The move, which will also help generate employment opportunities, will enable faster and more efficient delivery of packages during the festive season that sees a major spike in orders
India is working to double its oil refining capacityies in the next five years, announced Prime Minister Narendra Modi at the eighth convocation of Pandit Deendayal Petroleum University (PDPU) on Saturday.
Addressing the graduating students of the uUniversity, the Prime Minister said stated that the coming decade will see massive investments flowing into the oil and gas sector creating ample opportunities for energy professionals. A tTotal of 2,608 students, including 467 PhDs, received their degree certificates at the con 8th Convocation. At the first convocation, which is against the 132 students had received degree certificatesin the first convocation.
“Friends, as you step into the industry in this Covid-19 times, there are infinite possibilities for employment. In this decade, just oil & gas sector will see lakhs of crores of investments. We are working to double our oil refining capacities in the next five years. In this decade, our effort is to increase four times the share of natural gas in our overall energy requirements,” Modi said in his cConvocation address delivered via video conferencing.
Modi also stated that the government’s policy focus will remain on strengthening the start-up ecosystem in the area of energy security for the country. “India has set a target to reduce carbon footprint by 30-35 per cent%. Also, work is on to develop start-ups involved in to ensuringe the country’s energy security.
With environmental, social and governance (ESG) risk evaluation gaining prominence in global financial markets, pressure is mounting on the Adani Group to slowly distance itself from coal, a commodity that launched the meteoric rise of Gautam Adani into an infrastructure conglomerate.
Ironically, the Group’s coal exposure has now become a key challenge undermining its unstoppable march.
As India accelerates transition away from coal and towards renewable energy, Adani’s plan to step away from coal once the power purchase agreements (PPAs) for his thermal power plants end, is slowly starting to take shape.
Some recent developments bolster this view.
Carmichael coal mine project
After a decade of growing global campaign to ensure no financial institution is involved in the Carmichael thermal coal mine and rail development plan, the Adani Group confirmed it was unable to secure investor interest, and so had to resort to ‘self-financing’.
In September, it was revealed that Adani Ports and SEZ Ltd, the Group’s port unit, has agreed to set up a new Australian subsidiary to undertake rail haulage for the Carmichael project.
Branded the ‘Bowen Rail Company’, the new entity has no reference to its parent company, a clear indication of the brand damage the Carmichael proposal has inflicted on the wider Adani Group.
Protesters rallying under the banner of ‘Goyant Kollso Naka’ gathered outside the Margao branch of State Bank of India (SBI) on Friday demanding that the bank drop the proposal to finance the coal mine project of Adani group in Australia.
They also submitted a memorandum to the branch manager requesting him to forward their request to the bank’s management.
“In the face of the climate crisis, this is akin to funding the destruction of our planet and the extinction of our own species. Goa is under severe threat due to this proposed coal mine since the coal is destined to be handled and transported through Goa, destroying our state and its economies totally,” the letter, signed by the group’s convenor, Antonio D’Silva, said.
In the letter, D’Silva further requested the branch manager of SBI Margao to impress upon the management that “failure to reject the proposal to fund the coal mines of Adani Group in Australia will force the people to reconsider their deposits and investments in SBI and its associates.”
Prime Minister Narendra Modi said on Saturday that India would achieve the target of 450 GW of renewable energy generation by 2030 and 175 GW before the deadline of 2022.
He was speaking through video conference at the 8th Convocation of the Pandit Deendayal Upadhyay Petroleum University in Gandhinagar. About 2,600 students got degree certificates. The ceremony was held online due to COVID19 pandemic.
Modi also inaugurated five projects worth Rs 68 crore. The projects included 45 MW mono crystalline solar PV panel facility, Indo-EU bilateral project for Industrial Waste and Desalination and Translational Research Centre.
Assuming the role of a motivational speaker for the passing out students, the prime minister said that there is no such thing that cannot happen. “It is ‘I will make it happen or not make it happen’,” he said.
The prime minister observed that the decade would see investments of lakhs of crores in the oil and gas sector and India’s oil refining capacities will be doubled in the next five years. There is a great opportunity and there are changes in the energy sector during the pandemic, he observed.
Modi said that the target is to reduce the carbon footprint by 30 to 35 per cent. He also added that the effort is to increase the contribution of the natural gas by four times.
He exhorted the students to be part of the movement of “Atmanirbhar Bharat” (Self-reliant India). Modi also exuded confidence that the students of PDPU would become the strength of Self-Reliant India by their skill, talent and professionalism.
Addressing concerns that the passing out students would have, Modi said that it is natural to have questions as to what would happen when you are passing out at a time during the pandemic. However, there is huge opportunity, he said.
The government named Shashanka Bhide, Ashima Goyal and Jayanth Varma as its nominees on the central bank’s monetary policy committee (MPC) late on Monday.
By Staff Writer India’s premium Cotton would be known as ‘Kasturi Cotton’ in the world cotton Trade
RBI Governor Shaktikanta Das announced that the MPC has kept status quo on rates.RBI maintains its accommodative stance