keyword>, <keyword id="67884" type="General" weightage="20" keywordseo="transmission" source="Orion">transmission</keyword>, and distribution projects. Power Finance Corporation (PFC) signed an <keyword id="6368586" type="General" weightage="20" keywordseo="mou" source="Orion">MoU</keyword> with the government of Gujarat on January 3, 2024, according to a company statement issued on Wednesday. The MoU was signed by Parminder Chopra, CMD PFC and Jai Prakash Shivhare, MD (GUVNL) in the presence of Bhupendra Patel, Chief Minister of Gujarat. The chief objective of this MoU is to provide comprehensive financial backing for the state's generation, transmission, and distribution projects. The MoU, signed in Gandhinagar, marks a significant step towards bolstering various projects undertaken by the Gujarat Urja Vikas Nigam Limited (GUVNL), Gujarat State Electricity Corporation Limited (GSECL), Gujarat Energy Transmission Corporation Ltd (GETCO), Dakshin Gujarat Vij Company Ltd (DGVCL), Madhya Gujarat Vij Company Ltd (MGVCL), Paschim Gujarat Vij Company Ltd (PGVCL), and Uttar Gujarat Vij Company Ltd (UGVCL). The collaboration is set to facilitate long-term debt and other critical funding necessities vital for executing these diverse projects. Under the terms of the MoU, the envisaged financial assistance stands at an impressive Rs 25,000 crore, dedicated to powering up various projects across Gujarat, it stated. This substantial financial commitment underscores PFC's steadfast commitment to bolstering the power infrastructure in the region and supporting the state's ambitious initiatives in the power sector. Apart from facilitating the expansion of power infrastructure, the MoU shall also help create employment generation of up to 10,000 in Gujarat.

Power Finance Corp commits Rs 25,000 cr for power sector projects in Gujarat

<ul><li>The <keyword id="44011" type="CITY" weightage="20" keywordseo="power">power</keyword> sector roughly constitutes 20% of all the bad loans on the balance sheets of Indian banks. </li><li>While the resolution of stressed power assets is an urgent priority, the government is also preparing <keyword id="6447217" type="UNKNOWN" weightage="20" keywordseo="reforms">reforms</keyword> to ensure the long-term viability of the sector. </li><li>These include the implementation of a <keyword id="6357205" type="UNKNOWN" weightage="20" keywordseo="direct-benefit-transfer">direct benefit transfer</keyword> scheme for consumer subsidies and the separation of production and distribution operations of power companies. </li></ul>Much has been made of the growing pile of non-performing assets emanating from India’s power sector. A number of power companies such as Jindal India Thermal Power and Lanco Anpara are expected to be referred to insolvency courts following the expiry of a deadline for the resolution of ₹1.7 trillion worth of bad loans from the sector. This is roughly 20% of all the bad loans on the balance sheets of India’s banks. Recognising the problems that are unique to the power sector - like a liquidity crunch and a dearth of power-purchase agreements - and the need to ensure these coal-fuelled projects don’t undergo liquidation, the Indian government is planning to establish <a href="https://www.livemint.com/Industry/H2ttLugifLjwv91QYdnPFM/REC-to-seek-central-banks-nod-for-Pariwartan-ARC.html">an asset reconstruction company</a> (ARC) to resolve stressed power assets. Under its Pariwartan scheme, the state-owned Rural Electrification Corp will set up the ARC to clean up the sector in anticipation of a future revival in demand. Bigger reforms in the works However, the power sector’s problems go well beyond bad loans. While the resolution of bad loans is an urgent priority, the Indian government is also planning to implement a series of reforms to ensure the long-term viability of the sector and its participants. A number of amendments to the Electricity Act of 2003 are in the works. First, the government is looking to establish a direct benefit transfer (DBT) scheme for the targeted distribution of subsidies. The reason power producers and distribution companies are racking up so much debt is because state governments aren’t being able to allocate subsidies to consumers efficiently. A DBT will see the subsidy amount deposited in the bank account of a consumer. Second, the government is also looking to mandate the separation of production and supply operations of power companies, which means that power producers will not supply the electricity they generate. This reduces the complexity of operations and also gives consumers greater choice. Third, it also plans to exempt <keyword id="34553" type="ORGANIZATION" weightage="20" keywordseo="renewable-energy">renewable energy</keyword> producers from licensing requirements in order to encourage thermal power generators to diversify their operations. Finally, payments security protocols are being devised for agreements between producers and distributors to prevent non-payment of dues. The reforms will be a much-needed step. In order to prevent any future pile-up in bad loans, the government needs to improve the supporting <keyword id="17408" type="DOMAIN" weightage="20" keywordseo="infrastructure">infrastructure</keyword> and legislation for the power sector so that projects are capable of generating revenue.

