#Central Govt. solar scheme

[ecosoch]

Gov Subsidy for Residential Rooftops in Bangalore, India

Discover how EcoSoch helps Bangalore residents avail Central Govt.'s solar rooftop subsidy with expert guidance, installation, and cost-effective solutions.

[purnachandra3600]

Financing Solar Projects: Towards Sustainable Growth in Renewable Energy

Indian Power sector is facing unprecedented challenges with the growing economy; a rapid increase in electricity demand on one hand and supply constraints and increasing cost of major fuels coupled with growing concerns of climate change and GHG emissions.

Solar energy available across the country could be a logical choice, being one of the lowest and most sustainable sources of power for businesses, firms, and residentials. One of the biggest challenges, though, with the scale of mass adoption might be the cost of putting up the solar system at the outset. Deeper understanding of financing for solar may unlock the growth investment as well as the adoption of solar solutions.

Why Financing Matters in Solar Projects

The cost of the solar energy project is high initially , including the photovoltaic panels, inverters, and installation. Long-term cost savings and environmental returns make most businesses not prepared to shift. This is the point at which new finance models become critical, providing flexible and sustainable finance to the stakeholders.

Key Finance Tools for Solar Projects

PPAs are the most extensively used funding tool for solar projects. In a PPA, the third-party developer designs, operates and maintains the system, and the buyer buys the electricity generated at a predetermined fixed price. This model means companies can save immediately and without paying the full amount upfront.

Loans and Debt Finance

Most financiers like local Pvt banks and other govt banks give loans on Financing Solar Projects. The loans are lower interest rates and repayment periods, a more feasible option for companies that are interested in investing in clean energy.

Leasing Deals

Leasing through solar allows companies to install solar systems without necessarily purchasing them. The client pays a flat rate of monthly lease and takes the energy savings.

Government Subsidies and Incentives

The government offers incentives by way of tax credits, subsidies, and so on for using renewable energy. Schemes like the Central Financial Assistance scheme sponsored by the Indian government reduce the burden of cost to the investors who are investing in solar projects. Green Bonds and Climate Funds New and innovative sources of funds, green bonds, and climate funds are of a sustainable nature, and they will be invested into ventures that produce clean energy. It provides an option for the investor to invest in a green venture and obtain returns.

Crowdfunding

Crowdfunding is a new conceptualized and crowdsourced variant of small-time entrepreneurs. This method enables private and institutional investors to pump in small parcels of capital toward funding solar businesses.

Advantages of Fund the Solar Business

The quantum of electricity bills is reduced from day one when the system is operated.

Carbon emissions will be reduced drastically.

The reliance on grid power, as well as fossils, would be reduced.

Brand reputation is enhanced by having a business model that can be termed green.

Financing solar Projects is one giant leap toward a sustainable energy world. With the support of several finance models and government incentives, companies can cross the hurdle of high cost in the initial stages and emerge as a part of a greener, energy-conserving world.

Zenith Energy, with experience in sustainable solutions, is here to guide companies through the installation process of renewable energy and provides the assurance that solar systems can be integrated into an organization’s operations with no hassle. ZE also suggests clients with respect to best financing model for solar and also helps with executing the same

They do not just focus on cost efficiency but also on long term energy optimization. Zenith Energy’s team of experts guides through the maze of government incentives, permits, and compliance requirements. This holistic support enables businesses to adopt renewable energy with confidence, unlocking huge financial savings while contributing to a cleaner and more sustainable environment.

[goldisolarindia]

Top 5 things to keep in mind while financing my solar system

A solar system could potentially save a significant amount on your electricity bills every month plus this investment can increase your property value and also save the environment.

Generally, solar systems pay off their initial investment within 6-10 years. If you employ the savings from your solar power project to offset the cost of your electric bill, you’ll find yourself paying less than what you would have paid using traditional means! There is a spread of financing options available for solar power panels like loans, net metering agreements with utilities, leasing options, and grants.

1. Check your credit score – Credit score is the important eligibility criterion for solar panel financing. This generally requires a Credit score of 660 or higher to qualify for solar financing. It helps to avail loans with low-interest rates.

2. Consider a loan – you’ll obtain a loan to purchase a solar power system. Loan options, including zero-down financing. There are several sorts of loans:

Personal loans – Personal loans for solar systems are getting popular. It offers fixed interest rates and monthly payments, so you usually know how much you’re paying. There are short-term (12-18 months) loans, also called bridge loans, that allow you to use the ITC and state credits immediately rather than waiting until you file taxes. In fact, you’ll combine this short-term with a long-term loan that covers the remaining cost of your installation.

Home Equity Loans – It works as a home loan, but they allow you to borrow against your home as collateral. Monthly payments depend on the borrowed amount. With a home equity loan, you’ll get approval even with a poor credit score as this is a secured loan and borrow only a part of the credit limit as per your need. The interest is charged only on the borrowed amount.

3. Documents required for solar financing – the below documents are needed while financing solar power panels.

● Power purchase contract (PPA) ● Residence & Factory ownership proof ● Proforma Invoice / Quotation ● Quality and safety standards followed ● List of authorizations and compliance gained

4. Other solar financing options – Remember that private loans are not the only option for financing a solar system. There are many options, so explore all the options before making a decision.

EMI payments – Buying solar energy using a credit or debit card to access the EMI options for most loans including solar systems.

Home improvement loans – you can avail of home improvement loans for upgrading or improving the property. Banks like SBI offer pans up to 1 lakh for home improvement and you’ll get such loans to set up a solar system.

Lease – Like leasing a car, you’ll lease a solar energy system to reduce your upfront expenses. Under this arrangement, a solar installer, finance provider, or other third party owns and maintains the system you set on your roof. you’ll pay a fixed monthly rate to the company that owns the system. A lease is usually 20-25 years.

Power purchase contract (PPA) – This is also like a lease. The difference is what proportion you pay and to whom. Under this, you buy the electricity generated back from the system owner at a set rate per kilowatt-hour. With PPAs you’ll quickly see immediate monthly savings on your energy bill.

