Daily News - Thursday, 4 July 2024
Tender for solar-thermal power storage by FY25 end (Financial Express)
The state-run Solar Energy Corporation of India (SECI) is set to launch a 500 MW concentrated solar thermal power storage project by the end of this financial year, aiming to tackle renewable energy intermittency and enhance the country's energy storage capacity. This initiative follows the government's focus on various energy storage solutions, including a recent battery energy storage system (BESS) scheme, and is expected to bring storage prices down through competitive bidding. Alongside this, the government is also promoting pump storage projects, addressing grid stabilization needs and supporting the ambitious target of 425 GW installed renewable energy capacity by 2030.
India may start procuring AI GPUs in next two-three months: IT minister (The Indian Express)
The Indian government will soon launch a ₹10,000 crore AI Mission to enhance computing power for domestic AI systems through the procurement of over 10,000 GPUs in a public-private partnership. This initiative, approved earlier this year, aims to support startups, promote AI innovation, and develop applications addressing socio-economic issues, while also emphasizing skill development. IT Minister Ashwini Vaishnaw highlighted the need for accessible technology and the global relevance of regulations to mitigate AI's potential dangers, including misinformation, as discussed at the Global IndiaAI Summit 2024.
India faces high debt but sustainable for now: NCAER (The Hindu)
India's public debt stands at nearly 82% of GDP, but its high growth rate and the predominance of local-currency debt ensure its sustainability, according to NCAER Director General Poonam Gupta. Despite states holding a third of the total debt and projections indicating rising debt levels in the next five years, states like Punjab and Himachal Pradesh will not face debt sustainability issues due to the implicit guarantee from the Centre and the absence of foreign currency or floating rate debt. Gupta suggests that more fiscally prudent states deserve better treatment from the Finance Commission to incentivize fiscal responsibility across all states.
June services PMI recovers as domestic, foreign orders rise (mint)
India’s services sector growth rebounded in June, driven by a surge in domestic and international orders, with the HSBC India Services PMI rising to 60.5 from 60.2 in May. This recovery, marked by the fastest hiring pace since August 2022, follows a rise in manufacturing PMI to 58.3, contributing to overall economic expansion. The sector, which accounts for over half of India's GDP, has shown sustained growth, supporting the country's robust 8.2% GDP expansion in 2023-24, and is projected by the RBI to grow at 7% in 2024-25.
Silk production using castor plant planned to create jobs, cut imports (mint)
India's textile ministry is proposing the use of castor leaves as an alternative feed for silkworms to boost silk production and create more employment opportunities. A pilot project is set to begin in Bihar's Bhagalpur district, potentially expanding to other regions, aiming to produce eri silk, a soft and warm fabric ideal for winter wear, thereby reducing reliance on imported silk. Despite scepticism due to the historical preference for mulberry leaves, this initiative seeks to diversify silk production and address the trade deficit in silk imports, which has significantly increased in recent years.
