Daily News - Tuesday, 17 December 2024
India plans to supply LNG to Sri Lanka, connect power grids: PM (mint)
India plans to supply liquefied natural gas (LNG) to Sri Lanka’s power plants and establish connectivity through joint initiatives like connecting the two nations’ power grids and laying a multi-product petroleum pipeline. A five-year deal has already been signed between Indian state-run Petronet LNG and Sri Lanka’s LTL Holdings to supply LNG from Kochi’s terminal. Additionally, both countries aim to explore offshore wind power development in the Palk Straits, with Adani Green Energy’s $442 million investment in two wind projects, while strengthening economic ties with over $4 billion in aid extended by India during Sri Lanka’s financial crisis.
Govt to mandate battery storage for renewable projects (mint)
The Union Ministry of New and Renewable Energy plans to mandate battery storage capacity for future solar and wind power projects to address the intermittency challenges of renewable energy (RE). An initial requirement of 10% of the plant’s total RE capacity for battery storage will likely be introduced and may increase to 30-40% as battery costs decline. This move aims to ensure a stable, round-the-clock power supply while making solar and wind energy more competitive compared to coal-based power by integrating efficient battery storage solutions.
U.S. case against Adani appears strong but extradition unlikely (The Hindu)
The U.S. fraud case against Indian billionaire Gautam Adani is supported by strong evidence, with allegations of bribery to influence Indian officials and securities fraud to mislead U.S. investors. Despite the unsealed indictment naming Adani, his nephew, and another executive, extradition to the U.S. remains unlikely due to legal complexities and potential reluctance from India to facilitate testimony that may implicate its officials. Legal experts highlight challenges for prosecutors, including Adani’s potential defense arguments and difficulties in securing live witness testimony from India.
Wholesale food inflation eased in Nov. (The Hindu)
India’s wholesale price inflation slowed to a three-month low of 1.89% in November, down from 2.4% in October, primarily driven by a deceleration in food price inflation to 8.9% from 11.6%. Vegetable inflation eased significantly from its October peak, though potato prices continued to rise sharply by 82.8%. While primary article inflation dropped to 5.5% and fuel and power prices remained in deflation at -5.83%, manufactured product prices saw a mild uptick of 0.4%, signalling rising input costs that could affect industry profit margins.
'Switzerland nixing MFN status won't affect EFTA deal' (The Hindu)
Switzerland’s decision to suspend the Most Favoured Nation (MFN) treatment for India under their double-taxation avoidance agreement will not impact the recently signed India-European Free Trade Association (EFTA) Trade and Economic Partnership Agreement (TEPA), according to Commerce Secretary Sunil Barthwal. The EFTA-India TEPA includes a $100 billion investment commitment over 15 years and aims to create one million direct jobs, with Barthwal assuring that these commitments remain unaffected. Regarding concerns over increased steel imports, the Directorate General of Trade Remedies is investigating the matter and will engage all stakeholders before issuing its recommendation.
