In order to protect the nation's space assets, Chief of Defence Staff Gen. Anil Chauhan urged the industry to focus on counter-space capabilities on Wednesday.
He remarked that as the nation is experiencing "Amrit Kaal," the time has come to develop a highly capable Aatmanirbhar defense space ecology.
Gen. Chauhan stressed that the government has set high goals for the country, ranging from space augmentation to exploration, during the opening of "DEFSAT," a three-day Space Seminar and Exhibition at the Manekshaw Center here.

He discussed the 75 space-related problems as part of "Mission DefSpace 2022" under the iDEX initiative, mentioning the government's significant endeavors to capitalize on space to strengthen military capabilities. Five contracts in all have been signed under this effort, and four more are in various stages of the documentation process. A feasibility study of twelve Make-I challenges is also being advanced within comparable deadlines, according to Gen. Chauhan.

He stated that the present estimate of the Indian space industry is approximately $8.4 billion, and that by 2033, it is anticipated to reach $44 billion.

"The private sector has received the proper backing from the government thanks to programs like the Seed Fund Scheme, the 0% GST system, the sharing of testing facilities, and knowledge transfer. The proper conditions for the private sector to flourish are provided by this structure, demand alignment, and financial assistance, he continued.
 

Three new spy planes are to be developed by India in order to conduct long-range surveillance operations and closely monitor adversary communications. The three new spy planes are also referred to as aircraft for communication jamming systems and signal intelligence.

The bulk of the technology and equipment used in the project will be manufactured in India, and it will be completed entirely domestically. According to defense officials cited by news agency ANI, the proposal to acquire these spy planes is in the advanced stages and is expected to receive authorization within the next week.
The Indian Air Force and the Defence Research and Development Laboratory are working together on the project. According to officials, the relevant agencies would put out a tender to aircraft manufacturers to purchase the aircraft's platform.

The need for such an aircraft has long existed, according to officials, and the project's parameters have finally been decided upon. The spy plane project is being carried out by the Centre for Airborne Systems (CABS), which is also working on the Airborne Early Warning and Control systems.
The next generation of Netra aircraft, known as the AEW&C Netra Mark1A, is the Airborne Early Warning and Control systems. In addition, the Indian Air Force (IAF) intends to develop Airborne Early Warning and Control (AEW&C) Mark 1A aircraft on the Embraer legacy jet plane platform and AEW&C Mark 2 aircraft on Airbus 321 jets for the Indian Air Force. These plans involve the development of indigenous Intelligence, Surveillance, Target Acquisition and Reconnaissance (I-STAR) aircraft.

In light of India's ongoing border dispute with China and the changing security conditions around vital waterways, the Center has allocated Rs 6.21 lakh crore for the Defence Budget for 2024–2025, an increase of 4.72% above the previous year's allocation of Rs 5.25 lakh crore.

The Defence Research & Development Organisation (DRDO) has been allocated a budget of Rs 23,855 crore. The Defense Forces will be better equipped with lethal weaponry, fighter aircraft, ships, platforms, unmanned aerial vehicles (UAVs), and drones thanks to the enhanced budgetary allocation.
 

India, whose need for oil is expected to surpass China's in the near future, The Organization of the Petroleum Exporting Countries (OPEC), Qatar, the nation making a major gas bet, and Guyana, the youngest oil producer in the world, all blasted doubters and emphasized that the world will still require fossil fuels even as it moves toward renewable energy.

Although these nations unanimously agreed that there should be several routes for the energy transition, they also demanded that fossil fuel investments be kept up.

Speaking during a panel discussion during India Energy Week (IEW) 2024 themed "Ensuring energy security for nations and industry in a VUCA world," Minister of Petroleum and Natural Gas Hardeep Singh Puri stated that the last two to three years had been turbulent.

