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GRSE bags export order for four commercial vessels

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GRSE bags export order for four commercial vessels

Kolkata, June 22 (IANS) The Garden Reach Shipbuilders and Engineers Ltd (GRSE), a defence public sector undertaking (DPSU) which is the only shipyard in the country to have built and delivered 109 warships to the Indian Navy and Indian Coast Guard, has made a foray into the world of commercial vessel export.

On Saturday, GRSE signed an agreement with Carsten Rehder Schiffsmakler und Reederei GmbH & Co. KG, Germany, for the construction and delivery of four multi-purpose vessels of 7,500 DWT each, with an option of building another four ships in future.

These vessels will be 120 metres long and 17 metres wide with a maximum draft of 6.75 metres. Each of them will carry 7,500 metric tonnes of cargo. The vessels will have a single cargo hold each to accommodate bulk, general and project cargoes.

Containers will be carried on hatch covers. The ships have been specifically designed to carry multiple large windmill blades on deck.

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The agreement was signed by Cdr Shantanu Bose (Retd), Director (shipbuilding), GRSE, and Carsten Thomas Rehder, Managing Director, Carsten Rehder Schiffsmakler, in the presence of Cmde P.R. Hari, (Retd), Chairman and Managing Director, GRSE.

While GRSE’s mainstay has been the construction of warships for India’s maritime defence forces, the shipyard has also been a pioneer in the export of ships.

In 2014, the CGS Barracuda, an offshore patrol vessel built by GRSE, was exported to Mauritius. It was the first warship to be exported by India.

In 2021, the GRSE-built fast patrol vessel PS Zoroaster was exported to the Seychelles. The ship returned to GRSE earlier this year for a refit that was completed in record time.

In 2023, GRSE delivered the MV Ma Lisha, a passenger-cum-cargo ocean-going ferry to Guyana, which is the largest and most advanced ferry in that country now.

The shipyard is also working on six patrol boats and a TSH dredger for the Government of Bangladesh.

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–IANS

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Farm sector gets boost as Agri Infra Fund mobilises Rs 73,194 crore: Eco Survey

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Farm sector gets boost as Agri Infra Fund mobilises Rs 73,194 crore: Eco Survey

Farm sector gets boost as Agri Infra Fund mobilises Rs 73,194 crore: Eco Survey

New Delhi, July 22 (IANS) The Agriculture Infrastructure Fund (AIF) launched by the Government to spur growth in the farm sector has succeeded in mobilising an investment of Rs 73194 crore, according to the Economic Survey released on Monday.

In addition, the Government has been implementing the Agriculture Marketing Infrastructure (AMI) to improve the extent of storage infrastructure. As of 30th April 2024, 48357 projects were sanctioned for storage infrastructure with Rs 4570 crore released as subsidy, and 20878 other projects are also under progress with Rs 2084 crore released as subsidy under AMI, the survey points out.

The agriculture sector has registered an average annual growth rate of 4.18 per cent at constant prices over the last five years. As per provisional estimates for 2023-24, the growth rate of the agriculture sector stood at 1.4 per cent at constant prices due to the erratic monsoon.

The survey also highlights that allied sectors of Indian agriculture are steadily emerging as robust growth centres and promising sources for improving farm incomes. From 2014-15 to 2022-23, the livestock sector grew at an impressive Compound Annual Growth Rate (CAGR) of 7.38 per cent at constant prices. The fisheries sector has grown at a compound annual rate of 8.9 per cent between 2014-15 and 2022-23 (at constant prices).

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The government’s priority has been to provide timely, cost-effective, and adequate credit that reduces the dependence on non-institutional credit and increases investment. The measures have reduced the share of non-institutional credit from 90 per cent in 1950 to 23.40 per cent in 2021-22, the survey adds.

Promotion of greater efficiency in the use of inputs and sustainable production methods through Per Drop More Crop (PDMC), a micro irrigation scheme, and the actions under the National Mission on Sustainable Agriculture (NMSA), including the use of alternative and organic fertilisers are a few examples of initiatives being undertaken to improve productivity and sustainability. An area of 90.0 lakh hectares has been covered under micro irrigation in the country under the PDMC from 2015-16 to 2023-24 as of 6th February 2024, the survey states.

To facilitate the adoption of smart agriculture technologies, the government has taken up digital initiatives such as the Digital Agriculture Mission and e-National Agriculture Market (e-NAM), with the latter allowing better price discovery. The Digital Agriculture Mission 2021-2025 aims to modernise agriculture through advanced technologies like AI, remote sensing, drones, etc, it added.

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The government has taken various measures to promote cooperatives and farmer-producer organisations. As of February 29, 2024, 8,195 Farmer Producer Organizations (FPOs) have registered under the new FPO scheme.

