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<ul><li>The investment marks <keyword id="3439370" type="General" weightage="80" keywordseo="jsw-ventures" source="Orion">JSW Ventures</keyword>’ entry into the EV space. </li><li><keyword id="11050531" type="General" weightage="100" keywordseo="moeving" source="Orion">MoEVing</keyword> operates 1,500 <keyword id="6354973" type="General" weightage="50" keywordseo="electric-vehicles" source="Orion">electric vehicles</keyword> including 2-wheelers and 3-wheelers, across 15 cities. </li><li>The funds will be used to further strengthen its electric mobility platform for driver partners across <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>. </li></ul>Commercial electric mobility tech platform MoEVing raised $2.5 million from JSW Ventures, today. The investment marks the entry of venture capital firm JSW Ventures into the Electric Vehicles (EV) space. Founded in 2021, MoEVing operates 1,500 electric vehicles including 2-wheelers and 3-wheelers, across 15 cities. It has set up over 30 multi-modal charging hubs nationally. “India has the potential to become an EV first country. The push to EVs will mean a complete rethinking of the transportation ecosystem, which in many places has to be built ground-up. MoEVing is working to do that in the commercial EV space as we strongly believe that EV adoption will be driven by commercial transportation, especially in the first/last mile delivery space,” Vikash Mishra, co-founder &amp; CEO at MoEVing said. The funds raised will be primarily used to strengthen its electric mobility platform for driver partners. It will also be used for expansion across cities. With the recent round, it has raised as much as $10 million till now. “MoEVing's full stack platform approach is unique and has global relevance to support the acceleration of EV adoption across sectors. Our investment recognizes the opportunity for MoEVing to grow exponentially by capitalizing on the early EV wave as Indian businesses transition their supply chain to electric mobility,” <keyword id="1622633" type="General" weightage="50" keywordseo="sachin-tagra" source="Orion">Sachin Tagra</keyword>, Partner at JSW Ventures, said. JSW Ventures, part of the eponymous group, is pre-series A to series A+, VC firm focused on platform and SaaS investments. Private equity <a href="https://economictimes.indiatimes.com/industry/renewables/pe-funds-in-evs-may-cross-1-billion-in-2022/articleshow/95173248.cms">investment</a> in electric vehicles in India is about to reach $1 billion this year alone. The Indian government also aims to achieve the ‘Net Zero’ carbon emissions target by <a href="https://economictimes.indiatimes.com/industry/auto/auto-news/huge-business-potential-in-india-says-maruti-suzuki-md-hisashi-takeuchi/articleshow/95180908.cms">2070</a>. India is the world’s third largest emitter, creating 2.9 gigatonnes of carbon dioxide every year, which is 4.9% of annual global emissions, according to <a href="https://www.businessinsider.in/science/environment/news/india-needs-to-invest-12-1-trillion-to-achieve-carbon-neutrality-by-2050-mckinsey/articleshow/95125243.cms">McKinsey</a> India report 2022 on ‘<keyword id="15412641" type="General" weightage="50" keywordseo="decarbonising-india" source="Orion">Decarbonising India</keyword>’. Automotives make up for a considerable chunk of these emissions. “Favourable unit economics, positively evolving regulatory framework and the deepening efforts by companies in India to meet the targeted green goals is driving stronger demand and adoption of commercial EVs,” MoEVing stated. The Gurgaon-based company aims to decrease 1,000 tonnes of carbon dioxide by the end of this financial year. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/paytms-diverse-sources-of-monetisation-to-drive-profits-jp-morgan/articleshow/95252360.cms">Paytm's diverse sources of monetisation to drive profits: JP Morgan</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/canada-facing-labour-shortage-what-does-it-mean-for-indian-immigrants/slidelist/95251236.cms">Canada facing labour shortage — what does it mean for Indian immigrants</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/fusion-micro-finance-ipo-10-important-things-you-need-to-know-before-subscribing-for-the-ipo/slidelist/95250493.cms">10 things to know about Fusion Micro Finance IPO that opens from Nov 2 to Nov 4</a>