However, a lot of the energy-related problems we encountered were self-inflicted. As a result, the shift to renewable energy accelerated while investments in fossil fuels decreased. It's not as though the Earth is lacking in energy. The problem is that it isn't being made accessible. VUCA stands for ambiguity, complexity, volatility, and uncertainty.

Industry executives explained why state-owned fuel retailers are holding retail prices, citing losses of around Rs 3 per litre on diesel sales and a reduction in profit on gasoline sales as a result of the recent strengthening of global oil prices.

Roughly 90% of India's fuel market is controlled by Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL). These companies "voluntarily" have not changed the price of gasoline, diesel, or cooking gas (LPG) for the past almost two years, which has resulted in losses when input costs have increased and profits when raw material prices have decreased.
Since India depends 85% on imports to cover its oil needs, domestic rates are benchmarked by international oil prices, which had weakened towards the close of the previous year before strengthening once more in the second part of January.

They have rejected requests to go back to daily price revision and pass on rate reductions to customers, arguing that prices are still quite erratic, going up one day and down the next, and that they haven't recovered all of their previous losses.
 

The reconstruction of Ayodhya Dham Jn. railway station was carried out by RITES Limited. The company's advancements in amenities and infrastructure have helped Ayodhya prepare for a massive influx of pilgrims and tourists.

In order to renovate the station building and its circulation spaces, RITES has contributed its expertise. Inspired by the Ram Mandir, this newly opened station can accommodate up to 21 million passengers a year, with a maximum capacity of 5,930 persons per hour.

The expansive, accessible, and environmentally friendly structure boasts triple-height atriums that let in plenty of natural light, as well as 12 elevators and 14 escalators. Notably, the Indian Green Building Council has designated the station as a "Green Station" and "Accessible for All."

In addition, the multifunctional engineering and consulting firm RITES has redeveloped the railway station in Varanasi. Currently, the company is working on redeveloping the railway stations in Kollam, Kerala, and Somnath, Gujarat.

The state-owned NTPC Ltd is seeking to borrow up to USD 750 million, or roughly Rs 6,222 crore, from international lenders.

The proposed credit is being raised automatically, as allowed by RBI norms for External Commercial Borrowing (ECB), according to the company's request for proposals.
"NTPC is looking to raise External Commercial Borrowing (ECB) in the form of unsecured term loan...equivalent to USD 500 million plus green shoe option of EUR equivalent to USD 250 million," it stated.
According to NTPC, bank and financial institution bids ought to be thorough, firm, unconditional, and fully underwritten for the entire cost of the planned facility.

The state-owned Power Grid Corporation reported greater sales, which accounted for the majority of the 10.5 percent increase in consolidated net profit to Rs 4,028.25 crore for the December quarter.

In the previous year, the company's consolidated net profit was Rs 3,645.29 crore, as disclosed in a regulatory filing.
In the third quarter of FY24, total income rose to Rs 11,819.70 crore from Rs 11,530.22 crore the previous year.

In a meeting on Wednesday, the board of directors of the firm approved the payment of a second interim dividend for 2023–2024 of Rs 4.50 per equity share, or Rs 10 apiece, or 45% of the paid-up equity share capital.
Members will receive payment of the second interim dividend on March 5, 2024.


 

SJVN Limited on Wednesday said it has received the Letter of Intent (LoI) from Gujarat Urja Vikas Nigam Limited (GUVNL) for 200 MW solar power project in GUVNL Phase XXII. SJVN Green Energy Limited, a wholly owned subsidiary of SJVN has earlier bagged the initial 100 MW Solar project through bidding and further 100 MW under the Greenshoe option at a tariff of Rs 2.63 per unit on build own and operate basis in e-RA conducted by GUVNL in December 2023. The greenshoe option is a method in which the implementing agencies offer additional capacity to the successful bidder at same terms and conditions under RfS.

