The US International Development Finance Corporation (DFC) has approved up to $425 million in financing for TP Solar Limited, a subsidiary of Tata Power Renewable Energy Limited (TPREL), to support its greenfield 4.3 GW solar cell and module manufacturing plant in Tamil Nadu’s Tirunelveli district. Tata Power is committed to expanding its clean energy capacity and aims to increase it from 38% to 70% by 2030. The manufacturing plant will play a pivotal role in India’s efforts to bolster its renewable energy manufacturing capabilities and achieve its 500 GW clean energy target by 2030.
DFC’s Role
DFC, America’s development finance institution, will partner with Tata Power to secure the supply chain and contribute to India’s transition to green energy. This investment aligns with India’s ambitious renewable energy goals and comes at a crucial time when global leaders are discussing energy transition and sustainability challenges. The Tirunelveli plant will not only produce high-wattage solar modules and cells but also implement smart manufacturing standards, creating over 2,000 employment opportunities.
Tata Power’s Commitment
Tata Power aims to bolster its renewable energy portfolio, which currently stands at approximately 7.8 GW, with 4.1 GW operational and 3.6 GW under implementation. The company already operates a solar cell and module manufacturing plant in Bengaluru with a capacity of 500 MW each. This financing support will significantly contribute to Tata Power’s efforts to lead India’s clean energy transition.
Conclusion
The DFC’s approval of $425 million in financing for Tata Power’s solar manufacturing plant underscores the importance of supporting India’s renewable energy manufacturing capabilities and achieving its clean energy targets. This investment represents a significant step in India’s journey toward a sustainable and green energy future.
August 2023 for AMFI Information: Between April and August 2023, wise investors invested Rs. 28,244 crore in mid- and small-cap funds.
According to the most recent mutual fund data issued by the Association of Mutual Funds in India (AMFI), SIP inflows for the month of August were at Rs. 15,813 crore, much higher than the Rs. 15,000 crore level for the second month.
Data demonstrates that despite markets moving into a higher valuation range, investors have kept to their rigorous strategy of choosing Systematic Investment Plans.
Investor interest in small-cap funds persisted in the month of August. Multicap funds, Mid Cap Funds, and Flexi Cap Funds, however, saw significant inflows in the month prior.
“Investors maintained their interest in small-cap funds with inflows of Rs. 4265 crore, keeping the run rate above Rs. 4000 crore for the third consecutive month. The other three categories that had significant inflows from investors were multicap funds with inflows of Rs. 3422 crore, midcap funds with inflows of Rs. 2512 crore, and flexi cap funds with inflows of Rs. 2193 crore, according to Gopal Kavalireddi, vice president of research at FYERS.
The monthly flows into equity mutual funds increased by 165% for the fifth consecutive month. Thematic funds took in the most money—Rs 4806 crore—of the inflows totaling Rs 20,245 crore.
In August, five new fund offers from the sectoral fund category brought in a combined total of Rs. 2556 crore. Seven NFOs in the equity categories raised a total of Rs. 5002 crore, while one hybrid category plan raised Rs. 2247 crore.
By the end of August, there were 46.63 trillion rupees in assets under management (AUM), up from 46.37 trillion, with equity AUM contributions of 18.4 trillion rupees, up from 17.8 trillion rupees (MoM).
“Net inflow into mutual funds stood at Rs.14,386 crore, a significant decrease from the inflows of Rs.82,046 crore in July. While the debt sector experienced net withdrawals of Rs. 25,872 crores, equity mutual funds continued to perform well, receiving net inflows of Rs. 20,245 crores, with hybrid fund inflows of Rs. 17,082 crores continuing their upward trend from last month, according to Kavalireddi.
The large-cap indices underperformed the mid-and small-cap indices during the past six months by a wide margin.
The benchmark Nifty 50 index fell by 2.53% in August, while the Nifty Midcap 100 index increased by 3.7%, following gains of 5.5% in July, 5.9% in June, and 6.25% in May.
“Given that Nifty Futures are currently trading above 20,000 levels, the enthusiasm reflected in the mutual fund inflow data for August 2023 is not surprising. Small- and mid-cap funds are popular right now, according to Viraj Gandhi, CEO of SAMCO Mutual Fund.
