Category Archives: News

Avaada Group’s Rs13,650 crore Nagpur Super Factory to create 5,000 jobs and boost India’s renewable energy goals

Nagpur, October 8, 2024 – Avaada Group, one of India’s leading renewable energy companies, has laid the foundation stone for its new manufacturing facility, Avaada Electro Pvt. Ltd., at the Addl. Butibori Industrial Park in Nagpur. The Foundation Stone was laid by Shri Devendra Fadnavis, Hon’ble Deputy Chief Minister of Maharashtra,

The new facility, part of Avaada’s ₹13650 crore investment, is set to play a critical role in India’s renewable energy ambitions. The super factory will contribute to the nation’s target of cutting carbon emissions by 50% by 2030 and achieving net-zero emissions by 2070. Focusing on the entire solar value chain, from ingot-wafer to PV cell and module production, the facility will also manufacture next-generation batteries and electrolyzer. Avaada plans to enhance domestic supply chains by establishing ancillary units to produce module glass and frames, ensuring timely delivery of top-quality PV modules.

Speaking at the event, Shri Devendra Fadnavis remarked, “This facility demonstrates Avaada’s commitment to Maharashtra’s industrial growth and aligns with both state and national objectives to promote sustainable energy solutions. It reinforces Maharashtra as a key hub for solar manufacturing, and we are excited to see the impact it will have on the region’s economy and environment.”

Avaada’s first phase will see the launch of a Wafer to Module project with a planned capacity of 5 GW for solar cells and 3 GW for modules. These cells will support the company’s existing Dadri Module Plant, using TOPCon Cell Technology to ensure the production of high-efficiency cells and modules.

The project is expected to create over 5,000 new jobs in a range of roles. Additionally, Avaada is committed to partnering with local ITIs (Industrial Training Institutes) to support skill development, particularly for operators and technicians, ensuring a strong talent pipeline. Avaada is also collaborating with NSDC and NCVET to focus on skilling, upskilling, and reskilling the workforce. Notably, the factory aims to have 60% of its workforce comprised of women, a bold step toward building a diverse and inclusive work environment.

Avaada also plans to establish ancillary units that will generate approximately 1,000 jobs. These units, focusing on the production of glass, aluminum frames, junction boxes, and other components, will contribute to the company’s efforts to secure a robust domestic supply chain.

Commenting on the initiative, Mr. Vineet Mittal, Chairman of Avaada Group, stated, “This project is a crucial milestone in Avaada’s journey towards driving India’s clean energy goals. Through strategic partnerships, local job creation, and advanced technologies, we are committed to shaping India’s renewable energy landscape creating this ecosystem ,while contributing to the country’s broader economic and environmental objectives.”

Avaada’s super factory is a fully integrated factory which will feature world-class amenities, including transportation services, safety measures, on-site medical rooms, a crèche for employees’ children, and sports facilities, ensuring a high quality of life for all workers. As the project advances, Avaada is poised to make a significant contribution to India’s green energy revolution.

FADA Releases September’24 Vehicle Retail Data

8th October’24, Mumbai/New Delhi, INDIA: The Federation of Automobile Dealers Associations (FADA) today released Vehicle Retail Data for September’24.

September’24 Retails

FADA President, Mr. C S Vigneshwar, shared his perspective on the auto retail performance for September 2024, stating, “The 2024 southwest monsoon recorded 8% above-normal rainfall—the highest in four years—which has boosted Kharif sowing by 1.5% YoY. This increase in agricultural productivity has positively impacted rural demand and economic sentiment.

Despite the onset of festivals such as Ganesh Chaturthi and Onam, Dealers have reported that the performance has been largely stagnant. This suggests that overall market sentiment during these festive periods has been underwhelming, with a trend leaning towards flat or negative growth.

The Shraddh period further impacted sales negatively, leading to a YoY decline in retail sales across various categories. Discounts and offers have been introduced across segments to stimulate demand, but these have yet to translate into a significant improvement in sales.

September saw a decline in overall retail sales, dropping by 9.26% YoY. Except for 3W and Trac, which grew by 0.66% and 14.69% YoY respectively, other categories such as 2W, PV and CV fell by 8.51%, 18.81%, and 10.45% YoY, respectively.