Note that if you lease or have a PPA, you’re not eligible for the tax benefits and incentives, but you’ll save money on energy in the long run and lower your carbon emissions.

5. Government solar financing Incentives There are several things to keep in mind when financing your solar system. the govt offers tax benefits for solar panel installations, and lots of states offer additional rebates and incentives. These can make the system more affordable.

The Central Government and State Nodal Agencies offer subsidy schemes to the people for installing rooftop PV systems. There’s a 40% subsidy on benchmark capital costs for units of up to 3KW capacity and 20% for larger units up to 10 KW.

The electricity generated from the solar panels is employed for self-consumption with the net-metering approach. The buyer is charged for net units stored in the grid infrastructure for later use. This policy helps with the support of residential and C&I markets as well. The SRISTI scheme is in urban areas for the installation of solar panels. The SUABHAGYA scheme targets solar rooftop installations in rural areas where free electricity is given to all or any households irrespective of their APL and BPL status.

Renewable Energy Certificates (RECs)- These are tradable certificates that are meant to offer benefits to the ones who generate green power by providing incentives for every unit generated. It intends to supply advantages to the C&I sector for carbon neutrality.

Buy or Lease??? Leasing solar panels make the switch to solar power more attainable for customers who may not have cash reserves. However, leasing solar energy panels means you do not own them. Rather, a 3rd party owns the equipment. When you buy solar panels, there are often additional credits available to people that purchase solar panels based on the state or the manufacturer’s reimbursements. Owning or leasing solar panels both allow homeowners to enjoy utility bill savings. Leasing is best if you want to get started with solar without a large initial investment while owning the solar panel is the best way to save money in the long term. it’s always important to explore and compare different offers before making a deal.

Conclusion Solar systems typically have a payback period of 5-10 years. this suggests that you will be saving money every month, counting on the size of your system and the price of electricity in your area. By noting the above factors, you can be sure to get the best possible deal on financing your new solar system.

If you’re looking to purchase high-quality solar panels for your home with the best deals don’t forget to check out Goldisolar.com.

This Blog Originally Posted Here: https://goldisolar.com/top-5-things-to-keep-in-mind-while-financing-my-solar-system/

[dayrisesolarenergy]

Government Solar Schemes and Solar Subsidy

Government Solar Schemes and Solar Subsidy

Government Solar Schemes and Solar Subsidy 2020-21 Both the Central Government also as State Nodal Agencies offer Government Solar Schemes and Solar Subsidy to the people for installing rooftop Solar PV systems. This encourages common people to take advantage of renewable energy and to scale back their electricity bill up to 90%. Govt has launched many schemes and provides financial assistance…

[moneycafe]

Delhi Govt schools monetise solar power, expect to earn Rs 8.5 crore and save Rs 8.8 crore on bills!

Delhi Govt schools monetise solar power, expect to earn Rs 8.5 crore and save Rs 8.8 crore on bills!

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The projects are being built under the Central government scheme for solarising government buildings, where the Centre pays 25% of the capital cost upfront.

Government schools in Delhi are eyeing substantial income, apart from significant reduction in electricity bills, as they start earning money by selling electricity generated by the rooftop solar systems installed on their buildings.…

[purnachandra3600]

Financing Solar Projects: Towards Sustainable Growth in Renewable Energy

Indian Power sector is facing unprecedented challenges with the growing economy; a rapid increase in electricity demand on one hand and supply constraints and increasing cost of major fuels coupled with growing concerns of climate change and GHG emissions.

Solar energy available across the country could be a logical choice, being one of the lowest and most sustainable sources of power for businesses, firms, and residentials. One of the biggest challenges, though, with the scale of mass adoption might be the cost of putting up the solar system at the outset. Deeper understanding of financing for solar may unlock the growth investment as well as the adoption of solar solutions.

Why Financing Matters in Solar Projects

The cost of the solar energy project is high initially , including the photovoltaic panels, inverters, and installation. Long-term cost savings and environmental returns make most businesses not prepared to shift. This is the point at which new finance models become critical, providing flexible and sustainable finance to the stakeholders.

Key Finance Tools for Solar Projects

PPAs are the most extensively used funding tool for solar projects. In a PPA, the third-party developer designs, operates and maintains the system, and the buyer buys the electricity generated at a predetermined fixed price. This model means companies can save immediately and without paying the full amount upfront.

Loans and Debt Finance

Most financiers like local Pvt banks and other govt banks give loans on Financing Solar Projects. The loans are lower interest rates and repayment periods, a more feasible option for companies that are interested in investing in clean energy.

Leasing Deals

Leasing through solar allows companies to install solar systems without necessarily purchasing them. The client pays a flat rate of monthly lease and takes the energy savings.

Government Subsidies and Incentives

The government offers incentives by way of tax credits, subsidies, and so on for using renewable energy. Schemes like the Central Financial Assistance scheme sponsored by the Indian government reduce the burden of cost to the investors who are investing in solar projects. Green Bonds and Climate Funds New and innovative sources of funds, green bonds, and climate funds are of a sustainable nature, and they will be invested into ventures that produce clean energy. It provides an option for the investor to invest in a green venture and obtain returns.

Crowdfunding

Crowdfunding is a new conceptualized and crowdsourced variant of small-time entrepreneurs. This method enables private and institutional investors to pump in small parcels of capital toward funding solar businesses.

Advantages of Fund the Solar Business

The quantum of electricity bills is reduced from day one when the system is operated.

Carbon emissions will be reduced drastically.

The reliance on grid power, as well as fossils, would be reduced.

Brand reputation is enhanced by having a business model that can be termed green.

Financing solar Projects is one giant leap toward a sustainable energy world. With the support of several finance models and government incentives, companies can cross the hurdle of high cost in the initial stages and emerge as a part of a greener, energy-conserving world.

Zenith Energy, with experience in sustainable solutions, is here to guide companies through the installation process of renewable energy and provides the assurance that solar systems can be integrated into an organization’s operations with no hassle. ZE also suggests clients with respect to best financing model for solar and also helps with executing the same

They do not just focus on cost efficiency but also on long term energy optimization. Zenith Energy’s team of experts guides through the maze of government incentives, permits, and compliance requirements. This holistic support enables businesses to adopt renewable energy with confidence, unlocking huge financial savings while contributing to a cleaner and more sustainable environment.