Electric mobility platform MoEving raises $2.5 million from JSW Ventures

French carmaker <keyword id="20312151" type="General" weightage="20" keywordseo="citroen" source="keywords">Citroen</keyword> on Monday said it will supply 4,000 units of its electric vehicle <keyword id="16079223" type="General" weightage="100" keywordseo="e-C3" source="Orion">e-C3</keyword> to <keyword id="20125728" type="General" weightage="20" keywordseo="blusmart-mobility" source="keywords">BluSmart Mobility</keyword>, over a period of 12 months. Citroen and <keyword id="20354062" type="General" weightage="20" keywordseo="blusmart" source="keywords">BluSmart</keyword> Mobility, a vertically integrated eMobility ride-hailing and EV charging service provider, have signed a memorandum of understanding for the same. As part of the initial phase, 125 Citroen e-C3 were flagged off from BluSmart's EV charging superhub in Bengaluru, the company said in a statement. "This collaborative effort between Citroen and BluSmart Mobility signifies a shared vision for a sustainable future in the realm of electric mobility, reaffirming our commitment to shaping a cleaner and greener transportation ecosystem," <keyword id="20964798" type="General" weightage="20" keywordseo="citroen-india-brand" source="keywords">Citroen India Brand</keyword> Director, <keyword id="20565839" type="General" weightage="20" keywordseo="shishir-mishra" source="keywords">Shishir Mishra</keyword> said. He further said, "BluSmart's foray in the shared electric mobility space is a well applauded initiative that offers convenient and safe urban mobility without any tailpipe emission strengthening our collective mission to decarbonise cities by making EVs mainstream." The e-C3 features such as an operational range of 320 kms as per Automotive Research Association of India (ARAI), fast charging capabilities, and intuitive technology, make it an attractive proposition for passengers and fleet operators, Mishra added. BluSmart Co-founder &amp; CEO Anmol Jaggi said, "As more Original Equipment Manufacturers (OEMs) embrace eMobility, and our fleet size expands, we are poised to address the burgeoning demand for ride-hailing services in Indian megacities while offering riders a diverse range of advanced EVs." SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/webstories/poco-x6-neo-5g-vs-redmi-note-13-5g-which-phone-should-you-buy-under-20000/slidelist/108586427.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/poco-x6-neo-5g-vs-redmi-note-13-5g-which-phone-should-you-buy-under-20000/slidelist/108586427.cms" target="_blank">Poco X6 Neo 5G vs Redmi Note 13 5G – Which phone should you buy under ₹20,000?</a><a href="https://www.businessinsider.in/business/auto/news/new-ev-policy-elon-musks-tesla-may-soon-enter-india-as-import-taxes-slashed-for-electric-vehicles/articleshow/108527306.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/new-ev-policy-elon-musks-tesla-may-soon-enter-india-as-import-taxes-slashed-for-electric-vehicles/articleshow/108527306.cms" target="_blank">New EV Policy: Elon Musk’s Tesla may soon enter India as import taxes slashed for electric vehicles</a><a href="https://www.businessinsider.in/tech/mobile/news/best-smartphones-under-30000-in-india/slidelist/108472033.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/best-smartphones-under-30000-in-india/slidelist/108472033.cms" target="_blank">Best smartphones under ₹30,000 in India</a>