The project is estimated to cost Rs 1100 crores to develop and build. Anywhere in India, SGEL will develop the ground-mounted solar installation under an EPC contract. The power purchase agreement (PPA) between GUVNL and the GERC will be signed following the tariff's acceptance. After the PPA is signed, the project must be completed within eighteen months. GUVNL and SGEL will sign this PPA, which will be valid for 25 years.

It is anticipated that the project will produce 508.4 million units in the first year following commissioning, with a projected cumulative energy generation of 11,836.28 million units during a 25-year period. This project's commissioning is anticipated to lower carbon emissions by 5,79,976 tonnes, which will support the government's goal of reducing carbon emissions.

The Kerala government's PSU Travancore Titanium Products Limited (TTPL) has filed a formal complaint (FIR) with the Central Bureau of Investigation (CBI) against the managing director and other individuals over losses of Rs 120 crore allegedly incurred from hiring 'MECON, Ranchi, Uttaranchal' as a consultant in 2004.

The former managing director of TTPL, Eapen Joseph, is also named in the recently filed FIR. In order to provide consulting services for the installation of a pollution control plant, "MECON, Ranchi, Uttaranchal" was engaged.

According to the CBI, Joseph engaged in criminal misconduct and misused his official position to join forces with two other officials at the time, Santosh Kumar, the top manager of marketing, and AM Bhaskaran, the executive director, in a criminal conspiracy.

The FIR, filed on the Kerala High Court's orders, claimed that they hired "MECON, Ranchi, Uttaranchal," a PSU under the steel ministry, as a consultant at a cost of Rs 9 crore rather than the agreed-upon Rs 3.5 crore.

The MD of TTPL is listed as the primary culprit in the FIR, but the name is withheld.

A joint venture agreement (JVA) has been struck by Oil and Natural Gas Corporation (ONGC) Limited and NTPC Green Energy Limited (NGEL) to construct renewable energy projects with an offshore wind concentration. On Wednesday, during the India Energy Week 2024 in Goa, this was inked. Ministers Hardeep Singh Puri of Housing and Urban Affairs and Petroleum and Natural Gas signed the JVA in attendance.

ONGC Executive Director Satish Kumar Dwivedi and NGEL CEO Mohit Bhargava have signed the joint venture agreement. Minister Puri witnessed the signing of the agreement between ONGC Chairman and CEO Arun Kumar Singh and NTPC Limited Chairman and Managing Director (CMD) Gurdeep Singh.

With the JVA, a critical partnership aiming at leading renewable energy projects in India and beyond is established. In particular, the agreement covers endeavors including offshore wind projects in addition to exploring possible prospects in storage, e-mobility, carbon credits, green credits, the business of green hydrogen, and its byproducts, including green methanol and ammonia.

On September 27, 2023, ONGC and NGEL signed a Memorandum of Understanding to further ONGC's renewable energy objectives in line with the energy shift. The main objective of the Memorandum of Understanding was to determine the viability of renewable energy projects in different industries.

The strategic relationship between NGEL and ONGC is indicative of a deliberate endeavor to promote sustainable energy measures, which are closely aligned with the nation's aspirational objectives for a more environmentally friendly future. Both organizations have the potential to make a substantial contribution to India's renewable energy landscape by combining their knowledge and resources, which will promote environmental stewardship and drive innovation.
 

On a month-over-month (MoM) basis, the Indian Gas Exchange (IGX) transacted 14,48,300 MMBtu (~36 MMSCM) of gas in January, a 45 percent reduction.

Throughout the month, 127 deals were completed. The daily contract had a maximum of 57 trades conducted; thereafter, there were 20 trades in monthly and weekly contracts, and so on.

Hazira was the busiest free market gas distribution location. Additional trading delivery points were KG Basin, Suvali, Dahej, Ankot, and Mhaskal.

The Exchange traded 19,16,450 MMBtu (~1.6 MMSCMD) of gas during the month.

