INFRASTRUCTURE IN INDIA
GVK Power and Infrastructure Ltd faces insolvency proceedings
NCLT appointed Satish Kumar Gupta as an interim resolution professional for managing the company during pendency of the insolvency. "The corporate debtor has acknowledged its liabilities and admitted the factum of corporate guarantee in its annual reports for the FYs 2018-19, 2019-20, and 2020-21. As on June 13, 2022, the borrower was liable to pay USD 1.84 billion comprising principal amount of USD 1.13 billion, interest of USD 731.57 million and agency fee of USD 144,000," according to the NCLT order, which was made public by GVKPIL in the stock exchange filing.
What does mutual fund industry want from Union Budget 2024-25?
The mutual fund industry presents its wishlist for Union Budget 2024-25, including proposals for tax parity, infrastructure investment, and capital gains taxation. Experts weigh in on potential impacts and benefits for investors.
Raise the stakes of BIMSTEC markedly
The Bimstec foreign ministers' retreat in New Delhi aimed to create an actionable roadmap for the seven member countries, including India, Sri Lanka, Bangladesh, Myanmar, Thailand, Nepal, and Bhutan. India must lead by leveraging its economy and partner strengths. Trade among these seven economies has grown, but remains low compared to intra-Asean trade.
India to develop infrastructure projects in the Marshall Islands
India has committed to developing community infrastructure projects in the Marshall Islands as part of its broader engagement in the Pacific region. This initiative includes the construction of a community sports center, airport terminal, and two community centers, outlined in a memorandum of understanding signed on Monday under India's annual grant-in-aid program.
India pitches for global adoption of DPI for sustainable growth: G20 Task Force Report
India has urged the global adoption of Digital Public Infrastructure (DPI) to boost productivity and achieve inclusive and sustainable growth. The G20 Task Force's report, released on Monday, acknowledged India's leadership in DPI and called for discussions to promote global adoption of DPI to accelerate socio-economic growth and development.
Amid demand slowdown, EVs plug into PE recharging infrastructure
Private equity firms are increasing investments in India's electric two- and three-wheeler industry amidst a slowdown in electric passenger vehicle sales. Total funding in the first half of 2024 reached $754 million. Electric two-wheeler sales are on the rise, but electric passenger vehicle sales have declined. Challenges such as range anxiety and inadequate charging infrastructure persist.
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Heat wave, elections to create unlikely earnings winners and losers
India's scorching summer impacts Avenue Supermarts Ltd. and Bajaj Auto Ltd. DMart sells more ice cream, while Bajaj Auto defers purchases and introduces a new CNG-powered motorcycle, with its slowest profit expansion in April-June quarter. Nirmala Sitharaman may boost consumption. Infosys, Wipro, TCS benefit from AI demand and partnerships.
Fund on tourism theme ‘narrow’, may not suit all investor profiles
Unleash your high-risk appetite with the new Tata Nifty India Tourism Index Fund! This fund offers a unique opportunity for bold investors to dive into the world of tourism stocks. But beware, experts warn that this fund may not be for the faint-hearted. Are you ready to take the plunge?
PM GatiShakti platform may adopt AI to boost India’s economic development
The Indian government, under PM Narendra Modi's leadership, is planning to integrate artificial intelligence (AI) into the PM GatiShakti platform to accelerate infrastructure development. Named PMGS 2.0, this AI-enhanced system aims to predict economic trends and assess infrastructure needs across different scenarios. Already central to over 170 projects worth Rs 13.5 lakh crores, PM GatiShakti uses digital technology to enhance connectivity and efficiency. With logistics as a key focus, the initiative aims to reduce costs and boost economic and social development through integrated planning and technology adoption.
India has potential to become intelligence capital of the world: Nvidia executive
India, leveraging skilled manpower and accelerated computing, can become the intelligence capital, said Vishal Dhupar of Nvidia. Nvidia aims to build sovereign AI infrastructure, moving India to the global front office. At an event on purpose-built PCs with Nvidia GPUs, Dhupar emphasized improvements in AI multimodality, cost-efficient GPUs, and software optimisation for harnessing capabilities from text to DNA.