Citroen to supply 4,000 units of EV e-C3 to BluSmart Mobility in 12 months

New Delhi, Jun 26 () In his biggest push for clean and affordable energy, billionaire Mukesh Ambani on Friday said it was imperative to adopt technologies that can recycle to set the carbon balance right. With Prince Abdulaziz bin Salman Al-Saud, Energy Minister of the world's largest oil exporter Saudi Arabia, listening, Ambani said there is a need to provide efficient, clean, and affordable energy. "The way I see is that in the progress that humankind has made (between) industrial revolutions, we have disturbed the carbon cycle and now it is time to use technology... to reset that balance and adopt the carbon cycle right," he said speaking at the FII Investment Institute Conference over a video link. He went on to stress the need for technologies that can recycle carbon dioxide. Statement by the Chairman and Managing Director of Reliance Industries Ltd, India's most valuable company, is significant considering that his firm operates the world's biggest oil refining complex at Jamnagar in Gujarat. "I think that, where we are, if we take a clean sheet of paper and adopt technologies whereby we can complete the energy cycle, we can adopt new technologies particularly biochemical photosynthesis. Instead of treating carbon dioxide as a liability - we can make that as raw material," he said. "It's not only imperative for us to be net carbon zero but I think that we should opt to recycle carbon." Ambani said for those in the energy business, it is not so much about the decarbonisation but about completing the cycle for zero carbon emission. "Energy is an essential requirement for all 8 billion people on this earth. There is a need to provide efficient, clean, affordable energy. And we have to do it in a responsible way. That's the business. We should not confuse that between clean and unclean," he said. The oil-to-telecom conglomerate head said no one solution will fit all. "The important thing also is to allow energy equally. That means, everybody has to have access to clean energy for their quality of life at an affordable price," he said. Ambani's company buys a significant quantity of crude oil from Saudi Arabia for processing at its twin refinery complex at Jamnagar. It is in talks to sell a fifth of its oil-to-chemical business to Saudi Aramco for an asking of USD 15 billion. "The new supply of energy on an affordable basis is the prosperity of the planet. And only after these two, there can be prosperity for the companies and the shareholders, and I think with where we are today, in the coming decades we have no choice, but to meet these challenges to complete the carbon cycle. "And serve the energy needs of all its customers rather than thinking in terms of fossil and renewable and wind and so forth," he added. Saudi sovereign wealth fund PIF has picked up a 2.3 per cent stake in Ambani's digital arm Jio Platforms Ltd. "For us, particularly in India, we have high growth so it is important that one works with consumers in spreading awareness. This virus itself has helped everybody realise the benefit of low carbon mindset," he said. "Real touch with the community, understanding the community on the ground level and understanding different sectors of the economy and getting them involved in the energy movement is critical as for having a part of restoring the carbon cycle." ANZ BAL

Ambani pushes for clean, affordable energy; tech to decarbonise

In the realm of <keyword id="6378916" type="General" weightage="90" keywordseo="cement" source="Orion">cement</keyword> production, China and India are navigating diverging market currents, shaped by distinct economic landscapes. <keyword id="125045" type="General" weightage="50" keywordseo="fitch-ratings" source="Orion">Fitch Ratings</keyword>' insights reveal a challenging outlook for <keyword id="19792359" type="General" weightage="80" keywordseo="chinese-cement" source="Orion">Chinese cement</keyword> demand in 2024, driven by ongoing distress in the property sector. Meanwhile, India's <keyword id="34556" type="General" weightage="60" keywordseo="cement-industry" source="Orion">cement industry</keyword> charts a more optimistic course, with steady demand growth projected over the medium term. The Chinese property sector's persistent challenges and a projected slowdown in infrastructure investment contribute to weakened cement demand in 2024. Strained financing conditions for local governments, coupled with a decline in land sales, hamper their capacity to bolster spending on crucial infrastructure projects. Despite these hurdles, Fitch notes a potential stabilization of producers' margins in the face of adversity. The gross profit of China's top five cement producers witnessed a 3% decline in 3Q23, marking a notable slowdown from the sharper contractions observed in previous quarters. Anticipating a reduction in capacity, Fitch foresees smaller, less profitable producers exiting the market in 2024. Government policies on capacity control and sector decarbonisation are expected to contribute to a medium-term reduction in overall capacity. Contrasting China, India's <keyword id="82914" type="General" weightage="20" keywordseo="cement-sector" source="Orion">cement sector</keyword> foresees a robust trajectory driven by the nation's steady GDP expansion. Fitch predicts an annual growth rate of 6 per cent-8 per cent in cement demand over the coming years. Infrastructure and affordable housing projects, fuelled by government spending, are expected to spearhead this growth, with additional impetus from the ongoing recovery in urban housing throughout 2024. While India anticipates a doubling of annual cement capacity additions in the next five years, the industry's robust demand growth will help maintain healthy capacity utilization. Fitch notes that the top five Indian producers will spearhead new capacities, with further mergers and acquisitions on the horizon. Despite this positive outlook, the industry's focus on market share retention amid capacity expansions is likely to temper the potential widening of profit margins, even with energy prices normalizing post-2022.

