Genus Power Bagged Orders Worth Over Rs 2,850 Crore
Genus Power
Bagged Orders Worth Over Rs 2,850 Crore
Why In News
Genus
Power Infrastructures Ltd. and its 100 percent subsidiary company Hi-Print
Metering Solutions Private Limited have received the letter of award of Rs
2,855.96 crore.
Key Points
Genus
Power Infrastructures Ltd. and its 100 percent subsidiary company Hi-Print
Metering Solutions Private Limited have received the letter of award (LOA) of
Rs 2,855.96 crore for the appointment of Advanced Metering Infrastructure
Service Provider (AMISP).
It
includes the design of the AMI system with supply, installation, and
commissioning of 29.49 Lakh Smart Prepaid Meters, DT Metering, HT & Feeder
Metering Level energy accounting, and FMS of these 29.49 Lakh smart meters.
The
company informed that many State Electricity Boards (SEBs) have issued requests
and solicited bids for the installation of smart meters, indicating that the
‘Reforms-Based, Result-Linked Power Distribution Sector Scheme‘ is having a
tangible effect.
The
company expects strong revenue growth in the coming quarters due to robust
order inflow and a normalization of the supply chain.
Jitendra
Kumar Agarwal, joint managing director, of Genus Power Infrastructures Ltd,
informed that these order wins give a lot of visibility to the revenues for coming
years.
It
also signals a solid start to order inflow for the industry. They anticipate a
sharp revenue rebound in the coming quarters because of the full order book,
healthy order inflow, and restoration of normalcy in the supply chain.
The
implementation of the Revamped Distribution Sector Scheme (RDSS), the company
anticipates that the entire landscape of the Indian metering industry will
undergo a radical transformation, resulting in a projected multifold increase
in annual industry size.
PLI and India’s Growth Ecosystem
PLI and India’s Growth Ecosystem
Why in
News
As the world adjusts to a new economic
reality in the wake of the Covid-19 pandemic, India has recognized a strategic
opportunity to establish itself as a key player in the global value chains.
Key
Points
The manufacturing industry’s positive
response to the Production Linked Incentive scheme (PLI) is likely to upgrade
the labor force’s skills, replace old machinery, enhance production volumes and
make logistics and operations efficient, giving India a chance to become a key
manufacturing player.
The Production Linked Incentive scheme (PLI)
The Indian government's introduction of the
PLI scheme in 14 key manufacturing sectors is a significant step towards
achieving its strategic vision for the manufacturing industry.
With a budget of ₹1.97 lakh crore, the scheme
is well-designed to encourage growth and sustainability in the targeted
industry through various incentives and support measures.
Launched in March 2020, the scheme initially
targeted three industries:
Mobile and allied Component Manufacturing
Electrical Component Manufacturing and
Medical Devices
Targeted Sectors:
The 14 sectors are mobile manufacturing,
manufacturing of medical devices, automobiles and auto components,
pharmaceuticals, drugs, specialty steel, telecom & networking products,
electronic products, white goods (ACs and LEDs), food products, textile products,
solar PV modules, advanced chemistry cell (ACC) battery, and drones and drone
components.
Incentives Under the Scheme:
The incentives given, are calculated on the
basis of incremental sales.
In some sectors such as advanced chemistry
cell batteries, textile products and the drone industry, the incentive to be
given will be calculated on the basis of sales, performance and local value
addition done over the period of five years.
The emphasis on R&D investment will also
help the industry keep up with global trends and remain competitive in the
international market.
How PLI is Creating a Growth Ecosystem in
India?
Reducing Dependency on Imports: This shift in
the manufacturing landscape could have significant implications for global
trade, reducing dependency on a single-source country and diversifying the
sources of production.
Meeting the Demand: Increased production
volumes are meeting consumer demand, particularly in the telecom and networking
sectors with faster adoption of 4G and 5G products.