SBI raises Rs 10,000 crore through infrastructure bonds at 7.36% coupon
State Bank of India on Wednesday raised Rs 10,000 crore through the issuance of infrastructure bonds, while two other public sector lenders – Canara Bank and Bank of India – are likely to tap the debt market next week to raise a total of up to Rs 15,000 crore through the same instrument.
JSW MG Motor joins hands with Shell for EV charging infra
JSW MG Motor India partners with Shell India to deploy CCS 50kW/60kW DC fast chargers, enhancing sustainable mobility and long-distance EV travel. Gaurav Gupta and Sanjay Varkey emphasize customer-centric initiatives and digital integration in their statement, making charging infrastructure accessible for hassle-free EV journeys nationwide.
India, Russia set trade target of $100 billion by 2030
India and Russia have agreed to increase bilateral trade to over USD 100 billion by 2030. This decision was made during the 22nd Annual Bilateral Summit between Russian President Vladimir Putin and Prime Minister Narendra Modi in Moscow. The joint statement following the summit emphasized reinvigorating investments, using national currencies for trade, and boosting cooperation in sectors such as energy, agriculture, and infrastructure.
India and Russia set $100 billion trade goal by 2030, cooperation in energy, agriculture
India and Russia aim to boost their bilateral trade to over USD 100 billion by 2030. The focus is on using national currencies, expanding trade routes, and increasing cooperation in sectors like energy, agriculture, infrastructure, and the digital economy. The agreement, announced at the 22nd Annual Bilateral Summit in Moscow, includes eliminating trade barriers, optimizing customs procedures, and promoting investments and joint projects, with a strong emphasis on humanitarian and cultural collaboration.
Budget 2024: Agriculture players want Sitharaman to focus on climate-smart options & solar-based irrigation
The agriculture sector is urging the upcoming budget to prioritize climate-smart agriculture, including innovations like solar-powered irrigation and rainwater harvesting. It seeks expanded storage capacities and improved transportation networks to reduce wastage and boost farmers' incomes. Increased investment in rural infrastructure, collaboration between the government and private sector, and emphasis on sustainability and urban farming are also highlighted.
Temasek expects India growth to remain firm over next 2 yrs, recovery in pvt consumption
Temasek foresees steady growth in India supported by infrastructure investments and recovering private consumption. The investor's Net Portfolio Value increased to SGD 389 billion, driven by gains in the US and India. Temasek maintained a cautious investment strategy, focusing on sectors aligned with key trends like digitization and sustainable living.
Union Budget: These infra measures will give a roadmap for the infrastructure for the next five years
UNION BUDGET 2024: Finance Minister Nirmala Sitharaman 8in the Interim Budget 2024-25 outlined India's focus on infrastructure, with ₹11.1 lakh crore allocated for capital investment, up 11% from the previous year. Despite fiscal challenges, the budget emphasizes project completion, private sector participation via incentives, and sustainable infrastructure development. Key areas include digital infrastructure, tourism, water management, and safety improvements in transportation sectors.
India needs to work on infra, ecosystem to be a semicon hub: Dy mayor of New Taipei City
Deputy Mayor Chu Tih Ju, at Taiwan Expo 2024, urged India to enhance infrastructure and connectivity to boost its manufacturing ecosystem. Taiwan, a major semiconductor and electronics producer, saw $8.2 billion bilateral trade with India last year. TAITRA Chairman Huang noted 28% trade growth in 2024, emphasizing the adherence to local laws.
Budget 2024: Is a Rs 10 lakh insurance the vitamin India's healthcare system needs?
The Centre is considering doubling the beneficiary base of the Ayushman Bharat health insurance scheme over the next three years, starting with those aged above 70, alongside raising annual coverage to Rs 10 lakh. These proposals are anticipated in the upcoming Union Budget. The interim Budget increased Ayushman Bharat's allocation to Rs 7,200 crore for secondary and tertiary care, with Rs 646 crore for health infrastructure.