Investors in mutual funds are attracted by performance. The midcap 150 and small-cap 250 indices yielded roughly 8–9% in the previous month ending September 10, 2023, compared to 2% for the larger index Nifty 50, which may explain why these inflows have been observed. This was also brought on by a Rs 350 crore monthly outflow from large-cap funds, the speaker continued.
In August, the Nifty Smallcap 100 index increased by 4.6%, continuing the impressive monthly gains of 8% in July, 6.6% in June, and 5.1% in May.
Smart investors injected Rs. 28,244 crore into mid and small-cap funds between April and August after observing the underperformance of the larger markets at the start of the calendar year. Large-cap funds saw an outflow of Rs. 5588 crore within the same time period, according to Kavalireddi.
India’s market cap to GDP ratio has surpassed the 106% threshold and is currently approaching the overpriced zone.
“Prudent investors can look to take their foot off the pedal from infusing fresh lumpsum funds into the market and continue the SIP mode to counter any market correction or volatility in the near term,” suggested Kavalireddi.
In the ongoing Adani-Hindenburg case, the petitioner seeking a court-monitored investigation against Adani group companies has submitted a fresh affidavit in the Supreme Court. This affidavit, filed by petitioner Anamika Jaiswal, raises concerns over the Securities and Exchange Board of India (SEBI) and its handling of the case. The petitioner alleges that SEBI has a clear conflict of interest in investigating the matter and accuses the regulator of introducing multiple amendments to protect Adani group from regulatory violations and price manipulations.
Conflict of Interest Allegation
The affidavit points out that in 2014, the Directorate of Revenue Intelligence (DRI) was investigating the overvaluation of imported equipment and machinery by Adani group entities from a UAE-based subsidiary. During this investigation, DRI sent a letter to the then SEBI chairperson, alerting them to potential stock market manipulation by Adani group companies. The DRI’s letter included evidence of siphoning off â‚ą22,323 crores and detailed notes on the case.
SEBI’s Suppression
The petitioner alleges that SEBI concealed this crucial information and never initiated an investigation based on the DRI’s alert. The affidavit expresses shock over SEBI’s failure to disclose the receipt of the DRI letter and related evidence to the court, raising questions about SEBI’s impartiality and transparency in handling the matter.
Conclusion
This development adds another layer of complexity to the Adani-Hindenburg case, as the petitioner accuses SEBI of concealing critical information and potentially favoring the Adani group. The Supreme Court will need to consider these allegations carefully while determining the course of the investigation.
Real estate investments are popular in India, but they often come with substantial tax obligations due to their high initial costs. However, strategic planning can significantly reduce the tax burden associated with real estate investments. Here are four unique ways to minimize taxes on your real estate investments.
Invest in Real Estate Investment Trusts (REITs)
REITs have democratized real estate investing by allowing individuals to invest in income-generating commercial properties for as low as Rs 10,000. Investors in REITs don’t own the properties themselves but are entitled to a share of the income generated. The advantage is that there are no registration charges or property taxes for retail investors in REITs. To minimize tax on gains from REIT unit sales, consider selling a limited number of units at a time after a specific holding period to ensure that long-term capital gains remain below Rs 1 lakh.
For Ready-to-Move-In Properties
Choosing ready-to-move-in properties with an Occupancy Certificate can help you avoid the Goods and Services Tax (GST). While such properties may be more expensive than under-construction ones, they present lower risks, as buyers can inspect the property and its amenities before purchase.
Take Advantage of Home Loan Benefits
If you’ve taken a home loan for your property, you can benefit from tax deductions under Section 80C and Section 24(b) of the Income Tax Act. This includes deductions on the principal repayment and interest paid on the loan, reducing your overall tax liability.
Joint Ownership and Gifting
Consider joint ownership of the property with family members, as this can help distribute the tax liability. Additionally, gifting real estate assets to family members can be a tax-efficient way to transfer property while minimizing the tax impact.
In conclusion, these innovative strategies can help you optimize your real estate investments by minimizing the tax burden, making your investments more financially efficient.
Observe your fliers! Rajkot International Airport in Gujarat has started operating flights as of right now. The Rajkot-Ahmedabad highway passes beside the recently constructed airport. The present Rajkot Airport and Rajkot City are both 30 kilometers apart. The state government will provide a bus service from the ST bus stop to Rajkot International Airport every day, beginning at 6 AM and running every two hours, for the convenience of travelers.