China's cement sector faces headwinds, while India sees steady growth: Fitch Ratings

Leading EV ride-hailing and charging provider <keyword id="9621652" type="General" weightage="20" keywordseo="BluSmart-Mobility" source="Orion">BluSmart Mobility</keyword> on Thursday said it has raised $42 million in the recent round and will continue to build on its vision of decarbonising the future of transportation in the country. The latest round included an equity round of $37 million and venture debt of $5 million which saw participation from existing energy investors, with almost 50 per cent of the round being subscribed by the BluSmart founders and leadership team. With an all-electric ride-hailing fleet size of 3,500 EVs currently operating in Delhi-NCR and Bengaluru, BluSmart plans to have 10,000 EVs in FY24. "The electrification of public transportation is imminent but the path to electrification has its own challenges. BluSmart tackles these challenges through an integrated and full-stack approach, optimally using and maintaining the EV ride-hailing fleet at scale," said Anmol Singh Jaggi, Co-founder and CEO, BluSmart Mobility. BluSmart's monthly revenue has grown 3 times over the last three quarters and to scale further this funding round will be utilised to penetrate deeper into mega cities, expansion of fleet capacity to 10,000 over the next 1 year. BluSmart recently secured the largest EV asset financing of Rs 633 crore in India, backed by the Power Finance Corporation (PFC), which will add 5,000 EVs to BluSmart's growing fully-electric ride-hailing fleet. "We are focused on sustainability and profitability with a larger purpose to accelerate EV adoption and reverse climate change." said Tushar Garg, Co-founder and Chief Business Officer, BluSmart Mobility. BluSmart has raised $109 million across rounds which includes an equity raise of $85 million. It has also received EV asset leasing of $150 million (Rs 1,200 crore) backed by Development Financial Institutions like PFC, IREDA among others. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/hiring-in-it-companies-like-tcs-wipro-infosys-hcl-tech-plunges-by-66-in-fy23/articleshow/99960690.cms">Hiring in the IT sector plunges by 66% in FY23</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/titan-q4-net-profit-rises-50-to-734-crore-as-wedding-segment-makes-a-comeback/articleshow/99964029.cms">Titan Q4 net profit rises 50% to ₹734 crore as wedding segment makes a comeback</a>

BluSmart Mobility raises $42 mn to boost its EV operations in India

<keyword id="46212" type="General" weightage="20" keywordseo="suzlon-energy" source="Orion">Suzlon Energy</keyword> registered a 96% decline in consolidated net profit at ₹101 crore in the April-June quarter. The company had registered a consolidated net profit of ₹2,433 crore in the year-ago quarter, an investors' presentation showed. The company's net revenue in the first quarter of this fiscal also came down to ₹ 1,348 crore from ₹ 1,378 crore in the year-ago period. <keyword id="307072" type="General" weightage="20" keywordseo="girish-tanti" source="Orion">Girish Tanti</keyword>, vice-chairman, Suzlon Group, said in a statement, "With the country poised to lead decarbonisation of its economy, we are seeing renewed enthusiasm from India Inc. to drive this green energy transition." J P Chalasani, chief executive officer, Suzlon Group, said in the statement, "At Suzlon, we continue to show stable and steady growth in line with our business plan. With the fruition of our initiatives to strengthen the balance sheet and reduce debt, our focus is now on ramping up our operations to service our cumulative orders, which stand at a healthy 1,582 MW as on date." Himanshu Mody, chief financial officer, Suzlon Group, said in the statement, "Q1 of FY24 takes forward our consistent efforts to consolidate and stabilise our performance over the last few quarters. Q1 FY24 shows YoY (year-on-year) growth and an improvement in overall profitability with a steady performance on all our key parameters." After a sustained effort to reduce debt in 2022-23, which has resulted in a healthier and sustainable balance sheet for the company, our focus in FY24 remains on funding our operations and fulfilling our commitments to customers and other stakeholders, he said. "We continue to maintain strict control on costs and are in the process of further optimising our organisational structure to drive excellence and continual improvement on the strong foundation set with over the last three years," he added.