The 2-wheeler sales declined by 10% MoM and 8.5% YoY due to low consumer sentiment, poor inquiries, and reduced walk-ins. Seasonal factors like the Shraddh period, Pitrapaksha, and heavy rains further impacted demand, resulting in delayed purchases and a subdued market environment.

The 3W sales showed marginal growth of 0.99% MoM and 0.66% YoY, driven by positive customer engagement and increasing demand for e-rickshaw options. However, overall demand remained subdued as many customers deferred purchases in anticipation of the upcoming festive season and heavy rains impacted walk-ins and sales activity.

CV sales increased by 1.46% MoM but declined by 10.45% YoY, reflecting mixed performance. While there was positive sentiment and marginal growth in regions supported by infrastructure projects, overall demand remained weak due to low government spending, extended monsoon delays and seasonal challenges. Despite some improvement in fleet purchases, the market conditions remain subdued.

In the PV category, sales plummeted by 10.8% MoM and 18.81% YoY, signalling an alarming trend of declining consumer demand and deteriorating market sentiment. Seasonal factors such as Shraddh and Pitrapaksha, coupled with heavy rainfall and a sluggish economy, have exacerbated the situation, leaving Dealers with historically high inventory levels of 80-85 days—equivalent to 7.9 lakh vehicles worth ₹79,000 crore.

Given the critical festive season around the corner, FADA urges OEMs to take immediate corrective measures to avoid a financial setback. FADA also calls on the Reserve Bank of India to issue an advisory to banks, mandating stricter channel funding policies based only on Dealer consent and on actual collateral, to prevent Dealers from facing additional financial pressure due to unsold stock. This is the final opportunity for PV OEMs to recalibrate and support market recovery before it’s too late!”

Near-Term Outlook

The near-term outlook for Automobile Retail is cautiously optimistic as both Navratri and Diwali fall in the same month, creating strong expectations for a surge in vehicle sales. With healthy water levels in reservoirs and improved crop yields supporting rural demand, the festive season is expected to drive a substantial boost in 2W, PV, and Trac sales with new launches been planned for the month. However, the PV segment faces a critical situation due to high inventory levels at dealerships. If sales do not pick up as expected in October, Dealers could face significant financial pressure from unsold stock piling up in their warehouses.

While Dealers and OEMs are betting on robust festive sales, especially in rural markets where positive cash flow and better agricultural conditions are expected to spur demand, the outcome remains uncertain. A successful October is essential to clear out excess inventory and set a positive growth trajectory for the remainder of FY25. With rising inquiries and optimistic Dealer sentiments, the outlook leans towards optimism, but high stakes and dependency on October’s performance warrant a cautious approach. If the anticipated sales do not materialize, it could shift the outlook to pessimistic, putting Dealers as well as OEMs in a difficult position heading into the new year.

Key Findings from our Online Members Survey

• Liquidity

• • Neutral              49.11%
  • Bad                     28.83%
  • Good                  22.06%

• Sentiment

• • Neutral               44.13%
  • Good                  30.60%
  • Bad                     25.27%

• Expectation from October’24

• • Growth               66.55%
  • Flat                      22.06%
  • De-growth         11.39%

Chart showing Vehicle Retail Data for H1FY25 and September’24

All India Vehicle Retail Data for H1 FY’25

Source: FADA Research

All India Vehicle Retail Data for September’24

Annapoorna Trust collaborates with Karnataka Government to prioritize needs of Malnourished children

New Delhi, 8th October 2024: Following a historic feat of serving over 1 crore children across various parts of the country, Sri Sathya Sai Annapoorna Trust has now joined forces with the Government of Karnataka and CreditAccess Grameen Limited Foundation to further enhance the reach towards Anganwadi children.

In addition to our ongoing support for school-going children, the Trust is now taking a more targeted approach by prioritizing the needs of SAM & MAM children who require high-energy, nutrient-dense food, specifically addressing malnutrition. The critical intervention starts with children aged 3 to 6 years in the Anganwadi sections. These early interventions will help ensure proper growth and prevent conditions like anaemia, wasting, and stunting. The first phase of the collaborative initiativeis expected to improve the life of close to 4,000 childrenin aspirational district of Yadgir along with Chamarajanagar, Bagalkot, Haveri & Dharwad in Karnataka state.