Airport Authority of India (AAI) closes Rajkot Airport:
The current Rajkot Airport has been shut down. The AAI has already said that the airport will stop operating once the new Greenfield airport is operational.
IndiGo will run operations out of the new airport:
All of IndiGo Airlines’ operations will take place at Rajkot International Airport. “Effective September 10th, all scheduled flights will arrive at and depart from Rajkot International Airport,” the airlines stated in a statement. On September 8, 2023, the last flight from Rajkot Airport departed.
The airport in Rajkot is expensive because:
Prime Minister Narendra Modi committed the country to the greenfield airport on July 27, 2023. It was built at a cost of about Rs 1,400 crores on a total land area of more than 2,500 acres. It entails building a runway, an apron, a parallel taxi track, etc.
Rajkot International Airport’s significance:
For residents of the state who are going overseas, the Rajkot International Airport has been envisioned as a transit hub. The terminal building of this international airport will have a total built-up area of 23,000 sqm (excluding the basement), and it can accommodate 1,800 passengers at peak times.
The new Rajkot International Airport combines cutting-edge technology with environmentally friendly elements. The New Terminal Building (NITB) is GRIHA -4 compliant (Green Rating for Integrated Habitat Assessment) and has a number of environmentally friendly features, including a double-insulated roofing system, skylights, LED lighting, and low heat gain glazing.
Justice P.S. Narasimha, a Supreme Court judge, has emphasized the need for concerted efforts within the legal fraternity to uplift marginalized communities. He proposed a significant step toward this goal by suggesting that every senior advocate should recruit and mentor at least one member from a marginalized community in their chambers.
Mentorship with Patience and Dignity
Justice Narasimha emphasized that such mentorship should be characterized by patience and dignity. Rushed or superficial mentoring may have adverse effects, and the process should avoid tokenism. Instead, it should adopt a humanistic approach, ensuring that the mentorship genuinely benefits the mentees from marginalized backgrounds.
Institutionalization through Bar Council Regulations
Justice Narasimha also recommended that this practice could be institutionalized through regulations established by the Bar Council of India. By formalizing this mentorship approach, it can become a norm within the legal profession.
Creating Future Leaders
Justice Narasimha believes that these voluntary efforts by senior members of the bar can lead to significant change. Young professionals from marginalized communities who receive mentorship today could become successful legal professionals in the future. Their success may not only transform their own lives but also contribute to positive changes in society.
Justice Narasimha’s proposal underscores the importance of inclusivity, mentorship, and long-term impact within the legal community, promoting a more diverse and equitable legal profession.
Justin Trudeau, the prime leader of Canada, was unable to leave India when a technical issue occurred with his aircraft.
The delegates weren’t on the plane yet. The airport staff received the information well in advance, and as a result, the aircraft will now depart on Monday morning.
“The Canadian Armed Forces informed us that CFC001 was having technical problems as we were leaving for the airport. Because of this, our group will remain in India until other arrangements are made, according to a statement from Trudeau’s office, as published by the Canadian website CTV News.
After attending the two-day G20 Summit in the capital, Trudeau is departing for Canada. The Canadian prime minister and his Indian counterpart, Narendra Modi, had private meetings earlier in the day.
PM Modi informed Trudeau of India’s worries during the discussion regarding the ongoing anti-Indian activities of extreme Canadian elements who are encouraging secessionism, instigating violence against Indian diplomats, and endangering the Indian population there.
According to the Ministry of External Affairs, “The Prime Minister highlighted that India-Canada relations are anchored in shared democratic values, respect for the rule of law, and strong people-to-people ties.”
The relationship between these factors and organized crime, drug cartels, and people trafficking ought to worry Canada as well. Cooperation between the two nations is crucial in addressing these dangers, according to the MEA statement, which PTI cited.
Canada has pledged to preserve free speech constantly. Following the G20 Summit, Trudeau was questioned about the rise in events involving pro-Khalistan extremists in Canada. The Canadian premier responded, “Canada will always protect freedom of expression, freedom of conscience, and freedom of peaceful protest because these rights are very essential to us. At the same time, we are always present to stop violence and to fight back against hatred.
On Friday, anti-India and pro-Khalistan graffiti was scrawled on the wall of a Hindu temple in Canada’s Surrey, British Columbia. The incident happened when Sikhs for Justice (SFJ), a pro-Khalistan organization, threatened to ‘shut down’ Indian consulates in Vancouver.