Suzlon Energy Q1 consolidated net profit slumps 96% to ₹101 crore

Ranchi, <keyword id="6357147" type="General" weightage="100" keywordseo="tata-steel" source="Orion">Tata Steel</keyword> sees enough growth opportunities within its existing facilities to actualise an expansion plan to achieve 40 million tonne capacity in <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> by 2030, almost double of its current capability in the country, CEO and Managing Director <keyword id="1441007" type="General" weightage="50" keywordseo="t-v-narendran" source="Orion">T V Narendran</keyword> said. The steel giant will continue to hold talks with the UK government over a financial package for operations there, he said. The company has planned capital expenditure to the tune of Rs 12,000 crore for India operations, he said. "In India, basically we want to increase the capacity. We have already around 21 MT. It will be 25 MT soon because the Kalinganagar expansion is going on. We have a few more plans - Neelachal, Kalinganagar and Meramandali or Angul to achieve 40 million tonne capacity by 2030," <keyword id="347545" type="General" weightage="80" keywordseo="narendran" source="Orion">Narendran</keyword> told PTI in an interview here. There are multiple ongoing projects at various locations in India and the company has "prioritised completion of the 5 MTPA Kalinganagar expansion", he said. The company is in the process of expanding its plant capacity in Odisha's Kalinganagar to 8 MT from 3 MT. "Within nine months of acquisition, we have successfully ramped up (the capacity of) Neelachal Ispat Nigam Ltd to one million tonne on annualised basis," he said. The steel company, through its wholly-owned subsidiary <keyword id="13070787" type="General" weightage="50" keywordseo="tata-steel-long-products-ltd" source="Orion">Tata Steel Long Products Ltd</keyword>, had completed the acquisition of Odisha-based one million tonne per annum steel mill NINL for a consideration of Rs 12,100 crore in July 2022. On capacity expansion, he said, "Basically the capex (capital expenditure) which you see is Rs 12,000 crore in India. It will be at that level for the next three years at least." In reply to a query, he categorically said that the entire growth plan is based on "organic" expansion, and there is no plan for any "inorganic" growth in the near future. "Within our facilities, we have enough opportunities. We don't need to acquire anything to achieve our growth aspiration," he said. Speaking on the steel major's UK operations, he said there was "status quo" but the company will continue to pursue talks. "On UK operations, there is no further development. We had conversations a couple of months back. They had given us an offer which is below or lower than what we had sought. After that, there is no further development. We will continue to have conversations with them," Narendran said. Tata Steel has sought a financial package of 1.5 billion pounds from the UK government to execute decarbonisation plans at its Port Talbot facility in South Wales under which it will install new plant machinery with low-emission technologies for replacing two blast furnaces, which are nearing the end of life in 12-24 months, and bringing down the carbon footprint. Asked about the future course on projects there, he said it would depend on the outcomes of the dialogue and the financial support from the UK government. The steel major owns a 5-MT facility at Port Talbot, which is the UK's largest steelworks employing around 8,000 people. "Our route and pace of decarbonisation across geographies will be calibrated for each location based on the local regulatory framework, government support and willingness of customers to pay for higher-cost green steel," he said. Tata Steel group is among the top global steel companies with an annual crude steel capacity of 35 million tonne. The group recorded a consolidated turnover of USD 30.3 billion in the financial year ending March 31, 2023. <keyword id="4252143" type="General" weightage="50" keywordseo="tata-steel-limited" source="Orion">Tata Steel Limited</keyword>, together with its subsidiaries, associates, and joint ventures, is spread across five continents with an employee base of over 65,000. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/govt-to-roll-out-lost-mobile-blocking-tracking-system-pan-india-on-may-17/articleshow/100224875.cms">Govt to roll out lost mobile blocking, tracking system pan-India on May 17</a> <a href="https://www.businessinsider.in/stock-market/markets/news/fpi-bought-equity-worth-rs-18617-crore-in-may/articleshow/100225129.cms">FPI bought equity worth ₹18,617 crore in May</a> <a href="https://www.businessinsider.in/business/telecom/news/pm-modi-wants-us-to-start-building-rd-around-6g-technology-cisco-coo/articleshow/100224961.cms">PM Modi wants us to start building R&amp;D around 6G technology: Cisco COO</a>