Siddeshwara N K A S – Director at Women & Child Development, Govt of Karnataka says, “It’s heartening to see corporates and NGOs stepping forward to collaborate with the government. Such partnerships hold immense potential for creating a meaningful and lasting impact.”

Marking the commencement of this important initiative, a formal MOU was signed on 18th September 2024. The Minister of Women and Child Development Lakshmi R. Hebbalkar congratulated Annapoorna Trust, CreditAccess Grameen & directors of Women & Child Development for their initiatives to combat malnutrition in SAM and MAM children in Karnataka state.

Elaborating further on the newly-inked initiative, Mr.Anand Kumar Kadali -Trustee and Secretary of Sri Sathya Sai Annapoorna Trust, said, “Focusing on ensuring high-energy and nutrient-rich food supplements to combat the issue of malnutrition in Karnataka, we intend to reach out especially to kids between the ages of 3-6 who are either severely or moderately acute malnourished. We thank the Government of Karnataka, CreditAccess Grameen for supporting the Annapoorna family’s mission to end malnutrition and hidden hunger across India.”

Founded by Sri Madhusudan Sai – a Global Humanitarian and Spiritual Leader, Annapoorna Trust has been working towards eliminating hidden hunger and malnutrition across at least 25 Indian states and 4 Union Territories.

Advancing Sustainability – Panel Discussion on Gross Environmental Product (GEP) at IIT Roorkee

IIT Roorkee, October 8, 2024: The Indian Institute of Technology Roorkee, in collaboration with the Himalayan Environmental Studies and Conservation Organization (HESCO), organized a panel discussion on the Gross Environmental Product (GEP). The main objective was to raise awareness about ecological issues and emphasize the need for a comprehensive strategy to shift from GDP-based economic growth parameters to GEP measures for defining development. Many participants believed that economic stability cannot be achieved as long as we continue to ignore ecological sustainability.

The program began at 10:00 AM with a welcome address by Professor Ashish Pandey of the Department of Water Resources Development and Management at IIT Roorkee, followed by a brief introduction of Padma Bhushan Dr. Anil P. Joshi, a renowned environmentalist and founder of the Dehradun-based voluntary organization Himalayan Environmental Studies and Conservation Organization (HESCO).

Dr. Joshi discussed in detail the topic, its context, and the need for such a development parameter in today’s times. He emphasized the complementarity of this concept with other existing parameters and suggested how adopting GEP as a method of measurement can balance development with the much-needed environmental conservation. Speaking about the necessity of implementing measures to prevent ecological damage globally, HESCO founder Padma Bhushan Dr. Anil P. Joshi said, “We cannot deny the immediate economic development needs for a large population in the country, but at the same time, we cannot ignore ecological needs. Our emphasis on commercialization has pushed ecological issues to the back burner. Rationality lies in balancing the economy and ecology. Only a stable ecology can bring about sustained economic growth. We all need to think about this subject and come together.”

Dr. Shivam Joshi from HESCO gave a presentation on GEP, explaining its importance and discussing his research work.

On the occasion, IIT Roorkee’s Director, Professor Kamal Kishore Pant, appreciated the GEP initiative and, discussing environmental conservation and its importance, said, “Our fundamental needs are food, energy, and water. If we want to save the future, we should utilize these three resources in a limited and appropriate manner. Additionally, we need to make society aware of environmental issues.”

In the inaugural session, Mr. Satya Prakash Dobhal (Director, ITM Mussoorie), Dr. M. Madhu (Director, Indian Institute of Soil and Water Conservation), Prof. Durgesh Pant (Director General, UCOST Dehradun), Mr. Raj Shekhar Joshi (Vice President, SETU, Government of Uttarakhand), Prof. Shishir Sinha (Director General, CIPET), and Prof. Akshay Dwivedi (Dean of Sponsored Research and Industrial Consultancy, IIT Roorkee) also shared their views.

After the inaugural session, a panel discussion was organized where various speakers discussed their respective topics. The program was conducted by Alok Shukla, and the vote of thanks was delivered by Professor Vinay Sharma of the Department of Management Studies at IIT Roorkee.