On the main gate of the Lakshmi Narayan Mandir in Surrey town, anti-India and pro-Khalistan slogans were passed in August.
The Supreme Court has upheld the decision of the National Consumer Disputes Redressal Commission (NCDRC) in a case involving Glaxo Smithkline Pharmaceuticals Ltd, a drug manufacturer. The NCDRC had ruled that the company was not liable for any deficiency of service or defect related to the administration of a vaccine.
Lack of Evidence
The Supreme Court’s decision was based on several factors. Firstly, it pointed out that the complainant failed to prove that he suffered an adverse reaction as a result of the vaccination. The Court noted that there was insufficient evidence to establish a connection between the vaccine, an alleged condition called “myositis,” and the complainant’s health issues.
Doctor-Patient Relationship
Secondly, the Court highlighted the importance of the doctor-patient relationship. It stated that the doctor should have advised the patient properly regarding the potential risks and side effects of the vaccination. In this case, the Court found that the doctor’s advice and guidance were crucial in ensuring that the patient made an informed decision about vaccination.
Conclusion
The Supreme Court’s decision reinforces the principle that establishing a causal link between a medical procedure, such as vaccination, and adverse reactions requires substantial evidence. Additionally, it underscores the role of healthcare professionals in providing patients with comprehensive information about medical treatments to enable them to make informed choices. In this case, the Court concluded that the complainant had not met the burden of proof, leading to the dismissal of the appeal.
The Supreme Court has dismissed a plea challenging the Union government’s Cabinet decision from September 2021 to ease the payment terms for adjusted gross revenue (AGR) dues owed by telecom companies. This decision came in response to a writ petition filed by Anshul Gupta against the Cabinet’s move.
Justification for Cabinet Decision
In its order, the Supreme Court emphasized that it would not be appropriate to interfere with a well-considered policy decision made in the public interest, based on expert opinions and evolving circumstances. The government’s decision to relax AGR payment terms was influenced by the COVID-19 pandemic, which led to increased data usage for online education and virtual meetings. Telecom service providers (TSPs) needed substantial investments to maintain network stability during this surge in internet usage.
Pandemic-Driven Necessity
The Court acknowledged the critical role played by the telecom sector during the pandemic, facilitating communication, virtual court proceedings, and more. It recognized that policy decisions like these, made in the interest of the public’s welfare, should not be interfered with lightly.
Policy Matters and Public Interest
The Supreme Court expressed reluctance to intervene in policy matters unless there was evidence of illegality, arbitrariness, or unconstitutionality. It emphasized that policy decisions, especially those with technical and financial implications, should be driven by public interest and expert opinions.
Conclusion
The dismissal of the plea signifies the Court’s support for the government’s policy decision to relax AGR dues payment terms for telecom companies. It underscores the importance of considering public welfare and emerging circumstances in such policy matters.
During the G20 summit in New Delhi, a groundbreaking Memorandum of Understanding (MoU) was revealed, signifying a momentous geopolitical development. Multiple nations from different continents have joined hands to establish the India-Middle East-Europe Economic Corridor (IMEC). This initiative aims to reshape global economic and political dynamics.
Participating Nations
The IMEC has garnered support from key nations, including India, Saudi Arabia, the United Arab Emirates (UAE), France, Germany, Italy, and the United States. This diverse coalition represents Asia, the Arabian Gulf, and Europe.
Objectives of IMEC
The primary objective of IMEC is to stimulate economic growth by promoting connectivity and economic integration across the participating regions. This ambitious corridor seeks to enhance trade, infrastructure development, and cooperation among the involved nations.
Counter to China’s BRI
The IMEC initiative is widely seen as a strategic response to China’s Belt and Road Initiative (BRI), which has been a dominant force in global infrastructure development. By creating IMEC, these nations aim to balance China’s influence and provide an alternative route for economic cooperation and development.
Geopolitical Implications
The launch of IMEC signifies a significant shift in global geopolitics, with multiple nations collaborating to counterbalance China’s economic influence. It reflects the growing importance of economic corridors as tools for shaping international relations and trade dynamics.
Conclusion IMEC’s
establishment represents a milestone in global geopolitics, demonstrating the determination of these nations to foster economic development and connectivity while countering China’s BRI. This initiative will likely have far-reaching implications for the global economic landscape.
