Onion exporters seek
The Centre has authorised the export of 54,760 tonnes of onions to Bangladesh, Mauritius, Bahrain, and Bhutan
While the Centre has authorised the export of 54,760 tonnes of onions to Bangladesh, Mauritius, Bahrain, and Bhutan until March 31, the Horticulture Produce Exporters’ Association (HPEA) has urged for a “fair and just system” for onion exports, requesting the government to refrain from allocating export shipments to a select few exporters based on recommendations from the Ministry of External Affairs.
Cooperatives can convert ordinary system related to daily life into a huge industry system: PM
As part of a pilot project for the ‘World’s Largest Grain Storage Plan in the Cooperative Sector’, he inaugurated 11 godowns in primary agricultural credit societies (PACS) in as many states
Prime Minister Narendra Modi on Saturday said that co-operatives can convert an ordinary system related to daily life into a huge industry system. He also launched the world’s largest grain storage plan in the cooperative sector with an investment of over ₹1.25 lakh crore. Onion exporters seek.
In an event to launch multiple key initiatives for the Cooperative sector, the Prime Minister explained that a large task can be accomplished if smaller resources are put together and said that this model was followed in the ancient system of villages in India. “Cooperatives were the foundations of India’s Atmanirbhar society. It is not just any system, but a belief, a spirit”, PM Modi remarked, highlighting that this spirit of cooperatives is beyond the boundaries of systems and resources and produces exceptional results. “It has the potential to convert an ordinary system related to daily life into a huge industrious system, and a proven result of the changing face of the rural and agricultural economy,” Modi said. Onion exporters seek.
As part of a pilot project for the ‘World’s Largest Grain Storage Plan in the Cooperative Sector’, he inaugurated 11 godowns in primary agricultural credit societies (PACS) in as many states. Under the programme, 700 lakh tonne of storage capacity will be created over the next five years in the cooperative sector. He also laid the foundation for creating godowns and other agri infrastructure in 500 more PACS. “Today we have launched the world’s largest storage scheme for our farmers. Under this, thousands of warehouses and godowns will be constructed across the country,” he said Onion exporters seek.
Modi also emphasised on the importance of bringing transparency in the election system in cooperatives, saying this would encourage more participation of people in the cooperative movement. The Prime Minister talked about various initiatives taken by the government in the last 10 years for the growth of the cooperative sector as part of its vision of “Sahakar se Samridhi”, and specifically highlighted the creation of a specific ministry for the cooperative sector.
Modi also said the Multi-State Cooperative Societies Act has been amended and PACS are being computerised. The Prime Minister also inaugurated a project for computerisation of 18,000 PACS across the country.
Referring to farmer producer organisations (FPOs), Modi said small farmers are becoming entrepreneurs and even exporting their produce. “We had set a target of establishing 10,000 FPOs. We have already set up 8,000 FPOs. Their success is being discussed at the global level now. Fishery and animal husbandry sectors are also benefiting from the cooperatives,” he said Onion exporters seek.
To make India self-reliant, he suggested that cooperatives should make a list of items that India imports and plan an action to produce or manufacture them locally. He said cooperative organisations can help reduce import of edible oils, fertilisers and crude oil. “Our fuel import has to be reduced. In ethanol, we are working in a big way. Ethanol production has increased significantly,” Modi said Onion exporters seek.
Also read: Amit Shah launches national seed cooperative, moots bigger share in global trade
Earlier, Cooperation Minister Amit Shah said the world’s largest grain storage scheme would help create capacities for storing 100 per cent of India’s grain production. He also said that the computerisation of 30,000 more PACS would be completed soon before the forthcoming general elections. This is part of the government’s efforts to realise the vision of “Sahakar se Samridhi” for rejuvenating the cooperative sector and empowering small and marginal farmers. The project for the computerisation of 65,000 PACS has been approved with a financial outlay of more than ₹2,500 crore Onion exporters seek.
Renewable sector to add 25 GW in 12-15 months on upsurge tendering activity & drop in module prices
The installed renewable energy (RE) capacity excluding hydro energy in India will increase to about 170 GW by March 2025 from 135 GW
The renewable energy sector is expected to witness rapid progress in the next few quarters as about 25 GW of new capacity is expected to be added in the next 12-15 months, according to industry analysts.
The installed renewable energy (RE) capacity excluding hydro energy in India will increase to about 170 GW by March 2025 from 135 GW. This will be driven by the significant improvement in tendering activity in the current fiscal with over 16 GW projects bid out so far and another 17 GW bids underway by the Central nodal agencies.