Real Estate Sector Anticipates Strong Demand During Festive Season Amid Attractive Offers

October 7th, 2024: As the festive season approaches in India, the real estate sector is poised for a significant uptick in activity. Traditionally, this period is marked by increased consumer sentiment and heightened demand for residential properties, driven by cultural practices and the desire to make new purchases during auspicious times. Developers are responding to this trend by launching new projects and offering attractive discounts and incentives, such as flexible payment plans and additional amenities, to entice buyers. The recent trends of urban migration and the shift towards larger living spaces post-pandemic further bolster the demand for residential properties, particularly in suburban areas.

 However, challenges remain for the real estate sector, including rising construction costs and fluctuating interest rates, which could impact affordability. Despite these hurdles, analysts remain optimistic, projecting a robust festive season with a notable increase in home sales. The government’s initiatives to promote housing and affordable schemes, coupled with the ongoing recovery of the economy, are expected to create a conducive environment for both buyers and developers. As consumer confidence grows, the festive season may serve as a turning point for the sector, rejuvenating sales and investments in the coming months.

 Mr. Pradeep Aggarwal, Founder & Chairman, Signature Global (India) Ltd

 Real estate demand remains robust across all kinds of properties. This is also reflected in our pre-sales performance during Q1 of the current financial year, where we have already achieved 30% of the target for the current financial year. As we enter the festive season, we are very optimistic that the real estate sector, especially the mid and premium residential segments, will continue to perform well. The possibility of the RBI reducing key rates in the next couple of months may further increase the demand in the near future.

 Mr. Aman Sarin, Director & Chief Executive Officer, Anant Raj Limited

 The residential real estate market in India continues to experience robust demand, particularly for larger and luxury housing units across the country. Over the past few years, sales have kept pace with new project launches, leaving very limited inventory in the high-end and luxury segments.

 In fact, there’s a noticeable supply shortage in the luxury and ultra-luxury segments due to high demand and fewer project launches at premium locations by renowned developers in recent years. We expect this trend to continue, with only a limited number of new launches anticipated in the NCR and across the country during the upcoming festive season. Anant Raj is also planning to launch luxury designer apartments, called “Estate Apartments,” in Sector 63A, Gurugram, within its existing integrated township.

 As demand significantly outstrips the supply in the pipeline, we foresee a further upward price movement in these segments, reflecting the market’s strong momentum.

 Mr. Mohit Jain, Managing Director, Krisumi Corporation

 The demand for real estate has been strong, especially in the luxury segment, for the last couple of years and is likely to maintain the momentum in the future. The festive period is traditionally seen as an auspicious time from a purchasing point of view, so we usually see more traction and interest from homebuyers during this period. Moreover, the promotional offers from real estate developers during the festive season often attract a wider range of consumers. We’re confident that this festive period will bring a boost to the entire industry.

S K Venkataraghavan Joins Lenovo Solutions and Services Group, India

Bengaluru, October 07, 2024 – Lenovo India, the global technology powerhouse, today announced the appointment of S K Venkataraghavan as Director of its Solutions and Services Group (SSG). Based in Bengaluru, Venkataraghavan will spearhead the expansion of Lenovo’s Solutions and Service business in India, leveraging AI to unlock new growth opportunities to strengthen customers’ competitive advantage.

In this pivotal role, Venkataraghavan will continue to drive Lenovo’s journey as the leading integrated solutions provider for enterprises, directly aligning with the company’s global strategy. Leveraging over two decades of hands-on experience in Cloud & Infrastructure Services, he is uniquely positioned to scale Lenovo’s end-to-end SSG portfolio.

Shailendra Katyal, Managing Director, Lenovo India, said, “We are excited to have Venkataraghavan on board to lead Lenovo’s Solutions and Services Group in India. His deep expertise and proven leadership in cloud services, next-gen technologies, and managed services will play a crucial role in accelerating our service-led transformation. I am confident that Lenovo will continue to innovate and reach greater heights under his leadership.”

