Daily News - Thursday, 5 September 2024

Govt debt buys to be easier for foreigners (mint)

The Securities and Exchange Board of India (Sebi) is exploring ways to simplify the registration process for foreign investors exclusively investing in Indian government bonds. This move is aimed at encouraging more foreign investment, as August saw net inflows of $2.8 billion into index-eligible bonds, driven by JPMorgan's decision to include Indian bonds in its emerging market index. Sebi is also considering easing requirements for sovereign wealth funds and public retail funds, while it has already set up a dedicated cell to assist foreign portfolio investors. 

Maritime space key for economic survival: PM EAC (The Asian Age)

India is shifting its focus to maritime governance, requiring a transformation in how it invests in and utilizes its maritime resources and infrastructure, according to Sanjeev Sanyal from the Prime Minister's Economic Advisory Council. Speaking at the "Sagarmanthan: The Great Oceans Dialogue," Sanyal emphasized that India's growing role in international relations demands recognition as a maritime nation vital to its economic survival. Ports and Shipping Minister Sarbananda Sonowal and other officials highlighted the importance of the dialogue in fostering partnerships, enhancing global engagement, and promoting sustainable development as India aims for significant economic growth by 2047.

Kinetic Green eyes ₹10,000-crore revenue by 2030 (The Hindu)

Kinetic Green Private Ltd. announced its entry into the B2C segment with the launch of an electric three-wheeler for passenger transport, powered by a lithium-ion battery, set to debut in late FY25. The company aims to grow its revenue from ₹900 crore in FY25 to ₹10,000 crore by 2030 through new product launches and market expansion. Founder & CEO Sulajja Firodia Motwani highlighted the company’s goal to become a major green mobility provider, building on the success of its e-Luna and e-rickshaw models. 

1-month interest subsidy relief for exporters (Financial Express)

The Indian government has extended the Interest Equalisation Scheme (IES) for pre- and post-shipment export credit for MSME manufacturing exporters by another month, following previous extensions in June and July. The scheme, offering a 3% interest rate rebate for MSME exporters and 2% for merchant exporters, provides discounts on export loans, which are reimbursed by the government. While the commerce ministry seeks a five-year extension, exporters are pushing for higher rebates of 5% for MSMEs and 3% for merchant exporters, but the final decision is pending review by the Expenditure Finance Committee. 

Reliance Industries wins bid for EV battery unit under PLI scheme (The Indian Express)

Reliance Industries (RIL) has secured a ₹3,620 crore production-linked incentive (PLI) to establish a new advanced chemistry cell (ACC) storage unit with a 10 GWh capacity, following its successful bid against five competitors. The proposed ₹20,000 crore unit will provide large-scale "grid-scale" storage, building on Reliance's earlier 5 GWh ACC win in 2022. These new-generation ACC batteries are crucial for various applications, including electric vehicles, renewable energy storage, and power backup systems, and will complement battery energy storage systems (BESS) supported by a 40% viability gap funding.