Development Watch – Week #3 July ’24
Development News
REC raises funds from Japan through “Green Loans”
Power Sector financier REC Ltd. has raised 31.96 billion Japanese yen through a 5-year green loan. The transaction has been conducted from Deutsche Bank’s GIFT City branch (in Gujarat). The loan, which is equivalent to $200 million, will be used to finance eligible green projects in India. This is in line with REC’s commitment to enhance its green energy financing and sustainable projects capabilities as well as global community’s support for sustainable development projects in India. The transaction is one of the first yen-dominated green loan transactions for Deutsche Bank through its Gift City Branch.
India’s e-waste recycling journey
The founder of Recyclekaro, Rajesh Gupta, discusses India’s reliance on imported battery cells for EVs due to a lack of domestic mineral reserves. Recyclekaro focuses on recycling retired batteries to extract critical metals like cobalt and lithium. This supports India’s de-carbonization goals. India has a shortage of domestic mineral reserves like lithium, cobalt and nickel. The reliance on imported battery cells is risky. To reduce these risks, and to enhance material security, India must focus on recycling retired batteries to extract and reuse valuable materials. It would lead to reduction of e-waste and support net-zero emissions goal. Recyclekaro started in 2010 and launched the “Clean Earth Campaign in 2010”. In 2013, they set up their first e-waste dismantling plant for dismantling electronics, removing waste metals, plastics, and circuit boards, and then sell them to other people. This is how their journey of hydrometallurgy began.
Rs. 766 Crores order for Bangalore metro electrification
Siemens Ltd., as part of a consortium along with Rail Vikas Nigam Ltd., has secured an order from Bangalore Metro Rail Corporation Ltd. (BMRCL) for electrification of Bengaluru Metro Ph-2 project. The total order value is approximately Rs. 766 Crores. Siemens Ltd’s share as part of consortium is Rs. 558 Crores. Siemens Ltd. will design, engineer, install and commission rail electrification technologies and a digital solution comprising Supervisory Control and Data Acquisition (SCADA) systems. The project covers 30 stations spanning over 58 km. It connects Bengaluru Airport terminal to Central Silk Board via KR Puram and 2 depots. With this order, Siemens is present in 11 out of 20 cities with a metro in India.
Railways support 23 innovative startup projects
Indian Railways has awarded startups with 23 innovation projects worth Rs. 43.87 Crores against 15 problem statements to improve services of the national transporter. The Railways has received total 423 offers against the 28 problem statements opened so far, on an innovation portal designed to seek suggestions from startups. The share of Railways grant stands at approximately Rs. 10.52 Crores to eligible startups working on the ongoing innovation projects. This portal was launched in June 2022. Solutions were sought to address concerns pertaining to design of superior elastomeric pad for heavy haul freight wagons, light weight wagon for transporting commodities like salt, rail stress monitoring system, and track inspection technologies, among others.
India to host Ministerial Conference on Aviation
India is set to host the 2nd Asia Pacific ministerial conference on civil aviation on September 11 and 12, with representatives from around 40 countries, including China and Pakistan. The Asia Pacific region is a significant contributor to global air traffic. India is the fastest-growing aviation market. The Ministry of Civil Aviation (MoCA) Secretary, Union Minister for Civil Aviation and Minister of State were present during the curtain raiser for the 2nd Asia Pacific Ministerial Conference on Civil Aviation 2024, in New Delhi. The actual conference, jointly organized by the International Civil Aviation Organization (ICAO) APAC, will be held on September 11 and 12. India has made significant strides in the aviation sector and annual passenger traffic is projected to 250 million.
Approval of dredged sediment re-use projects
The Union Ministry of Ports, Shipping and Waterways (MoPSW) has approved a research proposal on “Valorization of Dredged Sediments”. According to a statement by the Ministry, the project has been sanctioned at an estimated cost of Rs. 46.47 lakhs. The valorization of dredged sediments is the reuse of sediments as raw material for civil engineering and other purposes. It can be a sustainable solution to reduce the strain on natural resources and eliminate waste. Dredged sediments can be converted into aggregates suitable for various construction fields. The project will be implemented over a duration of 3 years by IIT Bombay.
Tata Power to invest in Renewable Energy portfolio
Tata Power will invest Rs. 20,000 Crores Capex this financial year in FY-25 to further the company’s renewable energy portfolio and transmission and distribution businesses. the Chairman, N. Chandrasekaran, said that the company is well positioned to lead India’s green energy shift with a focus on providing round-the-clock renewable energy, especially to commercial and industrial consumers. It is also aggressively looking at growth in rooftop solar, aiming for increased market share on the back of PM Surya Ghar Muft Bijli Yojana. The company will also explore participation in small modular nuclear reactors, once the government gives permissions apart from new distribution expansion opportunities in other states.
Food inflation biggest concern this Quarter
In the month of June, food inflation surged significantly, lifting the overall Consumer Price Index (CPI) inflation to 5.1%, up from 4.8% in May. According to a report by CRISIL, the increase in food prices, particularly vegetables, cereals, milk and fruits, has been a significant contributor to this uptick. Vegetable inflation remains a major concern, reaching 29.3% in June from 27.4% in May. The increase was broad-based, affecting both TOP (tomatoes, onions, potatoes) and non-TOP vegetables. Cereals inflation reached 10.2% while pulses inflation eased to 16% from 17%. Milk inflation rose for the 1st time in 13 months due to a price hike by major producers. Edible oils inflation continued to log lower disinflation for the 5th consecutive month.
Local Feedback
LocalFeedback.org aims to track and document actionable parameters that help improve urban and rural infrastructure. The founder, Susmita, has juggled diverse roles in real estate, project budgeting, valuation and execution on construction sites. Having traveled to more than 20 countries, she has worked across 4 regions in India. Her areas of interest include sustainable buildings, electric mobility and urban development. She visited top-ranking cities on livability indices and has presented published papers at international conferences.