Daily News - Friday, 6 September 2024
PM Calls for Need to Democratise Solar Mfg, Tech (The Economic Times)
Prime Minister Narendra Modi emphasized the need to democratize solar manufacturing and technology globally, ensuring green energy investments are more evenly distributed, especially to help developing countries. He stressed that empowering marginalized communities, including women, youth, and small island states, is key to a sustainable future while highlighting India’s commitment to the International Solar Alliance (ISA) as a leader in promoting solar energy worldwide. India's solar capacity has grown 32-fold in a decade, and Modi underscored the importance of increasing solar adoption through awareness, affordability, and availability, aiming for 500 GW of non-fossil fuel energy by 2030.
EV Subsidies No Longer Needed, says Gadkari (The Economic Times)
Transport Minister Nitin Gadkari stated that subsidies for electric vehicle (EV) manufacturers are no longer necessary, as production costs have decreased and consumers are increasingly opting for EVs and CNG vehicles without incentives. He emphasized that the reduced GST on EVs (5%) compared to petrol and diesel vehicles (28%) supports this transition, making further subsidies redundant. While he ruled out additional taxes on petrol and diesel vehicles, Gadkari noted that the shift from fossil fuels to alternative fuels will be gradual due to India's large economy and energy demands.
Modi in Singapore: flags India as best for creating supply chain (mint)
Prime Minister Narendra Modi positioned India as the "best alternative" for resilient supply chains during his interaction with Singapore's business leaders, highlighting investment opportunities in infrastructure sectors like roads, railways, ports, and aviation. He emphasized that Singapore, being India's largest foreign direct investor with $160 billion in cumulative investments, plays a key role in India's Act East policy, and announced plans to open an Invest India office in Singapore to boost collaboration. Modi also assured CEOs of India's commitment to rapid infrastructure development and global value chain integration through initiatives like the production-linked incentive scheme and the India Semiconductor Mission.
Make good use of inventive schemes: FM urges India Inc (The Hindu)
Finance Minister Nirmala Sitharaman urged India Inc to capitalize on production-linked and employment-linked incentive schemes to enhance their capabilities and drive growth, especially in sunrise sectors like green energy, green hydrogen, and renewable energy. She emphasized that stable policymaking and visionary leadership have positioned India to maintain a 7% growth rate, according to the World Bank, despite past challenges such as the COVID-19 pandemic. Sitharaman also highlighted the potential of South Indian states, particularly in fintech, and encouraged tapping into youth from across the country to fuel further expansion.
Das urges private sector to invest ‘big’ to sustain growth (The Hindu)
RBI Governor Shaktikanta Das called on the private sector to significantly invest in supporting sustainable economic growth, highlighting the need for investment to match the revival in consumption demand. He stressed that aligning consumption, investment, and exports is crucial for sustained economic momentum, and urged businesses to leverage favorable conditions to boost investment. Das also emphasized the importance of maintaining price stability and preserving the credibility of the RBI's inflation targeting framework to support long-term growth.