Infrastructure status: Hotel companies' budget wish
The hospitality industry is advocating for infrastructure status in the upcoming budget to access better financing options and attract investment. There is a growing need for more hotel rooms to support the ambitious tourism targets set for the future.
SBI may bank on infra bonds to raise Rs 10,000 crore next week
State Bank of India is expected to enter the debt market next week to raise up to Rs 10,000 crore via infrastructure bonds, with Bank of India likely to follow a week later to raise Rs 5,000 crore. These bonds help reduce lenders' overall funding costs as they are exempt from CRR and SLR
Budget 2024: Capex, SOPs, bold reforms top infra and energy companies' wish list
Budget 2024: Finance minister Nirmala Sitharaman on Friday met representatives from the infrastructure and energy sector as a part of her pre-budget consultations. "While the capex support for the infrastructure was common, the industry wanted bold reforms to push infrastructure projects, support for energy transition and tax incentives for solar and sector to meet India's goal to attain net-zero by 2070," said a person aware of the details of the meeting. The industry is also seeking a government roadmap for creating better cities.
Hotel Association of India seeks infrastructure status for hotels ahead of budget
The hospitality industry is advocating for infrastructure status for hotels ahead of the budget, highlighting the importance of access to finance and investment opportunities. With a focus on job creation and industry growth, government officials are considering expanding the harmonized list of infrastructure to support the sector's development. Stay updated for potential updates in the upcoming budget.
Maharashtra govt set to clear Reliance Infrastructure arm's Rs 1,700 cr metro debt
The Eknath Shinde government appears to have abandoned its plans to acquire Metro 1. Instead, the state cabinet has directed the MMRDA's executive committee to explore settling Mumbai Metro One Pvt Ltd's (MMOPL) Rs 1,700 crore debt with its creditors through a one-time settlement. Metro 1, Mumbai's oldest corridor serving 4.6 lakh daily passengers, operates under a public-private partnership by the Reliance Infrastructure-promoted MMOPL, with MMRDA holding a 26% stake and R-Infra holding 74%.
Transforming India's power grid: Highlights from the Transmission & Distribution Conclave 2024
The conclave that took place at KSH Infra Park in Pune, Maharashtra on June 13, brought together industry leaders, experts, and enthusiasts to explore the transformative possibilities within the transmission and distribution industry.
India's key infra sectors' growth slows to 6.3% in May
In May, India's eight core sectors grew at a rate of 6.3% annually, slightly down from 6.7% in April but higher than 5.2% in May 2023. The sectors showing positive growth included electricity, coal, steel, natural gas, and refinery products, according to the Ministry of Commerce & Industry
PM Gati Shakti scheme is transforming India's infrastructure: Morgan Stanley
In a recent report, Morgan Stanley has lauded India's PM Gati Shakti scheme, highlighting its significant impact on infrastructure development. The report emphasizes India's robust increase in infrastructure investment, projected to rise from 5.3% to 6.5% of GDP by F29, driven by a strong 15.3% CAGR. This growth is expected to total USD 1.45 trillion over five years, fostering high productive growth and enhancing investment rates. PM Gati Shakti integrates 16 ministries for coordinated infrastructure planning, focusing on multi-modal connectivity and logistics efficiency, which has shown tangible results in project completion and sectoral development.
Megha Engineering emerges lowest bidder for Rs 12,800 cr nuclear power project
Megha Engineering & Infrastructures Ltd has been the lowest bidder for a Rs 12,800 crore engineering, procurement and construction (EPC) contract from the state-owned Nuclear Power Corporation of India. The company, which is the second-biggest buyer of electoral bonds and faces corruption allegations, submitted the lowest bid of Rs 12,799.92 crore.
By 2032, India infrastructure spending will surpass $2.5 trillion, says Adani
The Adani Group, he said, will invest over $100 billion (around ₹8.35 lakh crore) over the next decade in energy transition projects and in manufacturing every major component required for green energy generation. Adani Green Energy is building solar and wind parks. The group is also building facilities to manufacture electrolyzers to make green hydrogen, wind power turbines and solar panels.
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