The Pre-Budget consultations for Union Budget 2024-25 that started from 19th June 2024 onward in the Ministry of Finance and chaired by Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman, concluded.
In the course of the in-person consultations, more than 120 invitees across 10 stakeholder groups, including experts and representatives from farmer associations & agriculture economists; trade unions; education & health sector; employment & skilling; MSME; trade & services; industry; economists; financial sector & capital markets; as well as, infrastructure, energy and urban sector, participated in the meetings.
Union Ministers of State for Finance Shri Pankaj Chaudhary; Finance Secretary and Secretary Expenditure, Dr. T.V. Somanathan; Secretary, D/o Economic Affairs, Shri Ajay Seth; Secretary, DIPAM, Shri Tuhin K. Pandey; Secretary, D/o Financial Services, Shri Vivek Joshi; Secretary, D/o Revenue, Shri Sanjay Malhotra; Secretary, M/o Corporate Affairs, Shri Manoj Govil, Secretaries of Ministries concerned, Chief Economic Adviser, Dr. V. Anantha Nageswaran, and senior officers from the Ministry of Finance and Ministries concerned were also present during relevant meetings.
In the course of the consultations, Union Finance Minister Smt. Sitharaman expressed gratitude to the participants for sharing valuable suggestions and assured experts and representatives that their suggestions would be carefully examined and considered while preparing the Union Budget 2024-25.
The Prime Minister, Shri Narendra Modi, today wished the people on the occasion of sacred Rath Yatra of Mahaprabhu Jagannath.
“Greetings on the start of the sacred Rath Yatra. We bow to Mahaprabhu Jagannath and pray that His blessings constantly remain upon us.”
Descriptions of the Ratha Yatra can be found in Brahma Purana, Padma Purana, the Skanda Purana, and the Kapila Samhita.
The rath yatra is considered to be the oldest and largest Hindu chariot festival celebrated annually, on the bright half of the lunar month of Ashadh .The festival is held at the city of Puri, in the state of Odisha, India and associated with the deity Jagannath
Adani Defence and Aerospace joins forces with the UAE’s EDGE Group to set up development, production, and maintenance facilities of defence and aerospace solutions in India and the UAE. The collaboration will explore the establishment of R&D hubs to serve both Southeast Asian and wider global markets. The agreement reinforces the strategic importance of the partnership between the UAE and India, marking a new era in defence cooperation, enhancing technological prowess and setting global standards
Sony Pictures Television (“SPT”) has announced that it has increased the investment it made in 2018 to take a majority stake in Eleventh Hour Films (“EHF”). The investment will see EHF become the fourth majority-owned, UK-based scripted drama company in the SPT International Production group, alongside Left Bank Pictures, Bad Wolf and Eleven.
This announcement caps a busy period of success for the boutique production outfit, following a slew of commissions and recommissions. The investment will spur the next phase of the company’s strategic growth, deepening its collaborative ties with SPT and consolidating the company’s reputation for producing must-see, high-end television shows with range and reach, for a worldwide market.
The majority stake investment in EHF is part of SPT’s strategy of consolidating the international production group’s portfolio as a world-leading scripted studio and growing IP in recent years.
“Over the past decade, Jill, Eve, and Paula have built a remarkable company and it has been a great joy for everyone at Sony to have been part of their adventure”, says Wayne Garvie, President, International Production, Sony Pictures Television.
Established in 2010, EHF is an independent scripted production company that has produced some of the most popular drama of the last decade, both in the UK and internationally.
Building on these successes, Jill Green, who founded the company in 2010 will move from her role as Chief Executive Officer to provide strategic support to the management team and to exec produce on a number of bespoke dramas, including leading on those written by Anthony Horowitz, whilst remaining as Chairperson.
‘Magpie Murders’, ‘Moonflower Murders’, and the ‘Alex Rider’ series were all adaptations of novels by Anthony Horowitz, and are the result of an ongoing collaboration between EHF and the award-winning novelist and screen writer, which also includes the upcoming original mystery thriller ‘Nine Bodies In A Mexican Morgue’, for MGM+ and the BBC.
Sony Pictures Television (“SPT”) is one of the television industry’s leading content providers, producing, distributing, and carrying programming worldwide in every genre and for every platform.
Vodafone calls for a new Connectivity Union to help accelerate Europe’s digital ambitions and unleash its ability to compete on a global scale.