[vsplusonline]

Can ambitious infrastructure projects be insulated from policy flip-flops?

New Post has been published on https://apzweb.com/can-ambitious-infrastructure-projects-be-insulated-from-policy-flip-flops/

Can ambitious infrastructure projects be insulated from policy flip-flops?

New governments waste little time in declaring how different they are from the ones they replaced. A crucial part of that is rolling back schemes, policies and, increasingly, projects that often entail huge investments and require large tracts of land. These U-turns have been more prominent in states than at the Centre of late.

This may be good for political grandstanding but sends the wrong signal to private investors at a time when states need them the most. Given the grim prospect of projects being scrapped or reviewed by a new administration, companies can hardly be blamed for not wanting to take up these jobs in the first place.

Though they have legal recourse, excruciating judicial delays preclude a quick recovery of their investment, most of which is borrowed money. All these are costly distractions at the best of times and even more so when the economy is slowing down. That’s why India needs to come up with ways to ring-fence infrastructure projects from the vagaries of politics.

Stop Sign How regime change in states has led to projects being stalled or reviewed

BCCL

Bullet Train

Even before YS Jagan Mohan Reddy took oath as Andhra Pradesh chief minister in May 2019, he had announced his intent to probe some of his predecessor N Chandrababu Naidu’s projects, including the Rs 1.1 trillion development of the new capital, Amaravati, and the Rs 55,550 crore Polavaram irrigation project.

Similarly, a day after Shiv Sena chief Uddhav Thackeray assumed the top job in Maharashtra in November 2019, he put on hold the construction of a contentious metro car shed, and soon after, ordered a review of other major infrastructure projects, including a high-speed train between Mumbai and Ahmedabad, costing over Rs 1 trillion.

BCCL

Metro Shed

The Shiv Sena had opposed these projects even when it was part of the previous dispensation, led by the Bharatiya Janata Party. After the assembly polls, the Sena joined hands with its former rivals, the Congress and the Nationalist Congress Party, to form the government. Vinayak Chatterjee, chairman and managing director of Feedback Infra, a consultancy, points out that while this is not a recent phenomenon, it has worsened in recent times. “This is all about competitive politics and big projects are easy target,” he says.

It could also be states refusing to implement the Centre’s projects. “At times, a new state government can scrap a project or a welfare scheme thought to be foisted on it by the Centre in the past when it was ruled by a different party,” says Ajit Gulabchand, CMD of Hindustan Construction Company.

BCCL

Hyperloop

Realty Check India has grand plans in infrastructure. Union Finance Minister Nirmala Sitharaman recently announced a Rs 102 trillion infrastructure investment plan over five years, with around 80% of it set to come from the central and state governments and the rest being contributed by the private sector. Even if an infrastructure project is fully or partially funded by the Union government, a state, if it’s ruled by a different party or coalition, may refuse to play ball. And state’s cooperation is essential for acquiring the requisite land and executing the project.

BCCL

Power Purchase

This is what has happened with the Mumbai-Ahmedabad bullet train. Though half the equity for the project is coming from the Centre — with the other half equally divided between Maharashtra and Gujarat — Thackeray has slammed the project, calling it a white elephant. Now its fate hangs in the balance.

Maharashtra is also unlikely to revisit the Rs 3 trillion refinery and petrochemicals complex, which was to be built by Saudi Aramco and three Indian state-owned oil companies. Originally located in coastal Ratnagiri district, the project faced opposition from many quarters, including the Shiv Sena, and was scrapped by the previous BJP-led government under Devendra Fadnavis. Though he had subsequently hinted at reviving the project, not many were hopeful.

Also in limbo is the Rs 70,000 crore Hyperloop project, an untested technology that could carry people in pods through a vacuum tube between Mumbai and Pune in 20 minutes. Prithviraj Chavan, a former Maharashtra chief minister from the Congress, says that when an investor brings a “pie-in-thesky kind of project”, it needs to be reviewed. He has also been critical of the bullet train. “Should this be done at this stage of our development?

There are more pressing demands like healthcare and education.” In addition to halting a project after tying up financing and when land acquisition is underway, as in the case of the bullet train, governments also take ad hoc decisions that affect operational projects.

In July 2019, Andhra Pradesh decided to review power purchase agreements (PPAs) it had signed with wind and solar power developers, saying the tariffs were kept high to benefit some players. This put 5,200 MW of projects — and their `21,000 crore debt — at risk, according to Crisil. Reddy has also terminated a Rs 3,217 crore hydel power contract and withdrawn hundreds of acres allotted for infrastructure, real estate and industrial projects. A project awarded to a Singapore consortium to create a startup district in Amravati was also scrapped.

BCCL

Amravati

“We cannot challenge the right of any party to take decisions. But for the sake of stability and continuity, decisions must follow due process and vetting and not be ad hoc,” says Gulabchand. A government is free to set an agenda different from its predecessor’s but has to tread cautiously to avoid allegations of arbitrariness. “Policy changes by a new government are understandable.

But to cancel a signed contract on the assumption that due process was not followed does not inspire confidence in investors,” says Manish Agarwal, who leads infrastructure advisory at PwC India, a consultancy. “The judiciary will have to act quickly to sort this out.”

The Andhra High Court directed the state electricity regulatory commission to decide on the matter of reviewing PPAs. But these bodies are usually headed by bureaucrats, which does not give private investors much to cheer about.

The Solution Contracts between govt and companies are onesided. Adopt FIDIC contract system — a globally recognised template — putting contractors on an equal footing with the govt

Create a national project board to vet all projects above a certain threshold. Also, create a dispute resolution commercial court with a permanent full bench that dispenses justice within 90 days

Empower state infra regulators like electricity regulatory commissions so that they are free of the influence of state governments

Reasons for U-Turn Power Shift: A new government usually sees scrapping and stalling of large projects of the previous government as setting a new agenda as well as settling a political score

Finger in the Pie: Political parties that roll out big projects benefit from them – as enduring legacy in the long run and possibly kickbacks in the short run “It’s a concern when these bodies get influenced by the government,” says a chief executive of a renewable energy producer, which is executing solar power projects in Andhra. There is an urgent need to empower these quasi-judicial entities and make them fully independent.