Indian government is planning a package of reforms for the power sector

<keyword id="145965" type="TECHNOLOGY" weightage="20" keywordseo="semiconductors">Semiconductors</keyword> is one space which has not taken off in India yet. Blame it on the inability to compete with the cost structures in the existing markets, or the lack of focus by the Indian government on this sector. However, with the market being strong, and people wanting to do more electronic manufacturing in India - this can definitely help in setting up an eco-system. 
 
Just ahead of the Budget, we spoke to NXP semiconductors Ashok Chandak, Sr. Director Global Sales and Marketing, to learn the challenges this sector is facing in India, and therefore its expectations from the upcoming Budget. Here’s what he had to say: 
 “Owing to the rising interest of businesses in the Internet of Things, Connected Cars, Security and wearable computing, the electronics and semiconductor industry is growing rapidly. With initiatives like “Make in India” and “Digital India”, the country has observed an accelerated interest in localising the designs and manufacturing in ESDM space over the last 12 months along with other sectors. Several Indian and Global companies are showing a good amount of interest to setup the operations in India as Import still constitutes over 65% of the total electronic goods demand in India. With the trend of major reduction in Exports from India, the initiatives to reduce import duty burden on electronics will help the <keyword id="6368276" type="COMPANY" weightage="20" keywordseo="Foreign-exchange">foreign exchange</keyword> reserves and also currency stability. 
 However, the momentum needs to be sustained with policy aggravation at various levels of manufacturing, operations and business. Therefore, Budget 2016 is highly awaited where everyone is expecting policy level improvements to expedite growth. Manufacturing is key government focus and hence, it is important to rationalize Import Duty to promote the on-ground manufacturing and not just assembling. This will enable greater access to better technology and will be a huge enabler to the ESDM industry to help provide superior technology to a wider audience at more competitive rates. With innovation and design being at the core of ‘Make in India’, we believe the government should promote R&amp;D benefits to encourage more innovations from India and preference to Made in India products. Investment allowances for IT adoption can promote India as a premiere destination for both hardware and software development and hence, requires attention from the government. Early introduction of GST is also expected to bring a uniform <keyword id="6383566" type="PERSON" weightage="20" keywordseo="Taxation">taxation</keyword> standard across India, which in return will boost the commercial transactions in the country and benefit both corporations and consumers. 
 
Considering the large number of motor vehicle accidents in country, it is necessary to give major filip to the active safety. The regulations mandate on ABS , TPMS , Intelligent Transportation systems , Advanced driver assistance systems and Emission norms, would help to deploy technology and make the drives safer and more comfortable. Indian and global technology and auto companies are investing heavily to make ADAS and ITS a reality. While automakers are struggling with ways to protect their new and existing connected cars, there are technologies that can protect the privacy and security from the very start. The funding support for intelligent transport systems infrastructure and tax benefits for the ADAS , Digital Radio and Active Safety equipped vehicles would be very helpful in this direction. The government also needs to support promotion of the hybrid and electric vehicles and utilize technologies in order to promote innovation in the automotive space and reduce emissions in the country. 
 The Payment and <keyword id="34494" type="UNKNOWN" weightage="20" keywordseo="banking-industry">Banking industry</keyword> in India undergoing a major change in view of the major boom in e-Commerce and payment bank licences. While the security aspects have to be taken into account upfront. It is desirable to provide tax benefits for the cyber security, Secure Mobile Transactions, Chip based secure payment cards, Point of Sales terminals and infrastructures, to proactively address the end to end security needs of future and add to Make in India initiative. India is still struggling on the T &amp; D losses. The mandate on the Smart Metering and Smart Grid in addition to smart cities initiatives will help not only the T &amp; D losses but also help in having reliable and sufficient power to the citizens of the country. 
 
