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Duty on China imports, GST slow down India’s solar additions: UN report

The 86-page report — Global Trends in Renewable Energy Investment 2018 — released by UN Environment, the Frankfurt School-UNEP Collaborating Centre and Bloomberg New Energy Finance blames Indian policies for slowing down the speed to tap solar power.

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UN Environment head Erik Solheim

New Delhi, April 5 : India’s imposition of duty on Chinese solar cells and modules shipped and levy of Goods and Services Tax (GST) on panels have significantly slowed down solar capacity additions last year, a UN report said on Thursday.

It says developing economies, comprising India, China and Brazil, committed $177 billion to renewables last year, up 20 per cent, compared to $103 billion for developed countries, down 19 per cent.

This was the largest tilt in favour of developing countries yet seen. It was only in 2015 that the developing world first invested more in green energy than developed economies.

A record 157 gigawatts (GW) of renewable power, excluding large hydro, were commissioned across the globe in 2017, up from 143GW in 2016 and far out-stripping the 70GW of net fossil fuel generating capacity added last year.

The 86-page report — Global Trends in Renewable Energy Investment 2018 — released by UN Environment, the Frankfurt School-UNEP Collaborating Centre and Bloomberg New Energy Finance blames Indian policies for slowing down the speed to tap solar power.

It says the solar activity was held back by an unexpected rise in PV module prices in local currency terms, due to a sudden reduction in the oversupply of imported Chinese units, exacerbated by the imposition of a 7.5 per cent import duty on modules and a local GST on panels.

There was also a slowing in the pace of solar auctions around India.

In the medium term, PV installations look set to increase sharply, as India seeks to hit its ambitious target of 100GW of solar by 2022.

However, that acceleration did not materialise in 2017.

The report says the ‘big three’ of China, India and Brazil accounted for just over half of global investment in renewables, excluding large hydro, last year, with China alone representing 45 per cent, up from 35 per cent a year earlier.

However, the report says India’s investment oscillating in the $6-14 billion range since 2010 but still not reaching the sort of levels that would be required for that country to meet Prime Minister Narendra Modi’s ambitious goals for 2022.

India came fourth in the world rankings by country for renewable energy investment last year, at $10.9 billion, down 20 per cent.

Solar took the biggest share, at $6.7 billion, with wind at $4 billion. These lead sectors were up three per cent and down 41 per cent in dollar terms respectively.

Venture capital and private equity investment in renewable energy fell by exactly a third in the world in 2017 to $1.8 billion, just a sixth of its 2008 peak of more than $10 billion.

However, India beat Europe into second place for the second time in three years.

India’s venture capital and private equity investment rose 27 per cent to $457 million, or 26 per cent of the total, while Europe’s fell 26 per cent to $287 million, a 16 per cent share.

India’s investment grew strongly because it secured three of the five largest deals.

Two of those were wind companies raising funds to expand in India, a fiercely competitive market with huge growth potential that is attracting many foreign investors.

The largest deal was secured by Greenko Energy, an independent power producer based in Hyderabad, which raised $155 million in PE expansion capital from GIC, the sovereign wealth fund of Singapore, and the Abu Dhabi Investment Authority.

The pair had already invested $230 million in the company in 2016.

Another Indian independent power producer, Hero Future Energies, raised $125 million in PE expansion capital from the International Finance Corporation and the IFC Global Infrastructure Fund.

The third large Indian deal was secured by Clean Max Enviro Energy Solutions, which claims to be India’s biggest rooftop solar developer, having installed 100MW since the company was founded in 2011.

“The extraordinary surge in solar investment, around the world, shows how much can be achieved when we commit to growth without harming the environment,” UN Environment head Erik Solheim said in a statement.

(Vishal Gulati can be contacted at [email protected])

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Sensex swings 1,500 points, closes 280 points lower

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Sensex equity Nifty

Mumbai, Sep 21: High volatility, following a likely credit crisis in the infrastructure lending and development sector, dragged the market in the red, with the S&P BSE Sensex swinging in around 1,500-point range on Friday.

A plunge of over 1,100 points was witnessed on the BSE Sensex around 1 p.m, only to recover from the day’s low within few minutes. Similarly, the NSE Nifty50 also recovered after dropping below the 11,000-mark.

The sudden sell-off took place across the board with banking and financial stocks losing the most.

At 3.30 p.m, the wider NSE Nifty50 provisionally closed at 11,143.10 points, lower 91.25 points or 0.81 per cent from the previous close of 11,234.35 points.

The BSE Sensex, which had opened at 37,278.89 points, provisionally closed at 36,841.60 points, lower 279.62 points or 0.75 per cent from the previous close of 37,121.22 points.

The Sensex touched an intra-day high of 37,489.24 points and a low of 35,993.64 points.

The fourth consecutive session’s slide was triggered also by other factors, including lower possibility of the Reserve Bank of India cutting its key lending rates, analysts said.

IANS

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Man finds insect in cake at Ikea Hyderabad store, Tweets video

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IKEA Cake insect
The photo tweeted by the customer who bought a cake at IKEA's Hyderabad restaurant.

Hyderabad, Sep 21: Swedish furniture major IKEA’s first ever store in India in Hyderabad has again landed in controversy. Weeks after a customer had complained about finding a caterpillar in his biryani, ordered at Ikea’s store in Hyderabad, another customer has said that he found an insect in a chocolate cake that he ordered at the Ikea store.

The customer, Kishore, tweeted on September 12 that he found the insect inside a slice of chocolate cake while his daughter was eating the dessert at the IKEA store. He also posted a video in which an insect can be seen crawling over the chocolate cake.

The Greater Hyderabad Municipal Corporation has reportedly fined the Swedish furniture major Rs. 5,000 based on Kishore’s complaint.

IKEA on Thursday expressed regret over the incident. “In our Hyderabad restaurant when a customer was eating a chocolate cake which he bought, a fly was seen on the cake which eventually flew away. We regret this and apologise to our customer for the unfortunate experience. We are taking steps to avoid such occurrences,” an IKEA spokesperson said.

This is the second such incident that happened at the Ikea Hyderabad store that was opened on August 9. On September 2, a customer reported a caterpillar in the vegetable biryani supplied to him. Ikea India subsequently took vegetable biryani and samosa off its menu and apologised to the customer.

Read More: IKEA stops selling biryani, samosa after complaint

In the incident of the caterpillar in biryani, the furniture giant was fined Rs. 11,500 by the Hyderabad civic agency.

IKEA opened its first India store in Hyderabad on August 9. It has a 1,000-seater restaurant that serves a wide range of food, from Swedish to Indian snacks.

WeForNews

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Petrol price hiked again

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Petrol Price

Sep 21 :No respite from petrol price hike as petrol on Friday has been increased by Rs 0.9 and was being sold at Rs 89.69 per litre while in Delhi petrol price stands at Rs.82.32 per litre.

Union Petroleum and Natural Gas Minister Dharmendra Pradhan had blamed international factors for the hike in the prices of petroleum products.

As in Chennai it is being sold at Rs. 85.48 per litre. Diesel prices stood at Rs 73.87/litre in Delhi, whereas in Mumbai it is 78.42/litre.

Meanwhile, a litre of petrol in Chennai was increased by 7 paise to be sold at Rs 85.48.

 

Delhi has the cheapest fuel rates among all metros and most state capitals because of lower taxes. Mumbai has the highest sales tax or Value Added Tax (VAT).

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