The Gas Index of India (GIXI) was Rs 1001/$12 per MMBtu in January 2024, a 9% decrease from the previous month. At Rs 879/$10.6 per MMBtu for GIXI-South and Rs 1009/$12.1 per MMBtu for GIXI-West. While LNG benchmark indices were WIM ~11 $/MMBtu, different spot gas benchmark prices were recorded: HH at ~$2.7/MMBtu and TTF at ~$10 /MMBtu.

Deliveries-based trades can be completed for six consecutive months under IGX's current six contracts, which include day-ahead, daily, weekday, weekly, fortnightly, and monthly.

There are several delivery locations where gas is traded, including Dahej, Hazira, Ankot, Mhaskal, Bhadhbhut, Dabhol, KG Basin, Gadimoga, and Suvali. It covers India's six regional gas hubs, which are the Western, Southern, Eastern, Central, Northern, and North Eastern hubs.
 

The International Energy Agency (IEA) released a new report at India Energy Week (IEW) 2024 in Quitol, Goa. The report states that while India's domestic oil production is expected to decline despite investments, the country will see continued growth in oil demand between now and 2030, assuming the position of the world's largest source of global oil demand growth. In order to fulfill the increased demand, India will therefore need to purchase more oil, which will have an impact on its energy security.

“As energy transitions gather pace and China’s economy shifts gear towards a less energy-intensive phase, India will assume the position as the world’s largest source of oil demand growth this decade. In our 2023-2030 forecast period, India accounts for more than one-third of global oil demand growth,” said the IEW oil report on India.

“India’s role in global oil markets is expected to expand substantially over the remainder of the decade, fuelled by strong growth in its economy, population and demographics,” the report said.

Carbon sequestration and natural gas storage in Oil & Natural Gas Corporation (ONGC) and Oil India Limited (OIL)'s depleted oil fields are being considered as part of a bigger drive to diversify operations, decarbonize, and move towards energy transition. According to ONGC CMD Arun Kumar Singh, the oil major's decarbonization strategy consists of three main elements: exploiting empty reservoirs for carbon sequestration and natural gas storage, lowering methane emissions to zero by 2030, and achieving zero gas flaring by that same year.

The Central Public Sector Enterprise (CPSE) is seeking to work with thermal power, cement and steel factories, and petrochemical companies where carbon can be absorbed, according to OIL Chairman and Managing Director (CMD) Dr. Ranjit Rath. He stated that numerous studies are being conducted to determine the viability of the project, pinpoint any gaps in the transportation, monitoring, and storage of carbon dioxide gathered, and to determine how best to monetize it as a source of income.

“We are looking at our depleted fields, abandoned wells and exploring using these fields for storing either carbon or gas. We have shortlisted five. Studies are underway to see how CO2 behaves when injected into these rock formations,” said Rath.

With Wall Street heavyweights like Goldman Sachs Group Inc. and Morgan Stanley promoting the South Asian country as the top investment destination, a large portion of that money is currently destined for India.

A gold rush is being set off by that impetus. India is now the largest net long bet in Marshall Wace's flagship hedge fund, which is worth $62 billion, after the United States. The nation is now the top emerging-market holding for a division of Zurich-based Vontobel Holding AG, and fund-house acquisitions are being investigated by Janus Henderson Group Plc. Even retail investors in Japan, who have historically been conservative, are turning to India and reducing their exposure to China.

In 2024–2025, the government anticipates receiving dividends from state banks totaling at least Rs 1500 crore ($1.8 billion), an increase of at least 8.7% from the projected Rs 1380 crore for the current fiscal year.

A senior finance ministry official stated that increased profits at India's state-run banks might result in dividends for the government of around $2 billion in the upcoming fiscal year, which begins in April. This is a significant increase from this year.  
Prime Minister Narendra Modi has strengthened state banks since assuming office in 2014 by channeling about Rs 3.3 trillion ($39.7 billion) to recapitalize troubled banks and by combining weaker banks with stronger ones and enacting a bankruptcy law to collect money from defaulters.