In summary , the Government need to provide benefits and encouragement for enabling secure connections and secure infrastructure for a smarter India and deployment of the technology solutions that make lives easier, better and safer.” 
 
(As told to Anushree Singh, Business Insider India)

More investment in this sector will
revolutionize the power sector and this is what it needs right now

Finance Minister Nirmala Sitharaman on Tuesday announced a cut in customs duty on minerals such as lithium, copper and cobalt, which are critical for nuclear energy, renewable and other sectors, to give a fillip to the energy transition. In her budget speech in Lok Sabha, Sitharaman recalled that in the interim budget she had announced a strategy to sustain high and more resource-efficient economic growth, along with energy security in terms of availability, accessibility and affordability. "We will bring out a policy document on appropriate energy transition pathways that balances the imperatives of employment, growth and environmental sustainability," she said. Noting that minerals such as lithium, copper, cobalt and rare earth elements are critical for sectors like nuclear energy, <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword>, space, defence, telecommunications, and high-tech electronics, she proposed to fully exempt customs duties on 25 critical minerals and reduce BCD (basic customs duty) on two of them. This will provide a major fillip to the processing and refining of such minerals and help secure their availability for these strategic and important sectors, she said. She stated that energy transition is critical in the fight against climate change. To support energy transition, she proposed to expand the list of exempted capital goods for use in the manufacture of solar cells and panels in the country. Further, she stated that in view of sufficient domestic manufacturing capacity of solar glass and tinned copper interconnect, I propose not to extend the exemption of customs duties provided to them. Noting that steel and copper are important raw materials and to reduce their cost of production, she proposed to remove the BCD on ferro nickel and blister copper. "I am also continuing with nil BCD on ferrous scrap and nickel cathode and concessional BCD of 2.5 per cent on copper scrap," she said. About the PM Surya Ghar Muft Bijli Yojana, which was rolled out earlier this year, he informed the House that in line with the announcement in the interim budget, PM Surya Ghar Muft Bijli Yojana has been launched to install rooftop solar plants to enable 1 crore households obtain free electricity up to 300 units every month. The scheme has generated remarkable response with more than 1.28 crore registrations and 14 lakh applications, and we will further encourage it, he stated. She further stated that a policy for promoting pumped storage projects will be brought out for electricity storage and facilitating smooth integration of the growing share of renewable energy with its variable &amp; intermittent nature in the overall energy mix. She stated that nuclear energy is expected to form a very significant part of the energy mix for Viksit Bharat. Towards that pursuit, our government will partner with the private sector for setting up Bharat Small Reactors; research &amp; development of Bharat Small Modular Reactor and research &amp; development of newer technologies for nuclear energy, she informed the House. The R&amp;D funding announced in the interim budget will be made available for this sector, she added. The development of indigenous technology for Advanced Ultra Super Critical (AUSC) <keyword id="20421620" type="General" weightage="20" keywordseo="thermal-power" source="keywords">thermal power</keyword> plants with much higher efficiency has been completed, she informed the House. A joint venture between NTPC and BHEL will set up a full-scale 800 MW commercial plant using AUSC technology and the government will provide the required fiscal support, she added. Moving forward, the development of indigenous capacity for the production of high-grade steel and other advanced metallurgy materials for these plants will result in strong spin-off benefits for the economy, she pointed out. A roadmap for moving the 'hard to abate' industries from 'energy efficiency' targets to 'emission targets' will be formulated, she stated adding that appropriate regulations for the transition of these industries from the current 'Perform, Achieve and Trade' mode to 'Indian Carbon Market' mode will be put in place. She further stated that an investment-grade energy audit of traditional micro and small industries in 60 clusters, including brass and ceramic, will be facilitated. Financial support will be provided for shifting them to cleaner forms of energy and implementation of energy efficiency measures. The scheme will be replicated in another 100 clusters in the next phase, she stated. Gaurav Kedia, Chairman, Indian Biogas Association said that the <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> 2024 has unveiled a roadmap towards a sustainable and resilient India, with agriculture and energy security at its core. It is anticipated that these initiatives will catalyze the growth of the biogas industry, leading to increased rural employment, reduced carbon emissions, and improved soil health, he stated. SEE ALSO:<a href="https://www.businessinsider.in/budget/news/budget-2024-25-changes-to-tax-slabs-increased-standard-deduction-and-other-changes-to-direct-taxation/articleshow/111951205.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/budget-2024-25-changes-to-tax-slabs-increased-standard-deduction-and-other-changes-to-direct-taxation/articleshow/111951205.cms" target="_blank">Budget 2024-25 – Changes to tax slabs, increased standard deduction and other changes to direct taxation</a><a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank">Union Budget 2024-25: How will this budget impact you?</a> <a href="https://www.businessinsider.in/budget/news/budget-2024-record-allocation-of-rs-1-48-lakh-crore-for-education-employment-and-skilling/articleshow/111951228.cms">Budget 2024: Record allocation of Rs 1.48 lakh crore for education, employment and skilling!</a>