The economic survey also states that efforts must be made to encourage production patterns and practices in various geographies that are consistent with their agro-climatic characteristics and natural resources. Agriculture policies must be consistent with climate imperatives and water security.

Investment in technology, production methods, marketing infrastructure, and reduction in post-harvest losses need to be scaled up. E-NAM, promoting FPOs, and allowing cooperatives to participate in agri-marketing can improve the market infrastructure and allow better price discovery. Improving the market infrastructure by incentivising states can be explored.

–IANS

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India made significant progress on climate action: Economic Survey

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India made significant progress on climate action: Economic Survey

India made significant progress on climate action: Economic Survey

New Delhi, July 22 (IANS) Recognising its position as one of the most climate-vulnerable countries, India has made significant progress on environmental protection, according to the Economic Survey 2023-24, tabled in Parliament on Monday.

The document was tabled by Finance Minister Nirmala Sitharaman, a day ahead of the Union Budget presentation.

The Survey showed that the country’s energy needs are expected to grow 2 to 2.5 times by 2047.

The country has “successfully reduced the emission intensity vis-a-vis its Gross Domestic Product (GDP) by 33 per cent between 2005 and 2019, thus achieving the initial Nationally Determined Contributions (NDCs) target for 2030, 11 years ahead of scheduled time”.

The country has “also committed to increasing the share of non-fossil fuel-based electricity to 40 per cent and enhancing forest cover to absorb 2.5 to 3 billion tonnes of carbon dioxide by 2030”.

It showed that the country’s GDP grew with a Compound Annual Growth Rate (CAGR) of about seven per cent between 2005 and 2019. On the other hand, the emissions grew at a CAGR of about four per cent, that is, “the rate of emissions growth is lower than the rate of growth of our GDP”.

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“This shows that India has successfully decoupled its economic growth from greenhouse gas emissions, reducing the emission intensity of its GDP,” the Survey said.

As per the Survey, India’s primary energy needs in 2022-23 were met with almost “84 per cent from coal, oil and natural gas combined”.

With the addition of renewables, “the share of non-fossil power capacity increased to 45.4 per cent as of May 2024 from around 32 per cent in April 2014”.

The Survey attributed these to recent initiatives such as PM-Surya Ghar Yojana, launched in February 2024, harnessing India’s 7,600 km long coastline for wind energy; and the Green Hydrogen Mission which targets five MMT of green hydrogen by 2030.

Meanwhile, India has also led several international initiatives towards climate change mitigation and building resilience. These include the International Solar Alliance (ISA), One World, One Sun, One Grid, The Coalition for Disaster Resilient Infrastructure, The Infrastructure for Resilient Island States, and the goal of Net Zero, the Leadership Group for Industry Transition.

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To sustain its economic growth rate over a quarter century and do it sustainably, India needs to keep “the environment and climate in mind”, said the Survey.

It also called for “the integration of climate change strategies into national development policy and planning as not merely an environmental imperative but more, as it impacts socio-economic stability, public health, banking, and public finances.

The Economic Survey is prepared by the Economics Division of the Department of Economic Affairs of the Finance Ministry under the guidance of India’s Chief Economic Advisor (CEA).

–IANS

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Budget 2024: What Karnal residents expect from FM Sitharaman

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Budget 2024: What Karnal residents expect from FM Sitharaman

Budget 2024: What Karnal residents expect from FM Sitharaman

Karnal, July 22(IANS) With Union Finance Minister Nirmala Sitharaman all set to present the Union Budget for FY 24-25 on Tuesday, the people of Karnal in Haryana have high expectations from the PM Modi-led government.

Sardar Parmindar Singh, a trader from Karnal, said, “As a trader, I want to request the government to provide security and safety to our community. Right now, there is no protection for the traders. If something happens, there is no support from the government. On the other hand, there is no relief for health and education for the trading community from the government.”

Pratikool Pannu from Karnal believes that the government will present the Budget in favour of middle-class families and the poor.

He also hopes that in this Budget, the government will consider the common people and not just the rich.

Another local, Gurmeet Singh, said, “Our request to the Finance Minister is to reduce inflation, which is increasing by the day. Also, the education system should be improved to help children progress in their studies. Today, education has become so expensive that middle-class parents are not able to bear the expenses. The government should check yearly fee hikes by the schools and colleges.”

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Jagdeep Singh Okhal, a farmer from Karnal, said that in the last 10 years, the government has not fulfilled the promises made to the agricultural community.

“Issues like price guarantee law, implementation of Swaminathan Committee recommendations, and loan waivers have not been addressed. We hope the government will present a Budget that considers farmers and labourers. The government should also work on reducing inflation and focus on lowering taxes,” Okhal said.

