Daily News - Tuesday, 29 October 2024

⁠India’s 1st private military aircraft facility takes wings (Financial Express)

Prime Minister Narendra Modi and Spanish Prime Minister Pedro Sanchez inaugurated a Tata-Airbus facility in Vadodara, marking India’s first private facility to manufacture military aircraft, with the C295 transport planes set to be produced for the Indian Air Force from 2026 under the “Make in India, Make for the World” mission. This venture, anticipated to create over 10,000 jobs and involve the indigenous production of over 18,000 parts, is expected to boost India-Spain relations, especially in defence, technology, and renewable energy sectors. Modi and Sanchez also held bilateral discussions, agreeing on key cooperation areas including infrastructure, railways, and cultural exchange, while both countries expanded their diplomatic presence with new consulates in Barcelona and Bengaluru. 

⁠India, Spain sign MoUs on infra, rail, tourism & culture(Financial Express)

⁠During a bilateral meeting in Vadodara, India and Spain signed multiple memoranda of understanding (MoUs), focusing on cooperation in infrastructure, railways, culture, and tourism, while Prime Minister Narendra Modi and Spanish Prime Minister Pedro Sanchez discussed global issues, including the situations in Ukraine and West Asia. Modi reaffirmed India’s stance that conflicts should be resolved through dialogue and diplomacy, emphasizing that now is not the time for war and advocating for discussions between involved parties. The discussions also highlighted India’s commitment to a free, open, inclusive, and prosperous Indo-Pacific, with further details expected in a forthcoming joint statement. 

BIS approval delays set off supply crunch of transformer steel (Financial Express)

The Indian power sector faces a 30% shortfall in cold-rolled grain-oriented (CRGO) steel, essential for transformers and motors, due to delays in Bureau of Indian Standards (BIS) licensing for foreign suppliers, with domestic production covering only 10-12% of demand. Importantly, CRGO shortages threaten India’s ambitious energy goals, including the integration of 500 GW of renewable energy by 2030, as current imports from Japan, South Korea, and China may not meet the growing demand. Global Trade Research Initiative (GTRI) recommends urgent BIS reforms, broader approval of CRGO grades, and a focus on expanding local production capacity, aided by zero-duty raw material imports and global partnerships to ensure supply stability. 

NTPC Green gets Sebi nod for ₹10,000-cr IPO (The Indian Express)

NTPC Green Energy Ltd, a subsidiary of National Thermal Power Corporation (NTPC) Ltd, is launching an Initial Public Offering (IPO) to raise Rs 10,000 crore, with Rs 7,500 crore designated for debt repayment and investment in NTPC Renewable Energy Ltd (NREL). This IPO, consisting solely of new equity shares, features discounted shares for employees, with the objective of strengthening corporate finances and addressing outstanding liabilities. NTPC Green holds a renewable energy portfolio of 25,671 MW, including both solar and wind projects across several states, making it India’s largest non-hydro public sector renewable entity, with 2,925 MW operational and 11,771 MW under various stages of development.

⁠Amid continuing momentum some indicators ‘show signs of softening’ (The Indian Express)

The Finance Ministry’s September report reveals a slowdown in urban demand during H1 FY25, evidenced by a decline in exports, auto sales, and FMCG growth, which could stem from softened consumer sentiment and weather impacts; however, consumer confidence shows modest improvement and may strengthen during the festive season. Meanwhile, rural demand has strengthened, supported by favourable monsoon conditions, increased kharif crop prices, and government initiatives, with rural FMCG sales growing at 5.2% in Q1 FY25, compared to 4% in the previous year. The ministry expects economic growth to range between 6.5-7% this fiscal year, though risks remain from global economic uncertainties, and notes that while inflation rose slightly in September due to monsoon impacts, it largely remains stable.