FM cuts customs duty on minerals critical for energy transition

New Delhi, Jan 23 () Power Minister R K Singh on Thursday urged Brazilian investors to invest in the Indian energy sector, saying it is the fastest growing energy market and its consumption will treble in coming days.
Singh also assured investors that India will provide stable policy and regulatory regime to facilitate them.
"Meeting our aspirations require us to go on higher energy consumption pedestal.. with our low base (per capita) energy consumption, our energy consumption is going to double or treble in short while.
"We want more and more companies to come here and invest here. We can promise of stable policy regime. We can promise a regulatory regime which is fair and decides and totally at arms length from the government. All of you are welcome to invest here," Singh said while addressing a seminar -- India-Brazil Opportunities in Energy and Mining -- here.
As far as energy is concerned, no other country will grow as fast as India, the minister added.
"We have to treble our energy consumption to catch with the world...I will hold your hand and see that you dont face any difficulty," he said. 
The minister also elaborated on the scope of investment in power distribution as well as renewable energy segment where the nation is seeing huge expansion and entry of new players.
"You will see many large distribution companies emerging in India," he noted.
India has set a target of adding 175 GW of renewable power in the energy mix by 2022. It has already added 86 GW. Besides, around 36 GW is under installation and about 35 GW is under bidding stage.
The minister exuded confidence that India will have around 50 per cent renewables in its energy mix by 2030.
India has established power generation capacity of about 360 GW, which is expected to be trebled by 2030.
Singh also drew attention toward India's efforts for shifting to electricity based mobility and cooking which would also push power demand up.
He also said India's hydro power companies will be bidding for projects in Brazil whenever auction would be announced.
"We have huge companies in energy sector. We have companies in all segment like transmission, generation.. (like) Sterlite, Power Grid," the minister said.
Brazilian Minister of Mines and Energy Bento Albuquerque said, "India imports about 80 per cent of its needs of (crude oil) while Brazil became the net oil exporter. Currently, exports of oil represent the major share in our bilateral trade. I believe that there is room for much more".
The Brazilian minister also suggested that the two nations should join efforts and forces to make ethanol a global commodity.
He also said that Brazil is expanding its power generation capacity and transmission lines, and the highest share of direct investment from India in Brazil is in electricity.
"We welcome Indian capital and technology in the Brazilian power sector," he added.
Brazilian Minister for Agriculture Tereza Cristina noted that Brazil and India together account for approximately 55 per cent of world sugarcane production and just over 35 per cent of sugar output.
However, she said, "As far as ethanol is concerned, there is a big disparity: while Brazil is the world's second largest producer with over 30 billion liters, India produced only 1.5 billion liters in 2018. In this context, there is a huge potential for cooperation between our nations".
She was of the view that an increase in ethanol production in India will provide, in addition to the socio-economic benefits already observed, great environmental gains. KKS KKS BAL
BAL

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