The PLI scheme for large-scale electronics
manufacturing (LSEM) saw successful results, with 97% of mobile phones sold in
India now being made in India. As of September, 2022, the PLI scheme for LSEM
attracted investments of ₹4,784 crore and generated 41,000 additional jobs.
Reducing Carbon Footprint: The PLI scheme's
emphasis on green technologies will reduce the carbon footprint and position
India as a pioneer in green policy implementation.
Boosting Free Trade Agreements: Improved
productivity is boosting free trade agreements for better market access and
increased sales are driving demand for better logistical connectivity.
Frontlining Rural India: The government of
India is working closely with states to help industries and artisans in rural
areas become part of the country's growth story.
This is being done through initiatives such
as "one-district-one-product" to support local businesses, and
"SFURTI" to improve traditional industries.
Reliance Announces partnership with Sri Lanka’s Maliban
Reliance
Announces partnership with Sri Lanka’s Maliban
Why In News
Reliance Consumer Products Limited
announced a strategic partnership with Sri Lanka-headquartered Maliban Biscuit
Manufactories Limited.
Key Points
Reliance
Consumer Products Limited, the FMCG firm and a wholly-owned subsidiary of
Reliance Retail Ventures Limited announced a strategic partnership with Sri
Lanka-headquartered Maliban Biscuit Manufactories Limited.
Maliban,
a biscuit manufacturer, has been well-known for the last 70 years for its range
of quality products including biscuits, crackers, cookies, and wafers.
According to the partnership, the company has expanded its product’s reach to
global markets and exports to over 35 countries across five continents.
Maliban
has a deep-rooted heritage and credibility. With the strategic partnership
between RCPL and Maliban, the company will not only be strengthening the FMCG
portfolio through a great brand but will also be able to offer an excellent
value proposition through quality products to our Indian consumers.
Reliance
is well-positioned to further expand the excellent consumer equity and reach
that Maliban has built over 70 years.
The
vision of Reliance’s FMCG arm is to bring Indian consumers a bouquet of
domestic and globally recognized consumer brands and product choices that offer
superior value propositions with exceptional quality.
It
launched its packaged consumer products brand, ‘Independence’ in December 2022
and is creating a distinct and dedicated retail distribution network for its
fast-expanding FMCG portfolio.
RRVL,
through its subsidiaries and affiliates, operates more than 16,500 own stores
and partners with over 2 million merchants across Grocery, Electronics,
Apparel, Pharmacy, lingerie, home and furnishing, beauty, and personal care.
G20 International Financial Architecture Working Group in Chandigarh
G20
International Financial Architecture Working Group in Chandigarh
Why In News
The
first G20 International Financial Architecture Working Group Meeting where
participants will discuss ways to enhance stability and cohesion.
Key Points
The
first G20 International Financial Architecture Working Group Meeting where
participants will discuss ways to enhance stability and cohesion of the global
financial architecture and how to make it fit to address the global financial
architecture and how to make it fit to address the global challenges of the
21st century.
The
meeting will also focus on exploring ways to provide maximum support to poor
and vulnerable countries.
About
100 delegates from G20 countries, invitee countries, and international
organizations will be participating in the two-day meeting.
Union
Minister of Agriculture and Farmers Welfare Narendra Singh Tomar and Ministry
of Food Processing Industries Pashupati Kumar Paras will inaugurate the
meeting.
The
discussions during the meeting will be jointly steered by the ministry of
finance and the Reserve Bank of India along with France and Korea who are the
co-chair of the International Financial Architecture Working Group.
A
G30 side event titled ‘Central Bank Digital Currencies (CBDC): Opportunities
and Challenges will also be held.
The
event is aimed at sharing countries’ experiences and developing a deeper
understanding of the macro-prudential implications of CBCDs.
India
assumed the G20 Presidency for one year on 1 December 2022.
The
G20 is an intergovernmental forum of the world’s major developed and developing
economies.