Enough growth opportunities within facilities to take capacity to 40 MT in India: Tata Steel CEO

<keyword id="6357147" type="General" weightage="100" keywordseo="tata-steel" source="Orion">Tata Steel</keyword> has partnered with <keyword id="87" type="General" weightage="50" keywordseo="germany" source="Orion">Germany</keyword>'s SMS group to explore development of low carbon steel making process. As part of the MoU, both companies shall undertake further technical discussions and initiate actions for conducting Joint Industrial Demonstration of the EASyMelt technology developed by SMS group, Tata Steel said in a statement. "The demonstration will be executed at <keyword id="17711230" type="General" weightage="50" keywordseo="e-blast-furnace" source="Orion">E Blast Furnace</keyword> in Tata Steel's Jamshedpur plant with an objective to reduce CO2 emission by more than 50 per cent from blast furnace's baseline operation," it said. The EASyMelt (electric-assisted syngas smelter) technology is an iron-making solution that can be implemented in existing integrated steel plants to accelerate decarbonisation. <keyword id="1441007" type="General" weightage="50" keywordseo="t-v-narendran" source="Orion">T V Narendran</keyword>, CEO &amp; MD, Tata Steel, said "We actively look for solutions to facilitate the transition to green steel production, and thus contribute to a sustainable future. Further, <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword> being the second largest steel producer in the world also places a huge responsibility on large manufacturers like Tata Steel to lead the country's decarbonisation journey." Tata Steel intends to take this association ahead with a deeper collaboration to access better technologies and processes to reduce the carbon footprint in a meaningful and consistent way, he said. Tata Steel is prioritising decarbonisation and has set a goal of achieving net zero carbon emissions by 2045. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/google-bard-cool-things-you-can-do-with-the-ai-chatbot/articleshow/101012445.cms">Google Bard: Cool things you can do with the AI chatbot</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/ev-stocks-on-the-radar-these-five-rode-the-electric-vehicle-rally-in-the-last-year/slidelist/101011986.cms">EV stocks on the radar – These five rode the electric vehicle rally in the last year</a>