There have also been calls for the establishment of a national body, along the lines of the National Company Law Tribunal, dedicated to infrastructure, with separate benches for subsectors like roads and ports. Based on the recommendations of a committee set up to look into public-private partnership (PPP) projects, the Union government in 2016 announced that it would set up such a tribunal. But it is still little more than an idea.

BCCL

States

“There is no platform for investors to go to. Our courts are not in a position to rule in a short period. Infrastructure is a costly affair and that’s why a strict timeframe is critical,” says Hemant Kanoria, chairman of Srei Infrastructure Finance. Undue delays in projects could force developers to default on loans, which in turn will impact the lenders.

Don’t Can the Plan Nara Lokesh, a former information technology minister of Andhra, believes the Centre should intervene when there are such reversals of decisions as in his state. “It’s a national issue. The cascading effect of this will be massive.” The Narendra Modi government did write to Andhra, asking it to honour the clean-energy PPAs, but the Centre currently lacks the means to address these issues.

According to Chatterjee, a possible solution could be the creation of a national project board by an act of Parliament. All projects, above a certain threshold, must be registered with the board and all MoUs and agreements should be submitted to government bodies. A dedicated dispute resolution commercial court with a permanent full bench should be attached to the board. Any breach of promise will be dealth with swiftly by the court.

However, this has to be done in such a way that states do not feel their rights are being trampled upon, especially at a time when states outdo the Union government on key expenditure. Between financial years 2011 and 2020, states accounted for 41% of all infrastructure spending in the country, compared with the Centre’s 31% and the private sector’s 28%, according to Crisil. In FY 2020, states’ capital expenditure is estimated to be 80% higher than the Centre’s.

Unlike earlier, when large infrastructure projects were mostly awarded by central agencies like the National Highways Authority of India, states are also becoming ambitious now. The 300 km Agra-Lucknow expressway, which is operational, and the 700 km Nagpur-Mumbai expressway, which is under construction, are cases in point. While it is important to ensure that contracts are honoured, there is a problem with the contracts themselves.

“The government naturally has an advantage (over infrastructure companies) in these contracts,” says T Harish Rao, finance minister of Telangana. States should look at adopting the FIDIC contract system — an internationally recognised template for contruction and engineering sector — putting contractors on an equal footing with the government.

“There is also unequal bargaining power in projects now. The government should think of itself as a contracting partner,” says Sudipto Sarkar, a member of the PPP committee mentioned earlier. He adds India should also have a panel of international arbitrators to deal with infrastructure disputes.

India’s ambitious infrastructure plans can work only if companies — which may execute a project for the government or raise capital to build, own and operate it — can be confident that the projects they bid for can outlast the administrations that awarded them.

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Central Electronics Limited (CEL) gets highest green certification (Platinum)

Central Electronics Limited (CEL) gets highest green certification (Platinum) News Delhi:- Central Electronics Limited has received Platinum certification under Indian Green Building Council (IGBC) Green Existing Buildings, Operation & Maintenance rating system. IGBC is the authority for certification of green buildings in the country. This certificate is given for existing building which meet best in class, Green Standards, including Energy Efficiency, Water Conservation, Waste Management and conservation of overall resources, while at the same time providing a comfortable and conducive environment to the building inhabitants. Central Electronics Limited (CEL) is a Public Sector Undertaking under the Department of Scientific and Industrial Research (DSIR), Ministry of Science and Technology, Govt. of India. CEL is pioneer in the country in the area of Solar Photovoltaics, with the distinction of having manufactured India’s First Solar Cell in 1977, India’s First Solar Panel in 1978 and installed India’s first solar power plant in 1992 as well as a number of other “firsts” to its credit. Dr. Nalin Shinghal, CMD said that CEL has made numerous efforts for achieving highest level of energy efficiency on the campus and presently has 1.3 MW Solar PV generating capacity on campus, meeting more than 50% of total its energy requirement from renewable energy. CEL took up the project for Green Certification of its Administrative Area under which number of initiatives were taken including making the Administrative complex energy positive as well adoption of a range of Green practices. Platinum Certificate is the highest level of achievement under the Green Certification Scheme. Read the full article

[mhsn033]

What Europe’s cities are doing to handle heatwaves

List copyright EPA

On Wednesday central London saw its longest stretch of high temperatures in practically six a protracted time, with thermometers reading 34 degrees C or above for six consecutive days.

Those fortunate sufficient so as to salvage away to the countryside and cruise for holidays can also merely be enjoying somewhat cooler temperatures, however many residents stay at home. Around three-quarters of the population of Europe now are residing in city areas, in step with the European Union.

Extra special of western Europe is sweltering this August. Because the human impact on our climate turns into ever more marked, heatwaves will change into increasingly more traditional in the summer, researchers express.

How can cities adapt to construct life more uncomplicated for their residents during times of very high temperatures?

Why are cities so scorching?

The phenomenon of city areas being several degrees hotter than their environment is is thought as town warmth island fabricate.

London’s City Hall says the UK capital can also merely be as much as 10 degrees C hotter than its surrounding areas.

There are rather a big selection of reasons for the temperature variations noticed in cities, together with the rather a big selection of intention constructing offers replicate the sun’s rays, reduced vegetation, and the truth that water runs off surfaces into drains in preference to being absorbed into the floor.

Let’s detect what rather a big selection of cities across Europe are doing to verify out to lower these effects – and to serve their electorate serve frigid.

1. Planting trees

List copyright EPA

Someone who’s sat below a tree on a scorching day will know how worthy the shade helps to defend you – and the floor – frigid.