Europe’s future economic success will be underpinned by next-generation connectivity. Only through 5G standalone will European businesses be able to fully capitalise on the industrial value of the internet and emerging technologies like AI. Connectivity must not become the AI bottleneck.
The European Commission has recognised some of the challenges facing the connectivity sector, including fragmentation, excessive costs, and different rules for different companies despite offering the same services. These have put the achievement of the digital decade targets at risk, and ultimately led to Europe facing a serious competitive disadvantage. Europe now needs critical action from its policymakers to turn the ship around and close the 5G investment gap.
Joakim Reiter, Chief External & Corporate Affairs Officer at Vodafone said: “The EU cannot reclaim its digital competitiveness and retake a leadership position without an urgent reset of Europe’s telecoms policy regime. That’s why we’re now calling for a new Connectivity Union that would bring together the Commission, governments, and industry to more aggressively tackle the shortcomings in Europe’s connectivity sector before it is too late.
“If the EU gets this right, it has a chance to build the world’s best connectivity, delivering the services and innovation that its citizens and businesses deserve. This would catalyse the industrial internet, and make Europe a truly exciting place to invest.”
Vodafone’s response to the European Commission’s consultation white paper, “How to master Europe’s digital infrastructure needs?, outlines five policy pillars for a new Digital Communications Framework for Europe that are required to end the piecemeal policy approach to telecoms and lay the foundation for the Connectivity Union:
Scale and Market Structure – Ensuring investment competition in mobile and fixed markets. This would include higher levels of in-country mobile consolidation and a more targeted application of the SMP framework in fixed markets during the migration from copper to fibre. Removing barriers to the provision of cross-border business services. Accelerate the scale benefits of the Digital Single Market by further harmonising and simplifying rules.
Spectrum – Enforcing pro-investment spectrum policies. Longer, or perpetual, licences would unlock network deployment business cases. Harmonised rules would prevent national regulators from using spectrum policy to further fragment markets, or to extract value from the sector through artificially high spectrum fees.
Same Service, Same Rules – Ensuring the policy framework promotes technological innovation. Services should be regulated in a fair way based on the services offered and frameworks designed to prevent ‘gatekeeper’ behaviour. This would level the playing field in the digital ecosystem, guaranteeing equivalent protection for end users irrespective of whether the service provider is a telecoms operator or tech company.
Security and Resilience – Security requirements must be risk-based, proportionate, vertically harmonised, and implemented in consultation with industry. Security requirements should not lead to fragmentation across the Single Market. A more harmonised security framework should be adopted, underpinned by guidelines, common standards, certification, reporting and notification requirements, while limiting localisation obligations.
Sustainability and Social Responsibility – Ensuring all stakeholders commit to sustainability, economic and societal responsibility. Create a more stable and predictable policy and investment environment that incorporates the cost of sustainability requirements in the framework for economic regulation and ensures all ecosystem players make responsible use of networks and services.
As 4G heralded the consumer internet age, Vodafone believes 5G is key to unlocking the potential of the industrial internet for Europe, transforming the way businesses operate. For manufacturing, where Europe has an opportunity to regain its leadership, the impact of digitalisation could be worth an estimated €2 trillion a year for the sector globally.
But the lack of a Connectivity Union risks impacting Europe’s wider economic competitiveness. Vodafone believes the incoming European Commission now has a unique opportunity to drive change and looks forward to working together with all key stakeholders on this exciting journey.
Indian Renewable Energy Development Agency Ltd. (IREDA) has reported a remarkable performance for the first quarter ended 30th June 2024. According to provisional figures, subject to audit, the company recorded substantial increases in loan sanctions, disbursements, and its loan book.
During the first quarter of FY 2024-25, IREDA sanctioned loans amounting to Rs. 9,136 crore, reflecting a significant growth of 382.62% compared to Rs.1,893 crore in the corresponding quarter of the previous fiscal year. Disbursements during the same period stood at Rs.5,320 crore, marking an increase of 67.61% year-on-year compared to Rs.3,174 crore in the first quarter of FY 2023-24. The total loan book outstanding as of 30th June 2024, reached Rs.63,150 crore, representing a notable growth of 33.77% from Rs.47,207 crore in the previous year.
