Daily News - Tuesday, 22 October 2024
SE Asia Looking at India for Emerging Climate Biz Models: BII Asia Chief (The Economic Times)
India is emerging as a leader in developing climate-friendly business models in Asia, attracting global capital, with developers from Southeast Asia looking to its renewable energy sector as a model, according to Srini Nagarajan, head of Asia at British International Investment (BII). BII has a $2.3 billion portfolio in India and has committed over $1 billion for investments between 2022 and 2026, with a focus on renewable energy, battery storage, and electric vehicles. BII’s role is to attract commercial investors by taking on early-stage risks in sectors like energy storage, biofuels, and cooling solutions, while also supporting transmission infrastructure and infrastructure investment trusts (InvITs).
Green Hydrogen Blending will have Negligible Impact on Consumer Fuel Prices: Report (The Economic Times)
A World Bank Group study found that replacing grey hydrogen with green hydrogen at refineries would have minimal impact on fuel prices. A 10% green hydrogen mandate would increase petroleum product costs by just 0.5%, and a 50% mandate by 2.5%. The calculations were based on the following assumptions: natural gas priced at $12 per MMBtu, green hydrogen at ₹380 per kg, and crude oil at $80 per barrel. Additionally, the study predicts that the price of regasified liquefied natural gas (RLNG) would rise by 3.66%, from $15.02 per MMBtu to $15.57, if green hydrogen mandates were imposed.
PM lauds Mobius’ advice to ‘invest 50% in India’ (Business Standard)
Prime Minister Modi highlighted US fund manager Mark Mobius’ longstanding love for India and his advice that global investors should allocate 50% of their funds to the Indian stock market, underscoring India’s robust growth and global appeal. Modi emphasized that trust and reliability are the foundation of India’s international relationships, alluding to tensions with Canada without directly addressing them. He also spoke about his government’s achievements in its third term, driven by the “double AI” advantage of ‘aspirational India’ and ‘artificial intelligence’, which are accelerating the country’s development.
Apparel exporters’ revenue to grow 9-11% in FY25: Icra (mint)
Apparel exporters are projected to see 9-11% revenue growth in FY25, driven by the liquidation of retail inventories in key markets and a shift toward sourcing from India due to global derisking strategies, according to Icra. This comes after a challenging FY24 when exports declined by 2% due to high inventory levels, sluggish demand, and geopolitical disruptions. In the first half of FY25, apparel exports increased by 8.5%, reaching $7.5 billion, with further growth expected from free trade agreements with the UK and EU, along with government support through export incentives and the production-linked incentive scheme.
China package stimulates Indian steel (mint)
Indian steel-makers are benefiting from China’s recent stimulus package, as the price of Chinese hot-rolled coil (HRC) has surged to a premium of ₹3,000 per tonne over domestic prices, marking the first increase in months. This shift comes after a period where Chinese steel was sold at a discount, leading to near four-year lows in Indian prices; currently, HRC is trading at approximately ₹48,500 per tonne in Mumbai. India’s steel imports rose by 54% year-on-year in the first half of FY25, totalling about 5.1 million tonnes, with China overtaking South Korea as the leading exporter, prompting the Indian government to consider imposing a safeguard duty on imports to protect domestic producers.
