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New Delhi, Jun 19 : India has been placed 63rd on the World Economic Forum’s Energy Transition Index, showing significant improvement in energy equity, security, and sustainability, according to a report released on Wednesday.

The index, topped by Sweden, also features Denmark, Finland, Switzerland, and France in the top five spots, while China secured the 20th rank.

The report highlighted that while 83 per cent of countries regressed in at least one dimension of energy system performance (security, equity, sustainability), India, China, and Brazil stood out for their progress.

India’s efforts were recognized for leading initiatives that could serve as global models, including policies promoting energy-efficient infrastructure and incentives for retrofitting. The WEF emphasized the potential for developing nations to pioneer innovative energy solutions, showcasing examples of scalable, cost-effective technologies originating from developed countries.

Regarding India’s role, the WEF underscored the country’s advancements in renewable energy, noting that renewables and biomass account for 42 per cent of its power generation capacity, positioning it as a major player in global renewable markets. The report praised India’s investments in electric vehicles (EVs) and green hydrogen production, highlighting annual investments nearing USD 10 billion in these sectors.

Despite these strides, India’s reliance on coal remains a challenge, contributing significantly to its emission intensity. However, India’s per capita emissions of 1.7 tonnes of CO2 are notably lower than the global average of 4.4 tonnes per capita.

Looking ahead, the report emphasized the need for India to continue investing in energy efficiency to decouple economic growth from energy demand, particularly in infrastructure and manufacturing sectors.

The WEF acknowledged India’s focus on integrating renewable energy to support income generation and microenterprises, highlighting the country’s commitment to sustainable energy practices that benefit local communities and foster economic growth.

In conclusion, while global energy transition progress has slowed amidst increasing uncertainty, India’s strategic initiatives and evolving energy landscape underscore its potential to drive substantial changes in the global energy paradigm.

Mumbai, Jun 18 – The rupee appreciated by 7 paise to 83.48 against the US dollar in early trade on Tuesday, supported by fresh inflows of foreign capital and positive sentiment in the domestic equity markets. Forex traders noted that while the strengthening American currency exerted some pressure on the local unit, it was buoyed by a downward movement in crude oil prices overseas. The rupee opened at 83.52 at the interbank foreign exchange market and gained further to 83.48 against the greenback, marking a 7 paise increase from its previous close. On Friday, the rupee had settled 1 paisa lower at 83.55 against the US dollar. Forex markets were closed on Monday due to Bakri Id. Meanwhile, the dollar index, which measures the greenback’s strength against a basket of six currencies, was up 0.07 percent at 105.01. Brent crude futures, the global oil benchmark, declined by 0.13 percent to USD 84.14 per barrel. In the domestic equity market, the 30-share BSE Sensex rose by 175.72 points, or 0.23 percent, to 77,168.49 points. The broader NSE Nifty climbed 45.15 points, or 0.19 percent, to 23,510.75 points. According to exchange data, Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Friday, purchasing shares worth Rs 2,175.86 crore. Positive investor sentiment was driven by strong domestic macroeconomic data, which showed India’s merchandise exports in May 2024 rose 9 percent to USD 38.13 billion. The trade deficit, or the gap between imports and exports, during the month stood at USD 23.78 billion. Additionally, wholesale inflation increased for the third consecutive month in May to 2.61 percent, due to rising prices of food articles, especially vegetables, and manufactured items.

Malappuram, June 12: Congress leader Rahul Gandhi, who secured victory in the Wayanad Lok Sabha seat with a significant margin for the second consecutive time, conducted a road show in this north Kerala district on Wednesday. This marks Gandhi’s first visit to the state following the Lok Sabha poll results.

Thousands of United Democratic Front (UDF) workers and supporters gathered along the route of the road show at Edavanna, which falls within the Wayanad Lok Sabha constituency. Earlier, he received a warm welcome at Kozhikode airport by party leaders and workers.

Rahul Gandhi’s visit and engagement with the public underscore the significance of the Wayanad constituency and his commitment to representing the interests of the people in the region.

 

 

Exit polls forecasting a decisive third-term victory for the Narendra Modi-led NDA government in the Lok Sabha elections have led to a significant uptick in the shares of Indian state-owned companies and infrastructure-related firms.

Citigroup Inc. and Jefferies Financial Services Inc. identify manufacturing and electric vehicles among the key beneficiaries if the exit poll predictions materialize, favoring the Bharatiya Janata Party (BJP) in the final vote count on June 4.

As the market commenced trading on Monday, the benchmark NSE Nifty 50 Index surged by up to 3.6%, establishing a new intraday record. Additionally, indices for infrastructure and state-owned firms on the NSE soared to their all-time highs during early trading.

The Indian rupee strengthened notably against the US dollar, marking its most significant gain since March 2023, reaching 82.9725.

By afternoon trade, both the Nifty 50 and Sensex experienced robust surges of nearly 3%, achieving record highs of 23,338.70 and 76,738.89, respectively.

All 13 major sectoral indices showed gains, with Nifty Energy, Nifty PSU Bank, and Nifty Realty leading the charge with increases of 4-5%. On the other hand, Nifty Pharma and Nifty Healthcare recorded more modest gains, each rising by 1.2%.

In the broader market, BSE Midcap witnessed an uptick of nearly 4%, while BSE Smallcap gained 2%.

MUMBAI, May 30: The Reserve Bank of India (RBI) has projected a 7% growth rate for the Indian economy in the current fiscal year starting April, according to its annual report released on Thursday.

The RBI noted that the Indian economy expanded robustly in the 2023-24 fiscal year, with real GDP growth accelerating to 7.6% from 7.0% in the previous year, marking the third consecutive year of 7% or higher growth.

“For the 2024-25 fiscal year, real GDP growth is projected at 7.0%, with risks evenly balanced,” the report stated. Despite persistent headwinds, the economy demonstrated resilience in FY24, the RBI added.