Before joining Lenovo, spanning 25 years, Venkataraghavan led leadership positions in India and Global markets in Cloud & Infrastructure Services at Infosys, NIIT Tech. and Wipro. He had successfully won & executed large transformation programs to deliver superior outcomes for his customers

RGCIRC Marks HOPE’24, Experts Raise Awareness Ahead of Hospice and Palliative Care Day

New Delhi, Oct 7: Rajiv Gandhi Cancer Institute & Research Centre (RGCIRC), an apex institution for cancer care, organized a daylong event ‘Hospice & Palliative Care Event 24’ (HOPE’24) ahead of the World Hospice and Palliative Care Day. The event brought together more than 200 participants, including prominent doctors, experts, patients, caregivers, social workers, and medical staff, to discuss and dissipate the essence of hospice and palliative care in the country.

The event emphasized that palliative care is about more than just treatment; it focuses on providing comfort, dignity, and support to those facing serious illnesses, like cancer. Patients and caregivers engaged in an interactive session that explored the true meaning of palliative care, shared inspiring stories, and were provided valuable practical resources and recent advancements.

Mr. D. S. Negi, CEO, RGCIRC, said, “Doctors and medical support staff face numerous challenges in providing comprehensive Hospice and Palliative Care. Apart from the emotional resistance from family to forming support groups, the infrastructure in India is also lacking. There is an urgent need to bridge the gap between patient needs and healthcare provider practices to enhance the delivery of palliative care in India. “

The event also raised awareness about palliative care, advanced care planning and advance medical directives.

Discussing the need for advanced care planning (ACP) during the cancer treatment, Dr. Kinshuki Jain, Head, Department of Pain and Palliative care, RGCIRC, Rohini, “This is especially relevant for life-limiting illness eg- cancer where ACP may ensure that patients do not endure treatment that may not align with their wishes or quality of life preferences. It’s crucial to empower patients and their families to engage in these conversations early on, minimizing the occurrence of futile treatments. Additionally, raising awareness about palliative care and promoting the concept of living wills can facilitate important discussions about patients’ wishes and goals. Taking these conversations to the grassroots level will empower individuals to advocate for their own care preferences, ensuring their voices are heard and respected throughout their treatment journey and ensure that even death is dignified”

To spread this essence, the Department of Pain and Palliative Care of RGCIRC, Rohini also organized a sub-event titled ‘Meri Kahani Suno’, wherein painting, E-poster and write ups entries were invited from all stakeholders which received an overwhelming response from all strata.

The event focused on enhancing the quality of life for patients and their families, addressing not just physical symptoms but also emotional, social, and spiritual needs. By fostering a holistic approach to care, the deliberations aimed to create a more compassionate environment for those facing serious illnesses.

Harness Divine Strength Through Mahisasur Mardini Chanting at ParamYoga

Group chanting creates immense vibrations, helping to release and heal pain within the body while fostering a deep spiritual connection. ParamYoga invites all Sadhakas to join in the powerful chanting of Mahisasur Mardini on October 9, 2024, from 6:30 PM to 7:30 PM. This sacred practice celebrates divine energy and allows participants to invoke inner strength, bringing a sense of peace and harmony.

Attendees are encouraged to wear royal blue as a symbol of unity and divinity. Join this spiritual gathering to experience the healing power of group chanting and connect with the transformative energy of Goddess Durga.

Detail:

Date: October 9, 2024

Time: 6:30 PM – 7:30 PM

Venue: Param Yogashala – Indus School, Ramya Ashiyana Park 2, Aundh, Pune

RBI Kicks Off Three-Day MPC Meeting Today, Set to Conclude on October 9

7th October 2024: The Reserve Bank of India (RBI) is set to begin its three-day monetary policy committee (MPC) meeting today, October 7, and will conclude on October 9 (Wednesday). During this critical meeting, policymakers will assess current economic conditions, including inflation trends and growth projections, to determine the appropriate stance on interest rates. Market participants are keenly watching for signals regarding the RBI’s approach to balancing inflation control with economic support, particularly in the context of evolving global economic challenges. The outcomes of this meeting will provide important insights into the RBI’s strategy for navigating the financial landscape in the coming months.

