NOVEMBER 20239TOP STORIESGENSOL ENGINEERING WINS A RS 302 CRORE CONTRACT FROM MAHAGENCOGensol Engineering, a construction engineering firm, announced its successful acquisition of a contract valued at Rs 301.5 crore from Maharashtra State Power Generation Co Ltd (Mahagenco). This contract focuses on the establishment and activation of a solar power plant in Maharashtra. Gensol Engineering Ltd emerged as the winning bidder for the comprehensive project, encompassing the conceptualization, engineering, procurement, installation, testing, and commissioning of a cutting-edge 62 MWAC crystalline solar PV technology grid-connected solar PV power plant.The company, a part of the Gensol group of companies, is renowned for offering engineering, procurement, and construction (EPC) services for solar power plant development. Moreover, Gensol has expanded its horizons by establishing an electric vehicle manufacturing facility in Pune. This facility is dedicated to the development and production of electric three-wheelers and four-wheelers. In this way, Gensol Engineering demonstrates its commitment to sustainable energy and transportation solutions while significantly contributing to the renewable energy landscape in Maharashtra. INDIA IS EXPECTED TO GENERATE 18 PERCENT OF ITS ELECTRICITY FROM SOLAR ENERGYAccording to the International Energy Agency (IEA), their 2023 World Energy Outlook predicts a significant increase in solar energy's contribution to India's electricity generation. The report anticipates that by 2030, solar sources will account for 18 percent of India's electricity, a substantial jump from the current 6 percent. The IEA's outlook for the global energy landscape is also optimistic, with renewables, including solar and wind power, expected to supply half of the world's electricity by 2030. This shift is attributed to the remarkable growth of clean energy technologies like solar, wind, electric vehicles, and heat pumps. The report further projects a considerable surge in the number of electric cars on the roads, potentially reaching almost ten times the current count.The International Energy Agency (IEA) cautioned that despite progress, greenhouse gas emissions remain at levels insufficient to prevent global temperatures from exceeding the critical 1.5 degree Celsius threshold. In the case of India, the report specifically mentioned that solar energy is projected to increase its share in the country's electricity generation from the current 6 percent to 18 percent by 2030. India has set ambitious targets, aiming to achieve 500 gigawatts (GW) of non-fossil fuel-based installed capacity by 2030, which includes approximately 270 GW of solar capacity. As of August, India had already surpassed 70,000 megawatts in solar power generation capacity.The report also highlighted the implementation of policies in various countries aimed at promoting the diversification of supply chains for clean energy technologies. Notable examples include the Inflation Reduction Act in the United States, the Net Zero Industry Act in the European Union, and India's Production-Linked Incentives scheme. Furthermore, the report emphasized that India leads as the largest source of energy demand growth globally under the Stated Policies Scenario (STEPS), surpassing Southeast Asia and Africa. TESLA TO COMMENCE OPERATIONS IN INDIA FROM 2024India may finally welcome Tesla, the American electric vehicle (EV) manufacturer, after a prolonged anticipation. According to a report from ET, the Prime Minister's Office in India has instructed concerned departments to expedite Tesla's planned investment in the country, aiming to complete it by January 2024.India's car market ranked third largest globally after China and the US, is set to reach a new level of maturity with the arrival of Tesla. In addition to the United States, Tesla has established manufacturing facilities in Germany and China. The current economic slowdown is causing Western countries to face challenges with dwindling demand. Moreover, Tesla is contending with fierce competition from local electric vehicle manufacturers in China. In light of these circumstances, venturing into the Indian market appears to be a favorable opportunity for the American company. In the beginning, the company will offer fully assembled cars that have been imported into India for sale.The local Automobile industry in India has been stirred up by the government's discussion of reducing steep import duties on cars, including Tesla and other brands. Tesla's potential advantage over struggling Indian electric car manufacturers could result from reduced import duties. Elon Musk, CEO of Tesla, has engaged in lengthy negotiations with the Indian government aimed at obtaining lower import duties and permission to sell fully assembled imported vehicles right from the beginning. STEEL PRODUCTION CROSSES 161MT, TARGETING 300 MT BY 2030India's steel capacity has crossed 161 million tonnes, and the industry is poised for continued growth, Steel Secretary Nagendra Nath Sinha said on Nov 7. As per the National Steel Policy, India has an ambitious target of installing 300 MT steel capacity by 2030."We have already crossed 161 million tonnes of capacity, comprising 67 MT by blast furnace-basic oxygen furnace (BF-BoF) route, 36 MT by electric arc furnace (EAF) and 58 MT by induction furnace (IF) route," Sinha said, addressing the '4th Indian Steel Association (ISA) Steel Conclave' event in the national capital. He further stressed that the steel sector in India is poised for continued growth.Sinha said India is the world's fourth-largest automobile market, and it is expected to grow at a CAGR of 8-10 percent over the next 10 years. Moreover, the manufacturing sector saw a Compound annual growth rate (CAGR) of 7-8 percent, and this is driving demand for steel in both sectors.The production-linked incentive scheme has been progressing well in the steel sector. Industry has invested about Rs 10,000 crore investment out of the committed Rs 29,500 crore. The official further said that the sector also faces significant challenges related to carbon emissions and global market demands.Embracing low-carbon technologies, collaborating with stakeholders, and adopting green practices are essential for the industry's long-term sustainability and alignment with national and international environmental goals, he said.
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