Shri Pradip Kumar Das, CMD, IREDA, commented on the achievement, “IREDA’s robust performance in the first quarter underscores our commitment to accelerating the deployment of renewable energy solutions in India. The substantial increase in loan sanctions and disbursements reflects our proactive approach in supporting projects that contribute to India’s renewable energy goals.”
IREDA continues to play a pivotal role in financing renewable energy projects across various sectors,including solar, wind, hydro, biomass, waste to energy, ethanol, electric mobility and emerging
technologies like Green Hydrogen and Offshore Wind, etc. The company’s efforts are aimed at fostering sustainable development and reducing carbon emissions in alignment with national and global environmental objectives.
The Golf R and Golf R Variant are on the starting line: Volkswagen presents the two new top-of-the-range Golf models in a world premiere. They come with optimised driving dynamics, exclusive standard equipment and an output of 245 kW (333 PS). The new maximum output has increased by 10 kW (14 PS) compared with the predecessors of these models. The top speed of 250 km/h can be boosted by another 20 km/h to 270 km/h with the optional R-Performance package. This makes these two Golf R versions the world’s fastest Volkswagen production models, alongside the Arteon R Shooting Brake. Pre-sales start on 3 July in Germany. The Golf R will be available from €53,795, and from €55,065 as an estate (Golf R Variant). An additional option: the Golf R Black Edition, an exclusive all-black model available from €58,440.
Sharper design, expanded range of R-specific equipment. The new R models are based on the eighth generation of the Golf, which received a major update this year. The dynamism is reflected in the redesigned front with its LED Plus headlights, an illuminated VW badge and air curtains in the bumper, as well as the new LED tail light clusters. The new 19-inch “Warmenau” forged wheels are available as an optional extra. These have an appealingly clean design, a weight of just eight kilograms per rim and efficient brake cooling, which is especially advantageous when driving on a racetrack.
The infotainment system’s hardware and software have also been revamped and feature the largest display (diagonal: 32.8 cm) offered by Volkswagen. Operation has also been significantly improved thanks to new graphics and a fresh menu structure for the touch display. The control of the illuminated touch sliders for the automatic climate control and volume control as well as the voice assistant IDA, which accesses the AI-based software “ChatGPT” to answer questions, have also been newly developed. Additionally, the responsiveness of the touch steering wheel has been optimised.
The Golf R models are equipped with the enhanced Digital Cockpit Pro as standard (display diagonal: 26 cm). In addition to the classic views available in other models in the product line, the Digital Cockpit Pro in the Golf R offers an enhanced Sport Skin, featuring a central round rev counter with an R-specific design, as well as the R-View with a horizontal rpm display.
This year marks the 10th International Day of Yoga with the theme “Yoga for Self and Society.” Yoga, a transformative practice, represents the harmony of mind and body, the balance between thought and action, and the unity of restraint and fulfillment. It integrates the body, mind, spirit, and soul, offering a holistic approach to health and well-being that brings peace to our hectic lives.
Today it is Celebrated in various forms around the world.Let’s get started with easy moves.
One of the key outcomes of this partnership will be the development of predictive analytics algorithms. These algorithms, leveraging integrated geotechnical data, will forecast potential risks and provide early warning systems specifically tailored for tunnelling projects. Such proactive measures are expected to substantially mitigate time and cost overruns during project execution.
Chairperson & Managing Director, SJVN, Smt. Geeta Kapur said that the primary focus of the MoU is to develop cutting-edge methodologies which integrate diverse geotechnical data sources. These would include geological surveys, borehole data, geophysical measurements and monitoring data from projects of SJVN.
The collaboration also aims to evaluate the intricate relationship between overburden and deformation, thereby enhancing the evaluation and design of support systems crucial for tunnelling projects. By harnessing integrated geotechnical data and 3D geological models, SJVN and IIT Patna aim to identify and analyze potential risks and hazards.
The MoU has been signed in the presence of Director (Finance), SJVN, Shri A.K Singh and Director, IIT Patna Shri T.N Singh in New Delhi on April 2, 2024. CGM (Civil), Shri R.K Gupta; GM (Finance), Shri Jitender Yadav; GM (Civil), Shri Hemant Kumar Shaklya; and GM (Geology), Shri Akshay Acharya from SJVN, and Professor A. K. Verma from IIT Patna were also present on the occasion of the signing ceremony.