The sharp decline in solar PV cell and module prices of 65 per cent and 50 per cent respectively, abeyance of the Approved List of Module Manufacturers (ALMM) order till March 2024, and the timeline extension approved for solar and hybrid projects is expected to result in an improvement in RE capacity addition, according to rating agency ICRA.
This, along with the growing project pipeline, is likely to support the scale-up in capacity addition to 23-25 GW in FY2025, mainly driven by the solar power segment.
“The sharp decline in solar PV cell and module prices is leading to a healthy improvement in debt coverage metrics for the upcoming solar power projects. As a result of this, for a solar power project with a bid tariff of ₹2.5 per unit and sourcing modules from domestic OEMs using imported PV cells, the average DSCR (debt service coverage ratio) has improved by over 35 bps,” said Girishkumar Kadam, Senior Vice President & Group Head – Corporate Ratings, ICRA.
JMK Research projects that about 20.6 GW of new solar capacity is expected to be added in India in this calendar year 2024 (16 GW from utility-scale, 4 GW from rooftop solar, and another 600 MW from an off-grid component). There was an upsurge in tender activity for utility-scale solar projects. The wind power segment is expected to add about 4.5 GW of new capacity, likely to be added in 2024 Onion exporters seek.
In the December 2023 quarter, 77 new tenders with a cumulative capacity of 34.1 GW were issued across renewable segments, which is about 21.2 per cent higher than the previous quarter, it added.
Though solar capacity addition reported a significant drop in 2023, some market challenges such as high module prices are not there when compared with 2023, said Priya Sanjay, Managing Director, Mercom India.
The average costs for large-scale systems in the December 2023 quarter witnessed a 27 per cent y-o-y decline. Thus, the absence of financial obstacles allows previously stalled projects from 2023 to potentially proceed toward commissioning now. The delayed large-scale projects, auctioned by various entities such as SECI, NTPC, NHPC, and IREDA, and granted extensions from December 2022 to June 2023, are expected to make substantial contributions to 2024 capacity additions, she pointed out Onion exporters seek.
Also read: Airtel procures additional 140,208 MWh of renewable energy, shares up
However, ICRA and Mercom analysts pointed out that challenges remain on the execution front with respect to delays in land acquisition and transmission connectivity, which could hamper the capacity addition prospects. The government must ensure adequate substations and transmission infrastructure to accommodate the large capacity of projects that are getting commissioned.
GST portal’s new data sharing mechanism to facilitate seamless credit for assessees
GST portal can now share data with public tech platform for seamless credit sanctioning, impacting compliance and innovation in fintech.
Getting credit from banks and other financial institutions for GST assessments will be more seamless as the GST portal can now share data with public tech platforms for frictionless credit only after consent. Experts believe that such a move will also have an impact on compliance Onion exporters seek.
Go First lenders ask resolution professional to evaluate revival bids
SpiceJet promoter Ajay Singh and aviation firm Sky One submitted resolution plans for Go First
Go First lenders have asked resolution professional Shailendra Ajmera to evaluate the revival plans of grounded airline. Onion exporters seek.
FinMin notifies Akasa Air as ‘designated Indian carrier’
The move will facilitate Akasa Air’s international foray
The Ministry of Finance has recognised Akasa Air as a ‘designated Indian carrier’, facilitating the carrier’s international flights. Onion exporters seek.
‘In exercise of the powers conferred by sub-section (5) of section 5 of the Central Sales Tax Act, 1956, the Central Government hereby specifies SNV Aviation Private Limited (Akasa Air) having its registered office at 12th Floor, Urmi Estate, 95 Ganpatrao Kadam Marg, Lower Parel (West), Mumbai, Maharashtra- 400013 as ‘designated Indian carrier’ for the purpose of the said sub-section,” the ministry said in a notification Onion exporters seek.
The mentioned sub-section in the law says if any designated Indian carrier purchases aviation turbine fuel for its international flight, such purchase will be deemed to take place in the course of the export of goods out of the territory of India. In other words, no tax to be payable on fuel for international flights to ensure no tax is exported.
Last week, Akasa Air announced international operations with the addition of Doha, capital of Qatar, as the first international destination to its rapidly expanding network. Starting 28 March 2024, Akasa Air will operate four non-stop flights a week, connecting Mumbai with Doha Onion exporters seek.
According to Akasa Air, it has become the first Indian airline to fly overseas in a record period of 19 months since inception. Onion exporters seek.
