The Rs 230-crore reduction in the budgetary allocation to the environment ministry has drawn flak from environmentalists who say it may slow down or completely halt green initiatives. Besides the shrunk budget, they also feel that the Centre has not clarified how a separate amount of Rs 2,217 crore, set aside for tackling air pollution in 42 cities with minimum population of one million, will be utilised. The total budget allocated for the ministry this year is Rs 2,869.93 crore while last year it was Rs 3,100 crore. This implies that a number of environmental measures could be slowed down or halted, said Avinash Chanchal, a Climate Campaigner for the Greenpeace India.
India Auto Inc responds to Budget 2021
The Finance Minister of India, Nirmala Sitharaman presented the Budget 2021, which has been looked upon wishfully by all-industries alike. For India Auto Inc, which was hoping for massive reforms that could help repair the damage witnessed in 2020, the budget has received a mixed bag of response. Here’s what India Auto Inc thinks of the Budget 2020-2021.
KENICHI AYUKAWA, PRESIDENT, SOCIETY OF INDIAN AUTOMOBILE MANUFACTURERS
“In a visionary budget, the government has adopted an expansionary stance with a thrust on infrastructure building with measures for efficiency improvement and increasing competitiveness. Good macroeconomic growth will translate to good auto sector demand. Specifically, the vehicle scrappage scheme has a good intent and the auto industry would be keen to work with the government on suggestions for maximizing benefits to environment and society.”
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Total Eren and EDF Renouvelables, two world leaders in renewable energy, have annoucned that EDEN Renewables India (EDEN), the companies’ equally owned joint venture dedicated to large-scale Indian solar photovoltaic (PV) projects, has successfully secured financial close for its 450 MWp SECI III solar PV project, with a group of three major international banks.
The SECI III project has been successfully financed through a green limited recourse project term loan of US$165 million, which has been provided by DBS Bank Ltd, Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation (Singapore Branch).
For this transaction, EDEN was advised by Herbert Smith Freehills and L&L Partners Law Offices as legal advisors, and Chatham Financial Europe as hedge benchmark advisor.
JSW Energy on Friday reported over 68 per cent dip in its consolidated net profit to Rs 124 crore for the quarter ended in December. The consolidated net profit of the company was Rs 394 crore in the quarter ended on December 31, 2019, a BSE filing stated. However, the company said that in the year-ago period net profit included certain tax reversal and one-off gains. Adjusting for all such exceptional items and one-off gains, the consolidated net profit of Rs 124 crore is 12 per cent up on year-on-year (YoY) basis. Total revenue of the company decreased 18 per cent on YoY basis to Rs 1,659 crore in the quarter under consideration from Rs 2,016 crore in the corresponding quarter of the previous year, primarily due to lower short term sales and reduction attributable to the impact of job work at standalone entity.
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