SJVN and IIT Patna are committed to driving sustainable development and technological excellence through this strategic partnership.
SJVN Limited, a prominent player in India’s power generation industry, has been a beacon of sustainable energy since its inception on May 24, 1988. Established as a joint venture between the Government of India and the Government of Himachal Pradesh, SJVN has evolved into a listed company with a robust shareholder base. Currently, the company’s ownership stands at 59.92% with the Government of India, 26.85% with the Government of Himachal Pradesh, and the remaining 13.23% held by the public. With a paid-up capital of Rs. 3,929.80 Crore and an authorized capital of Rs. 7,000 Crore, SJVN boasts a substantial net worth of Rs. 13,821.97 Crore as of March 31, 2023.
Akhileshwar Singh, the Director of Finance at SJVNL Limited, is a pivotal figure in the company’s journey. With 35 years of experience as a pioneering advocate for solar energy, Singh has played a crucial role in SJVN’s success story.
Diverse Portfolio and Green Initiatives
SJVN Limited is primarily engaged in the business of electricity generation and tariff regulation. The company offers a diverse range of products and services, including electricity generation from hydro, wind, and solar sources, consultancy services, and power transmission. Its operations encompass thermal power, hydro power, wind power, solar power, power transmission, consultancy, and power trading.
Recently, SJVN Green Energy secured a Letter of Awards from the Assam Power Development Corporation (APDCL) for three solar power projects, totaling 320 MW in capacity. These projects are expected to generate a cumulative 628 million units in their first year of operation and approximately 14,591 million units over 25 years. With an estimated construction cost of Rs. 1,900 Crores, the projects are scheduled to be commissioned by March 2025. The commissioning of these projects will contribute significantly to reducing carbon emissions by 7.14 lakh tonnes, aligning with the government’s mission to combat climate change.
A Vision for the Future
SJVN Limited has set ambitious goals for the future, driven by its vision to become a globally admired Indian Power Company known for delivering affordable clean power and sustainable value to all stakeholders. With a mission focused on socio-economic growth and optimizing shareholders’ and stakeholders’ interests, SJVN aims to achieve a remarkable milestone: a 50,000 MW installed capacity by 2040.
Akhileshwar Singh emphasized the company’s commitment to aligning with the Honorable Prime Minister’s vision of generating 500 GW from non-fossil sources by 2030. Under the dynamic leadership of Sh. Nand Lal Sharma, SJVN has re-engineered its business model, setting targets of 5,000 MW by 2023, 25,000 MW by 2030, and the ultimate goal of 50,000 MW by 2040.
Investing in the Future
SJVN’s commitment extends to harnessing energy in Uttar Pradesh, with plans to invest around Rs. 30,000 to 35,000 crore in the next 5-6 years. This strategic investment is poised to make a substantial impact on the energy landscape of the state and further propel SJVN’s mission of providing clean and affordable power to the nation.
The Journey of Akhileshwar Singh
Akhileshwar Singh’s journey to becoming the Director of Finance at SJVN Limited is nothing short of inspiring. Starting his career in 1987 with Hindustan Paper Corporation Limited, he joined SJVN in 1993 as a Senior Finance Officer. His remarkable ascent through the ranks, from Assistant Manager to Head of Internal Audit, culminated in his appointment as Director of Finance in 2020. Singh’s dedication, vision, and expertise have been instrumental in shaping SJVN’s trajectory toward sustainable energy and growth.
A Visionary Leader
When asked about his approach as Director of Finance, Akhileshwar Singh cited his study of the growth stories of two major power sector PSUs – NTPC and NHPC. He analyzed their trajectories, examining how NTPC had grown to generate 70,000 MW of power, while NHPC focused on 7,000 MW. Singh probed into the factors, including technological changes and the complexities of developing hydro projects, that impacted the power sector.
He also explored the emergence of storage in solar power, cost competitiveness in various forms of power generation, and crafted a strategic roadmap for SJVN to remain at the forefront of the industry.
As India continues its journey towards sustainable energy and reducing carbon emissions, SJVN Limited, under the stewardship of leaders like Akhileshwar Singh, stands ready to play a pivotal role in shaping a cleaner and brighter future for the nation. With its commitment to innovation and sustainable practices, SJVN is a shining example of India’s progress in the realm of clean and renewable energy.