Also read: We are back in the growth mode: Akasa Air CEO Vinay Dube
“It may be noted that Doha is considered one of the key economic engines of West Asia and is also known for its cultural heritage. The city invites a blend of business, spiritual and leisure travellers from India throughout the year. The introduction of an increasing number of direct and convenient travel options will foster trade and tourism,” the airline added. Onion exporters seek.
Commenting on the announcement, Vinay Dube, Founder and CEO, Akasa Air said, “The introduction of four flights a week, connecting directly with Mumbai, a key Indian commercial hub, will cater to a diverse set of travellers from the two countries, facilitating tourism, commerce and strengthening bilateral ties.”
He further said that foray into Qatar marks the next phase of growth as the airline continues its journey towards becoming one of the world’s top 30 airlines by the turn of this decade. Onion exporters seek.
Since its launch in August 2022, Akasa Air has served over 77 lakh passengers, connecting 21 cities, including Mumbai, Ahmedabad, Bengaluru, Chennai, Kochi, Delhi, Guwahati, Agartala, Pune, Lucknow, Goa, Hyderabad, Varanasi, Bagdogra, Bhubaneswar, Kolkata, Port Blair, Ayodhya, Gwalior and Srinagar.
The airline has 22 Boeing 737 Max aircraft. Besides Qatar, it has been granted traffic rights to fly to Saudi Arabia and Kuwait.
Adani hints at future collaborations with Uber after meeting CEO Dara Khosrowshahi
Billionaire Gautam Adani on Saturday met Uber CEO Dara Khosrowshahi, who is currently on a visit to India, and hinted at possible future collaborations between his conglomerate and the ride-hailing app Onion exporters seek.
Also read: Uber signs MoU with ONDC, CEO Khosrowshahi calls India “one of the toughest markets”
Taking to X, both business leaders appreciated their conversation on the Indian growth story and their vision for the subcontinent Onion exporters seek.
“Absolutely captivating chat with @dkhos, CEO of @Uber. His vision for Uber’s expansion in India is truly inspiring, especially his commitment to uplifting Indian drivers and their dignity. Excited for future collaborations with Dara and his team! #UberIndia,” Adani said in a post on X.
The Uber CEO said he met the head of ports-to-energy conglomerate over breakfast for an “absolutely terrific conversation”. He also highlighted the mobility service provider’s commitment to accelerate EV transition in India.
Adani also posted pictures of the meeting but the two did not say where the meeting took place. The pictures seem to suggest the meeting took place at Adani group’s headquarters in Ahmedabad Onion exporters seek.
“An absolutely terrific conversation with @gautam_adani over a delicious breakfast about India’s phenomenal growth and rising entrepreneurship. @Uber is committed to scaling up shared mobility and accelerating transition to EVs — looking forward to take our partnership to the next level,” Dara replied to Adani’s post. Onion exporters seek.
The Uber CEO arrived in India earlier this week. During this time, the ride-sharing platform Uber on February 22, signed a Memorandum of Understanding (MoU) with Open Network for Digital Commerce (ONDC) to explore an integration with the network to expand the range of mobility offerings on the Uber app.
The partnership with ONDC, a non-profit private organisation founded by the Indian government’s Department for Promotion of Industry and Internal Trade, is expected to advance Uber’s objective of providing all Indians with dependable, safe, and reasonably priced rides.
Khosrowshahi also discussed “Building Population Scale Technology” with Infosys Chairman Nandan Nilekani at an event in Bengaluru.
In Delhi, he met Commerce Minister Piyush Goyal as well as External Affairs Minister S Jaishankar on Friday.
“Encouraging to hear the optimism of Uber CEO @dkhos on doing business in India. The world takes note of the transformation of the last decade. And awaits the coming opportunities. Good to know that he even tried his hand at cricket,” Jaishankar said in a post on X on Friday. Onion exporters seek.
“Held a discussion with Dara Khosrowshahi, CEO of @Uber. Deliberated on the company’s vision for India’s growth & strengthening the partnership considering our unparalleled digital infrastructure,” Goyal said in a separate post on his meeting on X on Friday. Onion exporters seek.
Also read: Adani Energy Solutions incorporates subsidiary, shares trade flat
Adani group is investing $100 billion across businesses, including in energy transition, over the next decade. It is building 10 GW of solar manufacturing capacity as well as a giant farm to generate electricity from sunlight. It is also investing in battery swapping and EV charging stations. Onion exporters seek.
Uber is globally replacing its fleet with electric vehicles. Earlier this month, it said its eco-friendly, global EV service, Uber Green is now available in Delhi. Onion exporters seek.