Tata Steel, Germany's SMS group to explore low carbon steel making technology

<ul><li>India would have to dedicate 5.9% of its GDP towards climate finance. </li><li>A key challenge for India would be land availability as the report pegs that it will need 45 million hectares of land than it has, towards its green initiatives. </li><li>Over three-fourths of India of 2050 is yet to be built, thus green policies need to be proactively put in place, the report says. </li></ul>India will need to invest an estimated $12.1 trillion by 2050 to achieve carbon neutrality, says McKinsey &amp; Company report on ‘Decarbonising India’. This would require the country to dedicate 5.9% of GDP towards climate finance, said the report released on Thursday. “India will need an estimated $7.2 trillion of green investments until 2050 to decarbonise in the LoS (line of sight) scenario and an additional $4.9 trillion for the ‘Accelerated’ scenario (about 3.5 percent and 2.4 percent of India’s GDP through this period respectively). 50 percent of the investment required for decarbonisation is economically viable, particularly across renewable energy, auto and agriculture; others would need policy support,” the report said. The report comes on the heels of the 27th Conference of the Parties (<keyword id="12515304" type="General" weightage="20" keywordseo="cop27" source="Orion">COP27</keyword>) by the United Nations, scheduled to be held from 6-18th November in Egypt, this year. Over three-fourths of India of 2050 and 80% of India of 2070, is yet to be built. The next set of policies across key sectors like power, cement and agriculture will determine whether India can effectively contribute to a carbon-free world. India is the world’s third largest emitter, creating 2.9 gigatonnes of carbon dioxide every year, which is 4.9 percent of annual global emissions, the report states. If this goes unchecked, India has the potential to generate 11.8 gigatonnes of carbon dioxide per year by 2050. “Right policies, set up now, will enable India to add low carbon capacity in the next two decades thereafter,” claimed McKinsey. Five sectors which contribute to roughly 70 percent of India’s overall emissions are power, transportation, steel, cement and agriculture. The primary driver of carbon emissions in India is the power sector (coal, oil, gas) which accounted for 34% emissions. This was followed by agriculture (18%), primarily methane from cattle and rice cultivation. Other key emitters include transport (9%), water waste (6.2%) and buildings (4.5%). “Boldness in sustainable investments helps. This is what happened with the gradually increasing adoption of electric vehicles and solar energy. Even though coal mining districts of India will lose employment, construction jobs will increase and new renewable energy sectors will pop up, generating at least 30 million jobs,” said Rajat Gupta, Asia leader of the Sustainability Practice, McKinsey &amp; Company, who was also part of the core team that contributed to the national solar mission. Indian sustainability initiatives have also reaped results. “Tailwinds like reducing costs of renewables, EVs and progressive policies exist, e.g., the implicit carbon tax on transportation fuels of $140 to 240/tCO₂e is helping the electrification of mobility,” the report said. Key challenges towards India’s green future The plan has many challenges that go beyond policies and investments. India will need 45 million hectares more land than that’s available to drive its green initiatives. There is an increasing need to optimise current land use. In automotive, 100% of two wheelers, three wheelers and light truck sales may need to be electric early in the next decade. All car sales would have to be electric by 2035 and trucks by 2050. The pace of renewable capacity addition needs to pick up – from 10 gigawatts to 40-50 gigawatts per year and green steel needs to become competitive. Moreso, battery costs will have to decline by 40% by 2030, green hydrogen by two-thirds by 2035. Farmers have to adopt new practices for rice cultivation, the report reveals. The shift to sustainable-farming practices however could help generate additional farmer income of ₹3,400 per hectare per year, as per the line of sight scenario, the report calculated. “We need to intensify our efforts towards building more urban forests but also make our current forest more dense. Higher adoption of electric vehicles and green hydrogen are needed. Use of carbon tax especially in the steel sector is needed towards making greener investments in India,” said Divy Malik, Associate Partner at McKinsey &amp; Company. The shift towards greener alternatives however will help it reap monetary benefits too. India can save $1.7 trillion in forex which would otherwise be spent on energy imports (oil and coking coal) till 2070, adds the report. Moreover, it also holds the potential to become a manufacturing and R&amp;D base for cleantech like EVs, batteries and electrolysers.

India needs to invest $12.1 trillion to achieve carbon neutrality by 2050: McKinsey