But trees don’t proper provide shade and replicate the sun’s rays again up. They clutch in water from the floor and lose most of it to the air via a task known as evapotranspiration. The water the tree would no longer need comes out via little holes on the underside of its leaves, and turns into water vapour.

This trade from water to water vapour desires energy from the sun’s rays, which would otherwise warm the air. Mediate it because the tree sweating, serving to to defend the tree frigid and infinitesimally lowering the air temperature.

Barcelona – which has a high population density contributing to a marked warmth island fabricate – is focusing on planting and having a peer after its trees as part of its efforts to green town.

The Catalan city already has more trees than many completely different European cities, with an estimated 1.4m correct via the municipal boundaries.

It has a 20-yr tree masterplan, aiming to enhance the proportion of land covered by trees to 30% and guarantee that the tree species are adapted to climate trade.

And there are rather a big selection of environmental advantages to having trees within an city ambiance, together with elevated biodiversity by increasing habitats for vegetation and fauna, serving to possess noise air pollution, and lowering complications with surface water race-off.

2. Greening streets and roofs

Trees are now no longer the supreme create of vegetation that would possibly possibly serve frigid down the air. In smaller spaces where there can also merely now no longer be room for a brand new tree, some cities are rising planting – or encouraging residents to manufacture so.

Paris now enables any individual to be conscious for a allow to originate a backyard anyplace at all. These “permits to vegetate” as they potentially isn’t very translated, mean that residents can plant gardens on pavements and tiny areas of public land to construct town greener.

WATCH: Paris: A city that’s turning streets into gardens

Each Paris and London had been deploying green roofs or residing walls of their city architecture.

These are when vegetation is intentionally established on a roof, deck or vertical wall structure. Admire trees, the crops replicate the sun’s rays, and frigid the air via evapotranspiration.

A file for London’s City Hall estimated that in 2017 there had been 1.5m sq m of green roofs in the Larger London condominium.

Be taught more: Is London transferring its gardens to the sky?

3. Creating non eternal outside spaces for summer

List copyright Reuters

Vienna has living up a network of “frigid streets” for the 2nd summer operating. In these streets, in neighbourhoods across the inner city, autos are banned from parking and folk are invited to make spend of the exterior role as an “outside lounge”. The streets are kitted out with seating areas, animated fountains and a few even beget water spray misting machines. Early life can play and there are crops rising.

Town authorities beget chosen toll road segments to close off in parts of town with much less entry to outside spaces, and where there are trees to arrangement shade.

4. Altering city architecture so as to add more water and reflective surfaces

List copyright EPA

As properly as gentle rivers, lakes and fountains which folk can splash in to chill down – and which themselves replicate the sun’s rays – some localities strive to make spend of water in innovative solutions to serve frigid city streets.

In Good, in southern France, city architects sought to make spend of a pavement wetting system to chill down the condominium of a brand new transport hub and build it more overjoyed for pedestrians. Water seeps up via porous paving self-discipline material. This water then evaporates, cooling the pavement.

In Thessaloniki, Greece’s 2nd city, authorities installed water jets, sprinklers and curtains, moreover to outside fans to serve frigid a public square.

Structures are in general made from offers which clutch in the sun’s rays, in preference to replicate them as does vegetation or water. They can also clutch a truly long time to chill down, main to stifling evening-time temperatures.

Utilizing paler-colored offers for structures’ surfaces is a simple intention to lower the energy absorbed from the sun – and white roofs and walls had been exceptional in southern Europe for a extraordinarily long time.

So-known as “frigid roofs” made from as much as the moment offers with high solar reflectance (or albedo) are on hand. Initiatives in India found that indoor temperatures can be reduced in structures with frigid roofs by a minimum of 2 degrees.

Be taught more: How worthy can painting a roof white lower its temperature?

5. Offering data and beef up

List copyright Reuters

The elderly and small children procure it hardest to cope physically with the impacts of a warmth wave.

A extreme warmth wave in August 2003 brought about many hundreds of deaths across Europe, significantly in France where almost about 15,000 misplaced their lives.

The scale of the tragedy in that incident led France to set in dilemma higher measures to tackle future warmth waves. After record temperatures final yr, the French govt acknowledged these preventative measures had helped serve the loss of life toll to a tenth of the 2003 numbers.

Town of Paris has an app to serve folk procure out where they are able to accelerate to defend frigid in town. Rotterdam and Athens also beget their very possess apps with the same firm.

In the meantime, London has a pilot mission offering a scheme of green and sad areas where Londoners can clutch refuge on scorching days.

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[climatesamurai]

Central govt launches scheme for solarisation of Konark Sun Temple and Konark town

Central govt launches scheme for #solarisation of #KonarkSunTemple and #Konark town #ClimateSamurai #Odisha #Solar #SolarPower #SolarEnergy

The Ministry of New and Renewable Energy (MNRE) on Wednesday said the central government has launched a scheme for solarisation of Konark Sun Temple and Konark town in Odisha.

R K Singh, MoS(i/c) for Power and MNRE said, “Government of India  launched the Scheme with an objective to take forward the Prime Minister’s vision to develop the historical Sun temple town of Konark in Odisha as ‘Surya…

[iasshikshalove]

Daily Current Affairs 6th March 2020

Union Budget 2020-21:

The Union Budgetof India, also referred to as the Annual Financial Statement in the Article 112 of the Constitution of India, is the annual budget of the Republic of India.

The Government presents it on the first day of February so that it could be materialised before the beginning of new financial year in April.

Until 2016 it was presented on the last working day of February by the Finance Minister in Parliament.

The budget, which is presented by means of the Finance bill and the Appropriation bill has to be passed by Lok Sabha before it can come into effect on 1 April, the start of India’s financial year.

In 2017, a 92-year-old tradition was broken when the railway budget was merged with the Union Budget and presented together.

The Union Budget is divided into Revenue Budget and Capital Budget.

The Economic Survey of India is released ahead of the presentation of the Budget. This document is prepared under the guidance of the Chief Economic Advisor and is presented for discussion in both Houses during the Budget session.

The term budget is not mentioned in the constitution.

Aim of the union budget:

To achieve seamless delivery of services through Digital governance.