Mr. Sanju Bhadana, MD, 4S Developers:

The RBI is expected to maintain status quo as inflation risks persist. The apex bank is likely to monitor more factors like the emerging geo-political tensions, monsoon and inflation before it possibly undertakes rate cuts in the coming months. In view of the slowing down of property sales and launches in September quarter, a rate cut would be ideal during this festive season to spur demand.

Shiwang Suraj, founder and director of Gurugram-based property consulting firm InfraMantra:

The RBI must initiate rate cut cycle as housing sales have begun to show signs of slowdown. The fatigue from homebuyers is not only a result of rising home prices but also high mortgage rates. The RBI must look at ways to reinvigorate the housing momentum in view to balance the host of concerns that domestically or globally may affect India’s growth story.

Anuj Puri, Chairman – ANAROCK Group

The RBI’s upcoming monetary policy announcement will, as always, have implications on different industries and markets. The housing market is especially sensitive to changes in acquisition cost since in India, most home buyers use home loans. A cut in the repo rate would result in lower interest rates on home loans, which makes EMIs more manageable for borrowers.

Of course, interest rates are not the sole factor to influence purchase decisions – property rates also play a big role. As per ANAROCK Research, average residential property prices across the top 7 cities have collectively seen a significant 46% jump since 2021. More attractive interest rates can help improve overall affordability, and this can help catalyse housing sales during the festive season. Improved sales also benefit developers as better sales improve their cash flows and reduce their borrowing expenses for projects.

Equally importantly, a rate cut would help boost overall market sentiment and woo back investors. After many years of largely staying away from housing because of low price growth, investors returned to it after the COVID-19 pandemic because both demand and prices started going up. Currently, many investors have taken a breather as prices appear to have peaked out, but more attractive lending rates can bring them back to the market.

That said, we need to be realistic. While the recent US Fed cut would have prompted the RBI to follow suit, the fact is that the global economy is facing considerable uncertainty because of the ongoing geopolitical tensions. It is a tightrope walk for the RBI and it is therefore possible that it will hold on to the current repo rate for now, until these pressure ease.

Mr. Amit Jain, Chairman and Managing Director, Arkade Developers on the upcoming Repo rate expectation:

“The real estate industry has benefited from the stable repo rate since February 2023, which has maintained lending rates for various borrowings, including home loans. However, given the constrained headroom and mounting inflationary pressures, we anticipate a 25bps to 30bps rate cut in October. The rate cut will increase borrowing, boosting home sales further, particularly during Q3FY 24–25’s festive seasons. As the festive season is around the corner, it is one of the most important times for home sales. Rate reductions will boost demand in all markets, but particularly in Mumbai, which recently passed the one lakh home sales milestone in record 9-month time.”

IDFC FIRST Bank Goes Live on GST Portal for Seamless Tax Payments

Mumbai, October, 2024: IDFC FIRST Bank is pleased to announce its integration with the Goods and Services Tax (GST) portal, enabling seamless GST payments. Customers will now benefit from an intuitive, hassle-free payment experience, with instant payment confirmations and easy access to downloadable challans.

 This new integration allows IDFC FIRST Bank customers to pay GST through a variety of digital channels, including the Bank’s user-friendly Retail and Corporate Internet Banking platforms and its nationwide branch network.

 Mr. Chinmay Dhoble, Head – Retail Liabilities and Branch Banking, IDFC FIRST Bank, stated, “As a customer-first bank, we are committed to providing seamless, easy-to-use solutions to our customers. This integration with the GST portal is another step in our mission to offer universal banking solutions. Our aim is to ensure a quick, simple, and efficient tax payment experience. We encourage our customers to use this facility to easily pay their GST through IDFC FIRST Bank’s online and branch channels”.

 IDFC FIRST Bank is one of the select Scheduled Private Sector Banks to be authorised for GST collections, further underscoring the Bank’s commitment to providing comprehensive financial services to its clients.

 Steps to Pay GST Using IDFC FIRST Bank Internet Banking:
1. Log in to the GST portal: https://services.gst.gov.in/services/login
2. Create a Challan and select E-Payment via Net Banking
3. Choose IDFC FIRST Bank as the payment option
4. Complete the payment and download the GST paid challan

 Additionally, IDFC FIRST Bank is working with GST officials to introduce more payment options, including UPI and card payments.