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New Delhi, The government on Wednesday announced hiking the <keyword id="20069652" type="General" weightage="20" keywordseo="sugarcane" source="keywords">sugarcane</keyword> <keyword id="20544473" type="General" weightage="20" keywordseo="frp" source="keywords">FRP</keyword> by Rs 25 to Rs 340 per quintal for the 2024-25 season starting October. Fair and Remunerative Price (FRP) is the minimum price that mills have to pay to sugarcane growers. The decision to increase the FRP of sugarcane was taken at the meeting of the Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword>. The Rs 25 per quintal hike is the highest by the Modi government and the move comes ahead of the general elections. Sugarcane is grown mainly in Maharashtra, <keyword id="19894922" type="General" weightage="20" keywordseo="uttar-pradesh" source="keywords">Uttar Pradesh</keyword>, and Karnataka. "Keeping in view interest of sugarcane farmers (GannaKisan), the Cabinet Committee on Economic Affairs has approved Fair and Remunerative Price (FRP) of sugarcane for sugar season 2024-25 (October - September) at Rs 340 per quintal for a basic recovery rate of 10.25 per cent," I&amp;B Minister <keyword id="19895497" type="General" weightage="20" keywordseo="anurag-thakur" source="keywords">Anurag Thakur</keyword> said at a media briefing. The FRP has been determined on the basis of recommendations of the Commission for Agricultural Costs and Prices (CACP) and after consultation with state governments and other stakeholders.

Cabinet approves hike in sugarcane FRP by ₹25 to ₹340 per quintal for 2024-25 season

With only weeks from the most important UN climate event or COP27 happening in Egypt's coastal city of Sharm El-Sheikh amid a growing realisation that the impact of climate change is here and the world needs to come together to act now, <keyword id="105681" type="General" weightage="20" keywordseo="IANS" source="Orion">IANS</keyword> takes a look about how <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>'s updated climate plan, comprising 45 per cent reduction in emissions intensity by 2030, adds to set a good momentum. According to a new study published in the prestigious journal Nature Communications and authored by researchers at Lappeenranta-Lahti University of Technology (LUT), who modelled the Indian power sector transition in a state-wide resolution on an hourly timescale up to 2050 for the first-time, the authors estimated that the cost of electricity can come down by 40 per cent. Solar will become cheaper to be one-fifth of coal by 2030 and one-tenth of it by 2050. They say coal plants will be at a risk of becoming stranded during the transition period as they have very low capacity factors. And coal can phase out from some of the major coal dependent states like <keyword id="6357713" type="General" weightage="50" keywordseo="uttar-pradesh" source="Orion">Uttar Pradesh</keyword>, Odisha, West Bengal, <keyword id="13126" type="General" weightage="50" keywordseo="maharashtra" source="Orion">Maharashtra</keyword>, Gujarat and Jharkhand by 2040. "Moving to solar is the obvious choice for <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>. Not just the cost of solar, the cost of battery storage is expected to drop further making it even easier for grid balancing and managing peak demand. Our study shows that any new investments in fossil fuel based thermal power capacity today is economically unviable and could be a burden for a future flexible power system," Manish Ram, an author of the study, told <keyword id="105681" type="General" weightage="20" keywordseo="IANS" source="Orion">IANS</keyword>. The recent slew of policies show that India is serious about meeting its 2030 decadal targets, which can set the pathway for its 2070 net-zero decarbonisation, pledged by Prime Minister <keyword id="6354477" type="General" weightage="50" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword> in November at the COP26 climate summit in Glasgow, UK. The draft National Electricity Plan 2022 (NEP2022) sees significant increase in installed solar power capacity by 2027, 2030, and a downward revision of installed coal capacity when compared to Central Electricity Authority's (CEA) Optimal Generation Capacity Mix report that was released in 2020. According to NEP22, solar targets for 2032 have increased by 18 per cent compared to India's earlier estimates. India also increased its battery storage target from 27GW of four-hour storage to 51GW of five-hour storage. Whereas 2031-32 installed coal capacity was reduced by 18GW when compared to CEA's Optimal Generation Capacity Mix 2029-30 report released in 2020. According to the International Energy Agency's 2021 India Energy Outlook, India is on track to reach net-zero emissions beyond the modelling horizon -- in the mid of 2060s. R.R. Rashmi, Distinguished Fellow at The Energy and Resources Institute, said, "We should be focussing on 2030 instead of net-zero in the long run. While net-zero is of course part of the discourse now, it needs to be seen from the context of strategic and sectoral decarbonisation policies, which are part of the long-term strategy and India is also moving in that direction. "Further enhancement of the NDCs (Nationally Determined Contributions) should await the outcome of the global stocktake, which is about a year away." While there seems to be a positive environment for India's decarbonisation with the political and policy leadership on the front, the market momentum cannot be ignored and it will drive and accelerate this pickup. A CEEW-IEA report analysed that there is a 300 per cent surge in the total value of acquisitions in India's renewable energy sector in the first 10 months of 2021, this signals an enhanced appetite for companies to invest in climate-friendly technologies. Big businesses like Adani and Reliance are betting big on clean energy as the next big pillars of their business portfolios, setting the trends for market and capital. Global energy think tank Ember released its latest analysis last week, showing that India by August had achieved two-thirds of its end of year 175 GW renewable target. Gujarat joined Telangana, Rajasthan and <keyword id="6354780" type="General" weightage="50" keywordseo="karnataka" source="Orion">Karnataka</keyword> in achieving this target. Four states account for the majority of the shortfall, namely <keyword id="13126" type="General" weightage="50" keywordseo="maharashtra" source="Orion">Maharashtra</keyword>, <keyword id="6357713" type="General" weightage="50" keywordseo="uttar-pradesh" source="Orion">Uttar Pradesh</keyword>, Andhra Pradesh, and <keyword id="6355554" type="General" weightage="50" keywordseo="madhya-pradesh" source="Orion">Madhya Pradesh</keyword>. The analysis shows that solar is becoming mainstream in India. It has experienced strong solar growth in 2022, with new solar installations rising by 22 per cent in the first eight months of the year compared to the same period last year. With the UNFCCC COP27 coming up in November, India's Environment Ministry is in the middle of developing its long-term strategy, which will give shape and contours to the net-zero target by 2070. Experts told IANS while internationally India's NDCs may not seem ambitious enough, domestically it is going much further and keeping the eye on how the next decade will chart the path for 2070.