To improve physical quality of life through National Infrastructure Pipeline.

Risk mitigation through Disaster Resilience.

Social security through Pension and Insurance penetration.

Three prominent themes around which budget has been framed:

Aspirational India in which all sections of the society seek better standards of living, with access to health, education and better jobs.

Three components are:

Agriculture, Irrigation and Rural Development.

Wellness, Water and Sanitation.

Education and Skills.

Economic development for all, indicated in the Prime Minister’s exhortation of “Sabka Saath, Sabka Vikas, Sabka Vishwas”.

Caring Society that is both humane and compassionate.

These three themes are held together by corruption free policy driven good governance and; clean and sound financial sector.

Key Announcements:

India is now 5th largest economy in world – put out a 16-point guide to make India an aspirational economy.

Government to incentivise farmers to go solar. Pradhan Mantri Kisan Urja Suraksha and Utthan Mahabhiyan (PM KUSUM) to be expanded, providing 20 lakh farmers in setting up standalone solar pumps.

Railways will set up Kisan Rail through PPP model so that perishable goods can be transported quickly. Krishi Udaan scheme to transport agri products to national as well international destinations to be launched.

Agri-credit target for the year 2020-21 has been set at Rs 15 lakh crore.

Rs 69,000 crores for allocated for the healthcare sector

Education and training: Rs 99,300 crore allocated for education in FY21. Govt will start start Ind-Sat Exam to promote study in India and a degree-level online education programme for the deprived. A total of Rs 3,000 crore will be given for skill development.

Allocation for Swachh Bharat Mission for 2020-21 stands at Rs 12,300 crore. In further push to PM Modi’s ‘Nal se jaal’ scheme, govt proposes Rs 3.6 lakh crore towards piped water supply to households.

National Textile Mission to be launched with a proposed Rs 1,480 crore allocation

To boost infrastructure, 9,000 km of economic corridor will be set up. Chennai-Bengaluru expressway will also be started. Delhi-Mumbai expressway to be completed by 2023

550 WiFi facilities have been commissioned at railway stations. 1 lakh gram panchayats to get optical fibre link. An allocation of Rs 6,000 crore will be provided for BharatNet scheme.

Allocation of Rs 27,300 crore for development of industry and commerce.

Rs 20,000 crore announced for renewable energy sector in a bid to tackle pollution and climate change. A new scheme of smart meters will be launched.

100 more airports to be developed by 2025. 1,150 trains will run under the public private partnership (PPP) mode, also four stations will be redeveloped with the help of the private sector. Besides, the Tejas type trains to connect tourist destinations.

An allocation of Rs 8,000 crore will be made for National Mission on Quantum Computing and Technology.

Rs 35,600 crore allocated for nutritional related programme in FY21 while Rs 85,000 crore has been budgeted for the welfare of Scheduled Castes and other backward classes. Tourism promotion gets Rs 2500 crore.

Women schemes, senior citizens in Budget: Enrolment ration for girls under ‘Beti Bachao Beti Padhao‘ is higher than boys. Gross enrollment of girls is 94.32 per cent in elementary levels, 81.32 per cent in secondary level and 59.7 per cent in higher secondary level. Further, Rs 28,600 crore will be allocated in FY21 for women-linked programmes. Allocation for senior citizens and ‘Divyang’ enhanced to Rs 9500 crore.

Proposed 4,400 crore to tackle Delhi’s air pollution problem. Last year, the Supreme Court had termed the situation as “worse than Emergency” as air quality dipped to hazardous levels.

Insurance cover for bank depositors raised from Rs 1 lakh to Rs 5 lakh. Currently, in the (unlikely) event of a bank going bust in India, a depositor has claim to a maximum of Rs 1 lakh per account as insurance cover — even if the deposit in their account far exceeds Rs 1 lakh. Depositors holding more than Rs 1 lakh in their account have no legal remedy in case of the collapse of the bank.

Foreign direct investment (FDI) into the country has increased to $284 billion during 2014-19 from $190 billion in previous five years.

Nirvik (Niryat Rin Vikas Yojana) scheme to provide enhanced insurance cover and reduce premium for small exporters.

Focus on MSMEs: More than 5 lakh MSMEs benefited from RBI’s restructuring of loans. Government has asked RBI to consider extending window of debt structuring by one year to March 2021 for this purpose

Fiscal deficit target pegged at 3.8% of GDP for FY 2019-20.  FY21 fiscal deficit target pegged at 3.5% of GDP. Fiscal deficit is considered the most important marker of a government’s financial health.

Government to sell part holding in LIC. Besides, govt to also sell stake in IDBI Bank to private investors. The government’s move is a part of efforts to push through an aggressive disinvestment and asset monetisation programme.

Nominal growth of GDP for 2020-21 has been estimated at 10 per cent

Proposed a new simplified tax regime soon

10% tax for income between 5 lakh-7.5 lakh

15% tax for income between 7.5 lakh to 10 lakh

20% tax for income between 10 lakh to 12.5 lakh

25% tax for income between 12.5 lakh to 15 lakh

30% tax for income above 15 lakh

No income tax for those with taxable income below Rs 5 lakh

Dividend Distribution Tax to be removed. Dividend shall be taxed at the hands of the recipients

To boost investments and shore up the lagging economy, corporate tax for existing companies slashed to 22 per cent. Govt proposes 100 per cent tax concession to sovereign wealth funds on investment in infra projects. Moreover, concessional tax rate of 15 per cent extended to power generation companies.

Extends additional Rs 1.5 lakh tax benefit on interest paid on affordable housing loans to March 2021. In another boost, a proposed tax holiday to affordable housing developers.

‘Vivad se Vishwas’ scheme announced by Sitharaman for direct tax payers whose appeals are pending at various forum. 4.83 lakh direct cases pending in various appellate forums. Under the scheme, taxpayer to pay only amount of disputed tax. They will get complete waiver on interest and penalty if scheme is availed by March 31, 2020.

15th Finance Commission has cut state share of central taxes by one percentage point to 41 per cent.

