Daily News - Monday, 24 June 2024
Government likely to issue green bonds (mint)
The upcoming Union budget for FY25 may include the issuance of ₹25,000-30,000 crore in sovereign green bonds, with a significant portion expected in the second half of the year. Proceeds will fund sustainable infrastructure projects, reflecting the government's commitment to scaling up green finance. Increased targets are driven by factors like India's inclusion in the JP Morgan bond index and RBI's allowance for FPIs to invest via the International Financial Services Centre (IFSC).
India, South Korea start trade pact review (Financial Express)
India and South Korea are making progress on reviewing their Comprehensive Economic Partnership Agreement (CEPA), with each side exchanging lists of sectors for greater trade access. South Korea seeks to open sectors like automobiles and chemicals, while India aims for better access to Korean markets for steel, rice, shrimp, and clothing. Talks, ongoing since 2016, have been slow due to differing priorities, with Korea wanting to expand the agreement and India addressing its trade deficit; the next round is expected once both sides finalise their offers.
CII Calls for Review of Trade Ties with China (The Economic Times)
The Confederation of Indian Industry (CII) has urged a review of India's trade ties with China, highlighting risks posed by heavy reliance on Chinese electronics components to domestic manufacturing sustainability. CII recommends revising Press Note 3, enhancing fiscal support for select components, introducing a subsidy scheme for electronics and semiconductor manufacturing, and rationalising import tariffs on priority sub-assemblies. The report underscores the economic impact of tensions with China, including $15 billion in production losses and the need for non-restrictive investment policies and new free trade agreements to strengthen the electronics manufacturing sector.
Estonia looks at Indian partnership to beef up cybersecurity infrastructure (The Indian Express)
Estonia seeks to partner with India to enhance both countries' cybersecurity infrastructure due to shared threats from neighbouring countries, Russia and China respectively. Estonian officials emphasise collaboration in cyber exercises, digital services, and education, highlighting Estonia's experience with cyberattacks and its expertise through NATO's Cooperative Cyber Defence Centre of Excellence. Despite some friction over India's purchase of Russian oil, both nations see potential in expanding government and private sector partnerships, leveraging similarities like their national identity systems, e-ID and Aadhaar.
Adani plans $3 billion for pumped storage venture (Hindustan Times)
The Adani Group plans to invest ₹25,000-27,500 crore (about $3 billion) to establish its first pumped storage hydropower (PSH) facility, aiming for 5 GW capacity within five years and eventually expanding to 25 GW. This move will boost Adani Green Energy Ltd's total green energy capacity to 70 GW, with initial projects in Maharashtra, Andhra Pradesh, Tamil Nadu, and Telangana. The PSH projects, funded through new shares and debt, mark a strategic expansion in the clean energy sector, where Adani competes with Reliance, Tata, Vedanta, and JSW, with the first 500MW project in Andhra Pradesh set for FY27.