India 2030 climate targets set momentum ahead of COP27

The Income Tax department on Wednesday conducted search operations at around 40 premises belonging to <keyword id="14506298" type="General" weightage="100" keywordseo="madhusudan-ghee" source="Orion">Madhusudan Ghee</keyword> in <keyword id="6358070" type="General" weightage="50" keywordseo="mumbai" source="Orion">Mumbai</keyword> and other places in <keyword id="13126" type="General" weightage="50" keywordseo="maharashtra" source="Orion">Maharashtra</keyword> in connection with alleged tax evasion, sources said. According to information, the firm recently invested in the power and dairy industries in <keyword id="6357713" type="General" weightage="50" keywordseo="uttar-pradesh" source="Orion">Uttar Pradesh</keyword>. The income tax department hasn't given any official quote in this respect. Sources said that the I-T officials were scanning the last three-year transactions of the firm. They were also recording the testimonies of the employees of the firm. In coming months, the I-T department may summon the <keyword id="22871" type="General" weightage="50" keywordseo="chartered-accountants" source="Orion">Chartered Accountants</keyword> of the firm, if their statements are required in the case, sources said. The sources said that a few documents and incriminating materials were also seized. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/singapore-to-to-act-tough-on-crypto-platforms-in-the-coming-months/articleshow/92994010.cms">Singapore to act tough on crypto platforms in the coming months</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/food-items-when-sold-loose-wont-attract-any-gst-says-nirmala-sitharaman/articleshow/92993947.cms">Food items when sold loose won't attract any GST, says Nirmala Sitharaman</a>

I-T officials raid 40 locations linked to Madhusudan Ghee in Mumbai

Maharashtra's Deputy Chief Minister <keyword id="6355042" type="General" weightage="80" keywordseo="devendra-fadnavis" source="Orion">Devendra Fadnavis</keyword>, who also holds the finance portfolio, presented a Rs 547,450 crore budget for 2023-2024 showing huge fiscal and revenue deficits, here on Thursday. As per the budget estimates, the state plans to spend Rs 547,450 crore with an estimated revenue receipt of Rs 449,522 crore over a revenue expenditure of Rs 465,645 crore, resulting in a revenue shortfall of Rs 16,211 crore - down from Rs 24,353 crore over 2022-2023. The state remains at the lead in fiscal reforms, consistently maintaining the revenue deficit below 1 per cent of the state gross domestic product (SGDP). The state government has also succeeded in keeping the fiscal deficit below 3 per cent of the SGDP, and the fiscal deficit for 2023-2024 is estimated at a whopping Rs 95,500.8 crore - up from Rs 89,598 crore over 2022-2023. <keyword id="62011" type="General" weightage="80" keywordseo="fadnavis" source="Orion">Fadnavis</keyword> said that the budget is based on five major goals  'Panchamrut'  covering the farmers, inclusive development, infrastructure, employment and environment. Accordingly, he has allocated Rs 29,163 crore for sustainable farming and prosperous farmers; Rs 43,036 crore for inclusive development of all sections of society, including women, children, tribals, BC/OBCs; Rs 53,058.55 crore for infrastructure development with substantial capital investment; Rs 11,658 crore for competent, skilled jobs creation for the youth; and Rs 13,437 crore for environment-friendly development. The budget's outlay for scheme expenditures has been fixed at Rs 172,000 crore, including Rs 13,820 crore for Scheduled Caste Plan and Rs 12,655 crore for Tribal Sub-plan, besides announcing several new corporations for different communities to boost their economic development, said Fadnavis. The state's debt burden, as per the latest RBI report, stood at Rs 6.8 lakh crore till March 31, 2023, standing behind <keyword id="20154" type="General" weightage="80" keywordseo="tamil-nadu" source="Orion">Tamil Nadu</keyword> (Rs 7.53 lakh crore) and <keyword id="6357713" type="General" weightage="50" keywordseo="uttar-pradesh" source="Orion">Uttar Pradesh</keyword> (Rs 7.1 lakh crore). SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/jio-platforms-buys-us-based-communications-equipment-maker-mimosa-networks-for-60-million/articleshow/98520699.cms">Jio Platforms buys US-based communications equipment maker Mimosa Networks for $60 million</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/adani-group-sbi-sbi-life-among-stocks-to-watch/articleshow/98506578.cms">Sensex, Nifty50 decline after hawkish US Fed chair commentary; RIL, ICICI Bank, TCS among losers</a>

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Cabinet approves hike in sugarcane FRP by ₹25 to ₹340 per quintal for 2024-25 season

PTI

India 2030 climate targets set momentum ahead of COP27

IANS

I-T officials raid 40 locations linked to Madhusudan Ghee in Mumbai

IANS

Maha proposes ₹547,450 crore budget with huge fiscal, revenue deficits

IANS

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