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Almost half of government schools in the country don’t have any electricity or playgrounds, according to a parliamentary panel on education. It identified shortfalls in both budgetary funding and utilisation, resulting in critical infrastructure gaps.

In its report on the 2020-2021 demand for grants for school education submitted to the Rajya Sabha last week, the Parliamentary Standing Committee on Human Resource Development (HRD) expressed concern that budgetary allocations saw a 27% cut from proposals made by the School Education department. Despite proposals for ₹82,570 crore, only ₹59,845 crore was allocated. Noting similar 27% reductions for the Central and Centrally Sponsored Schemes as well, the panel recommended that these core schemes get additional funds at the revised estimates stage.

Stark deficits

The panel “expressed dismay” at the stark deficits in government school infrastructure, citing the latest survey data.

Only 56% of schools have electricity, with the lowest rates in Manipur and Madhya Pradesh, where less than 20% have access to power. Less than 57% of schools have playgrounds, including less than 30% of schools in Odisha and Jammu and Kashmir, according to the Unified District Information System for Education (UDISE) 2017-18 survey. Almost 40% of schools did not have a boundary wall, endangering the safety of students and school property.

The panel recommended that the HRD Ministry collaborate with the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) to construct boundary walls, and work with the Ministry of New and Renewable Energy to provide solar energy and other renewable energy sources so that schools have access to power.

‘Dismal progress’

The parliamentary panel also slammed the government for its “dismal” rate of progress in building classrooms, labs and libraries to strengthen government higher secondary schools. Out of 2,613 sanctioned projects for 2019-20, only three had been completed in the first nine months of the financial year, said the panel, warning that such delays would alienate students from government schools.

In government higher secondary schools, not a single additional classroom had been built by December 31, 2019, although 1,021 had been sanctioned for the financial year 2019-20. Only three laboratories had been built — one each for physics, chemistry and biology — despite sanctioned funds for 1,343 labs. Although 135 libraries and 74 art/craft/culture rooms had been sanctioned, none had been built with just three months left in the financial year.

The record is better at secondary schools, where 70-75% of such facilities had been finished by December, although less than 5% of the facilities aimed at disabled students — ramps and special toilets — had been completed. At primary schools, there was a 90-95% record of infrastructure completion.

Samagra Shiksha Scheme

Overall, for the core Samagra Shiksha Scheme, the department had only spent 71% of revised estimates by December 31, 2019.

“The committee would like to impress upon the department to look into the factors impeding the infrastructure development and resolve them at the earliest so as to ensure that the students get the best possible facilities,” said the report, recommending that the Centre replicate the model of States which have done well in creating and maintaining such facilities.

“The committee is aware of the fact that delay in completion of infrastructure not only leads to students getting alienated from the government schools but also leads to cost overruns and cause an additional strain on the financial resources of the country,” the report said.

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Breather for solar gear makers

Breather for solar gear makers CCEA gave its nod to the scheme through which the govt will give a viability gap funding support of Rs 8,580 crore by central or state entities for the projects. http://bit.ly/2RPYQWZ

[aaronlawson2183]

Breather for solar gear makers

Breather for solar gear makers CCEA gave its nod to the scheme through which the govt will give a viability gap funding support of Rs 8,580 crore by central or state entities for the projects. http://bit.ly/2RPYQWZ

[purnachandra3600]

Financing Solar Projects: Towards Sustainable Growth in Renewable Energy

Indian Power sector is facing unprecedented challenges with the growing economy; a rapid increase in electricity demand on one hand and supply constraints and increasing cost of major fuels coupled with growing concerns of climate change and GHG emissions.

Solar energy available across the country could be a logical choice, being one of the lowest and most sustainable sources of power for businesses, firms, and residentials. One of the biggest challenges, though, with the scale of mass adoption might be the cost of putting up the solar system at the outset. Deeper understanding of financing for solar may unlock the growth investment as well as the adoption of solar solutions.

Why Financing Matters in Solar Projects

The cost of the solar energy project is high initially , including the photovoltaic panels, inverters, and installation. Long-term cost savings and environmental returns make most businesses not prepared to shift. This is the point at which new finance models become critical, providing flexible and sustainable finance to the stakeholders.

Key Finance Tools for Solar Projects

PPAs are the most extensively used funding tool for solar projects. In a PPA, the third-party developer designs, operates and maintains the system, and the buyer buys the electricity generated at a predetermined fixed price. This model means companies can save immediately and without paying the full amount upfront.

Loans and Debt Finance

Most financiers like local Pvt banks and other govt banks give loans on Financing Solar Projects. The loans are lower interest rates and repayment periods, a more feasible option for companies that are interested in investing in clean energy.

Leasing Deals

Leasing through solar allows companies to install solar systems without necessarily purchasing them. The client pays a flat rate of monthly lease and takes the energy savings.

Government Subsidies and Incentives

The government offers incentives by way of tax credits, subsidies, and so on for using renewable energy. Schemes like the Central Financial Assistance scheme sponsored by the Indian government reduce the burden of cost to the investors who are investing in solar projects. Green Bonds and Climate Funds New and innovative sources of funds, green bonds, and climate funds are of a sustainable nature, and they will be invested into ventures that produce clean energy. It provides an option for the investor to invest in a green venture and obtain returns.

Crowdfunding

Crowdfunding is a new conceptualized and crowdsourced variant of small-time entrepreneurs. This method enables private and institutional investors to pump in small parcels of capital toward funding solar businesses.

Advantages of Fund the Solar Business

The quantum of electricity bills is reduced from day one when the system is operated.

Carbon emissions will be reduced drastically.

The reliance on grid power, as well as fossils, would be reduced.

Brand reputation is enhanced by having a business model that can be termed green.

Financing solar Projects is one giant leap toward a sustainable energy world. With the support of several finance models and government incentives, companies can cross the hurdle of high cost in the initial stages and emerge as a part of a greener, energy-conserving world.