<ul><li>Factors like offshoring, digitisation and decarbonisation are set to drive India’s ascent as the world’s third largest economy. </li><li>India's per-capita energy consumption is likely to rise 60% and most of this demand will be met by renewable energy. </li><li>The number of households earning in excess of $35,000 a year is likely to rise fivefold in the coming decade to over 25 million.</li></ul>India could well be on its way to becoming the world’s third largest economy and stock market if <keyword id="48670" type="General" weightage="50" keywordseo="morgan-stanley" source="Orion">Morgan Stanley</keyword>’s equity strategists and economists are to be believed. In its report titled ‘Why This Is India’s Decade’, the global investment bank cites several factors like the rise in offshoring, investments in manufacturing, energy transition and the country’s digital infrastructure would make this a reality. Morgan Stanley, has remained bullish on the India story for years now, unlike some other global banks that Modi-fied their view on India after the taper tantrum of 2013 and the subsequent meltdown in markets. Over the years, Morgan Stanley’s celebrated strategist <keyword id="44540" type="General" weightage="50" keywordseo="ridham-desai" source="Orion">Ridham Desai</keyword> has steadfast in his analysis on the Next India. Many of his projections have played out like the one on retail investors leading the charge in Indian equities. After two years of the pandemic, during which foundations of the future have been laid, the theme has now shifted to New India. The strategy report titled ‘Why This is India’s Decade’ by Morgan Stanley says: “Our Next India thematic looked at the trends and policies shaping the future of India's economy. As those trends have largely come to pass, with this report we shift from The Next India to The New India thematic to mark this transition. The four global trends of Demographics, Digitalization, Decarbonization and Deglobalization are favouring New India.” The first factor that will continue to benefit India is offshoring. India has been the back office for the world for more than two decades. But the pandemic has only accelerated the pace of this trend, as more companies look at offshoring various functions to India. In a multi-polar world, now even manufacturing is slated to shift India. Morgan Stanley has spent considerable time in its report on why India would rise in the world economy. Digitisation and the India stack is a story that is not very often seen in its entirety. The India Stack, digital payments using Unified Payments Interface that can handle large volumes at a small cost is unique to India. The digital revolution will transform how India lends, pays and insures itself. Says Morgan Stanley, “The digital revolution has already changed the way India handles documents, invests, and makes payments, and it is also set to alter the way India lends, spends and insures.” <div type="image" title="Ridham Desai, strategist, Morgan Stanley" msid="95256603" hostid="261" caption="&amp;lt;p&amp;gt;Ridham Desai, strategist, Morgan Stanley&amp;lt;/p&amp;gt;"></div> Clean energy and the energy transition are sectors where India is keen to take a lead with Indian behemoths Reliance Industries and Adani Group taking big strides. While the world has seen energy transitions before, what makes India unique is that the consumption of energy and its sources are undergoing a sharp shift. Since consumption of energy is still rising in India, legacy energy assets will not become redundant overnight. These assets will continue to be in use even as greener sources start replacing two-thirds of the demand. Explains MS: “India's energy needs are still growing, and, therefore, legacy capacity using fossil fuels will not be destroyed as it transitions to a higher share of renewables. India's per-capita energy consumption is likely to rise 60%, on our estimates, to about 1450 Watts per day in the coming decade, with two-thirds of the incremental supply coming from renewable sources.” This shift will lead to a virtuous cycle and reduce dependence on imported fuel, risks of price volatility and inflationary pressures. The future definitely looks brighter for India as it makes this shift, leading to better living conditions. No prizes for guessing that a combination of these factors would be good for consumer demand and equity markets. Indians are expected to spend more on discretionary spends, as per-capita GDP has crossed the important $2,000 mark. According to MS, “India's income pyramid offers unique breadth of consumption, in our view, with the top end spending like the richest in the world and the bottom end still relatively poor. The number of households earning in excess of $35,000/year is likely to rise fivefold in the coming decade, to over 25 million. The implications are 1) GDP is likely to cross $7.5 trillion by 2031, more than double the current level, 2) a discretionary consumption boom and 3) 11% annual compounding of market capitalization to $10 trn in the coming decade.” The only risk to this Goldilocks assessment is the risk of a prolonged recession globally, adverse geopolitical risks and an unstable government at the centre in India. SEE ALSO <a href="https://www.businessinsider.in/business/corporates/news/gautam-adani-puts-in-place-plan-to-take-group-valuation-to-1-trillion/articleshow/94857619.cms">Gautam Adani puts in place plan to take Group valuation to $1 trillion</a> <a href="https://www.businessinsider.in/business/corporates/news/5g-rollout-to-give-business-a-fillip-says-airtel-ceo-gopal-vittal/articleshow/95230944.cms">5G rollout to give business a fillip, says Airtel CEO Gopal Vittal</a>

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