Daily News - Tuesday, 5 November 2024
India retains solar alliance presidency (Financial Express)
India has been re-elected as the president of the Indian Solar Alliance (ISA) for 2024-2026, while France continues as vice-president, as announced at the 7th general assembly attended by ministers from 29 countries. The ISA has completed 21 out of 27 demonstration projects, focusing on solar energy deployment, especially in least developed countries, and driving global investments, which grew from $144 billion in 2018 to $393 billion in 2023, with a projection of reaching $500 billion by the end of 2024. ISA’s efforts are significantly lowering solar energy costs worldwide, with particular emphasis on unlocking capital for solar projects in underserved regions, including Africa, while Ashish Khanna is set to become the next director general in 2025.
Manufacturing activity rises in October (mint)
India’s manufacturing activity rebounded in October, with the HSBC Manufacturing PMI rising to 57.5 from September’s 56.5, driven by robust demand, new orders, and international sales. Manufacturing growth remains solid, staying above the 50-point expansion threshold for nearly three years, with the Reserve Bank of India projecting FY25 GDP growth at 7.2%, citing strong rural and urban demand, along with a favorable monsoon forecast. Export orders saw a resurgence, with gains across key global markets, while the government’s focus on expanding critical sectors like semiconductors, electric vehicles, and infrastructure aims to transform India into a $10 trillion economy within the next decade.
E-comm cos see festive sales cross ₹1 lakh crore (Financial Chronicle)
E-commerce sales during the one-month festive season in India surged 23% from the previous year, reaching ₹1 lakh crore ($11.9 billion), with 55% of total sales happening in the first week, driven by major events like Flipkart’s Big Billion Days and Amazon’s Great Indian Festival. The dominant categories were mobile phones, electronics, and consumer durables, accounting for 75% of sales, with significant demand from Tier 2 and 3 cities for smartphones and TVs. Quick commerce contributed 8% of sales, while offline traders saw a revenue of ₹4.25 lakh crore, with popular items including smart TVs, air fryers, laptops, and home appliances, often purchased using EMI options.
Rupee traders unfazed by US poll outcome (Financial Chronicle)
The Indian rupee has shown resilience in the options market ahead of the U.S. elections, with 1-month implied volatility on the dollar-rupee pair remaining steady at 2.3%, comparable to the year-to-date daily average. In contrast, volatility on other Asian currencies, including the offshore Chinese yuan, surged significantly, with implied volatilities ranging from 7.8% to 12.9%, largely due to concerns over potential tariffs if Donald Trump were to win the election. Analysts suggest that the rupee remains less exposed to trade-related risks as India’s economy is more domestically oriented compared to its Asian counterparts.
NTPC, ONGC join hands to promote new energy sector (Business Standard)
NTPC Limited and ONGC have announced the formation of a 50:50 joint venture company (JVC) through their subsidiaries, NTPC Green Energy Ltd (NGEL) and ONGC Green Energy Ltd, to promote renewable energy ventures such as solar, wind (onshore and offshore), green hydrogen, green ammonia, and sustainable aviation fuel. This JVC will also explore emerging technologies like energy storage, e-mobility, and carbon credits while targeting offshore wind projects in Tamil Nadu and Gujarat. With NTPC’s recent plans to raise ₹10,000 crore through NGEL’s IPO and ONGC’s goal of acquiring over 1 GW of renewable energy projects, this partnership is set to accelerate India’s transition to clean energy.