–IANS

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India has well-established infra to attract FDI in renewables, telecom: Eco Survey

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India has well-established infra to attract FDI in renewables,
 telecom: Eco Survey

India has well-established infra to attract FDI in renewables,
 telecom: Eco Survey

New Delhi, July 22 (IANS) India has a well-established infrastructure to attract foreign direct investment (FDI) in sectors like greenfield projects such as renewables, digital services such as telecommunications, software and hardware, and consultancy services, the Economic Survey 2023-2024 said on Monday.

Over the medium term, India is focusing on integrating its value chain with that of the West, particularly in sectors like renewable energy and advanced technology, including AI, semiconductors, and next-generation telecommunications.

The Survey said this strategy is being pursued through agreements such as the Australia-India Free Trade Agreement and the US-India Clean Energy Initiative.

“As a result, the trading patterns within these sectors are starting to develop. For example, the tariff classifications for environmentally friendly technology, such as solar water heaters, waste recycling devices, and wind turbines, show an increase in exports to the USA from $199.2 million in FY20 to $326.9 million in FY24,” according to the Survey.

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Further, leading American and European companies in the renewable energy sector, such as First Solar, Vesta, and Scatec, have established their operations in India to take advantage of the growing demand for green technologies.

India ranks second in the world in telecommunication, computer, and information services exports, sixth in personal, cultural and recreational services exports, eighth in other business services exports, 10th in transport services exports, and 14th in travel services exports.

Keeping in view India’s vision of becoming ‘Aatmanirbhar’, Production Linked Incentive (PLI) schemes for 14 key sectors were announced with an outlay of Rs 1.97 lakh crore to enhance India’s manufacturing capabilities and exports.

Over Rs 1.28 lakh crore of investment was reported until May 2024, which has led to production/sales of Rs 10.8 lakh crore and employment generation (direct & indirect) of over 8.5 lakh.

Exports were boosted by Rs 4 lakh crore, with significant contributions from sectors such as large-scale electronics manufacturing, pharmaceuticals, food processing, and telecom & networking products.

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The Survey said that telecommunication is the gateway to the fast-paced growth of digital services in India.

The overall teledensity (number of telephones per 100 population) in India increased from 75.2 per cent in March 2014 to 85.7 per cent in March 2024.

The number of wireless telephone connections stood at 116.5 crore at the end of March 2024.

Currently, India is amongst the fastest-growing 5G networks in the world.

The Bharat 6G Alliance was launched in July last year as a collaborative platform of public and private companies, academia, research institutions and standards development organisations to enable India to become a leading global supplier of IP, products and solutions of affordable 5G, 6G and other future telecom solutions.

The total number of mobile towers in the country is 8.02 lakh as of June 2024 while the number of Base Transceiver Stations (BTSs) stood at 29.37 lakh and 5G BTSs were 4.5 lakh.

ALSO READ:  India woos foreign investors for big push to critical minerals sector

–IANS

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Economic Survey lists six key growth areas for ‘Amrit Kaal’

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Economic Survey lists six key growth areas for ‘Amrit Kaal’

Economic Survey lists six key growth areas for ‘Amrit Kaal’

New Delhi, July 22 (IANS) After a fruitful decade of reforms, the government’s focus must turn to bottom-up reform and the strengthening of the plumbing of governance so that the structural reforms of the last decade yield strong, sustainable, balanced and inclusive growth, said the Economic Survey 2023-2024 on Monday.

In the last 10 years, the government pursued big-ticket reforms focused on restoring the health of the economy, elevating the potential growth by relieving supply-side constraints and strengthening its capabilities, capable of fulfilling the growth aspirations of the people in the present and the ‘Amrit Kaal’.

According to the Survey, the growth strategy for ‘Amrit Kaal’ is predicated on six key areas.

“Firstly, there must be a deliberate focus on boosting private investment. Secondly, the growth and expansion of India’s ‘Mittelstand’ (MSMEs) is a strategic priority. Thirdly, the potential of agriculture as an engine of future growth must be recognised and policy impediments removed,” the document stressed.

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Fourthly, there is a need to secure the financing of green transition in India. Fifthly, the education-employment gap must be bridged.

And finally, focused building of state capacity and capability is required for sustaining and accelerating India’s progress.

A global trust deficit is driving countries to pursue policies focused on enabling them to become self-reliant and protect them from external shocks, especially in sectors of strategic importance.

“Therefore, the balance between inward-looking policies versus outward-looking policies needs to become more nuanced going forward,” the Survey said.

According to it, countries across the board have limited policy space to manoeuvre, given the multiple crises confronting the global economy.

Therefore, recognition and acceptance of trade-offs have become more necessary than before for policymakers.

“The next stage is to ensure that these reforms are implemented correctly and this will require intense engagement with state governments, the private sector, and civil society,” the Survey suggested.

–IANS

ALSO READ:  India woos foreign investors for big push to critical minerals sector

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