Zenith Energy, with experience in sustainable solutions, is here to guide companies through the installation process of renewable energy and provides the assurance that solar systems can be integrated into an organization’s operations with no hassle. ZE also suggests clients with respect to best financing model for solar and also helps with executing the same

They do not just focus on cost efficiency but also on long term energy optimization. Zenith Energy’s team of experts guides through the maze of government incentives, permits, and compliance requirements. This holistic support enables businesses to adopt renewable energy with confidence, unlocking huge financial savings while contributing to a cleaner and more sustainable environment.

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Budget 2020 live updates | Nirmala Sitharaman proposes FDI in education, sector allocated over ₹99,000 crore

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Budget 2020 live updates | Nirmala Sitharaman proposes FDI in education, sector allocated over ₹99,000 crore

Union Finance Minister Nirmala Sitharaman’s second Budget is being presented in Lok Sabha. It is expected to announce measures to restore economic growth and to set out a clear road map for achieving the ambitious target of $ 5 trillion economy by 2025.

Here are the latest updates:

12.30 p.m.

A taxpayer charter is to be enshrined in the statutes to avoid citizen harassment. Major reforms proposed in recruitment in non-gazetted posts in government and public sector banks. Govt to set up National Recruitment agency for recruitment to non gazetted posts.

New National Policy on Official Statistics proposed. Clean, reliable, robust financial sector critical for economy.

12.20 p.m.

Indian Institute of Heritage and Conservation to be set up, with the status of a deemed university.

Five archaeological sites will be developed as world-class sites – Rakhigarhi, Haryana; Hastinapur, UP; Sivasagar, Assam; Dholavira, Gujarat; Adichanallur, TN.

A Tribal Museum is proposed in Ranchi.

Ministry of Culture – ₹3,150 crore.

India’s tourism sector grew at 7.8 per to 1.88 lakh crore from 1.75 lakh crore. ₹2,500 crore allocated to promote tourism

Coalition for Disaster Resilient Infrastructure launched from September 2019. Its implementation will be from January 2021.

₹4,400 crore allocated to promote clean air in cities with 1 million population.

She quotes the Thirukkural: Piniyinmai Selvam Vilaivinpam Emam Aniyenpa Naattiv Vaindhu (A country’s jewels are these five: unfailing health, farm productivity, and joy, a good defence, and wealth)

National Security is the top priority of this government. She compares Ayushman Bharat initiative to Thiruvalluvar’s emphasis on a healthy nation. As FM compares Mr. Modi with Thiruvalluvar, Opposition begins slogan shouting.

12.10 p.m.

The govt proposes to expand the national gas grid from 16,200 km to 27,000 km.

Soon there will be a policy to enable the private sector to build data centre parks throughout the country. Fibre to Home connections through Bharat Net will link 1 lakh gram panchayats this year itself. The Bharat Net programme will be allocated ₹6,000 crore.

Budget proposes to provide Rs.8,000 crore over five years for the National Mission on Quantum Technology and Applications.

‘Beti Bachao, Beti Padhao’ has yielded tremendous results, she says, and other Members in the House raise their voices against the Minister’s statement. Gross enrollment is higher than boys, she says. I would request you not to politicise the issue, FM tells Opposition MPs.

₹35,600 crore allocated for nutrition-related programmes.

We will appoint a task force to look into the issue of low age of girls entering motherhood.

SC and OBC development – ₹85,000 crore

ST development – ₹53,700 crore

Senior citizens and persons with disabilities – ₹9,000 crore.

12 noon

The National Infrastructure Pipeline presents a huge employment opportunity. A National Logistics Policy to be released soon.

Chennai-Bengaluru Expressway to be started.

Within 100 days of the governments formation, it has eliminated unmanned level crossings, and aimed to achieve electrification of 27000 km of lines. We plan a large solar power capacity for Indian Railways, alongside the rail track on the land owned by the Railways.

The government also proposes a Bengaluru suburban rail project at a cost of ₹18,600 crore.

Govt to monetize 12 lots of national highways by 2024. 100 more airports will be developed by 2024 to support UDAN.

Budget proposes to provide ₹1.7 lakh crore for transport infrastructure in 2021. Aircraft fleet size will increase to 1,200 planes by 2024.

Govt urges the States to replace the existing energy meters with prepaid smart meters.

Budget to provide ₹22,000 crore to power and renewable energy sector.

11.50 a.m.

An Investment Clearance Cell to be set up to provide end to end facilitation services, including free investment advisory, information related to land banks. It will work through a portal. Five new smart cities have been planned.

India needs to attract large investments in electronics manufacturing. She proposes a scheme for encouraging investment in this. She also proposes a National Technical Textiles Mission with an outlay of ₹1,480 crore over 4 years to cut down imports.

All ministries will issue quality standards. A new scheme, NIRVIK will be launched. Reversion of duties and taxes on exported products to be launched this year

Each district is to become an export hub, she says. Budget to provide ₹27,300 crore for development and promotion of industry and commerce in 2021

11.45 a.m.

Minister proposes FDI and ECB in education.

150 higher education institutions to start apprenticeships. Urban Local Bodies to provide internships opportunities for fresh engineers for a year.

In order to provide quality education to students of deprived sections, it is proposed to start a degree level full-fledged online education programme.

Under the Study in India programme, an INDSAT exam is proposed to be held in Asian and African countries. A National Police University and National Forensic Science University are proposed.

There is a shortage of qualified medical doctors. For this, it is proposed to attach a medical college to existing district hospitals under PPP mode.

Education sector – ₹99,300 crore

Skill development – ₹3,000 crore.

11.40 a.m.

Swachch Bharat mission to get ₹12,300 crore

The Minister moves on to wellness, water and sanitation.

Fit India movement is a vital part of the fight against non-communicable diseases.

The government proposes to set up hospitals in Tier-II and Tier-III cities with the private sector using PPP.

The Minister also proposes to expand Jan Aushadhi Kendra.

Health sector allocation – ₹69,000 crore.

Swachch Bharat mission – ₹12,300 crore

11.30 a.m.

Railways to launch Kisan Rail for cold storage

The Indian Railways will set up Kisan Rail for cold storage of perishable goods through the PPP model. Krishi UDAN will be launched by the Ministry of Civil Aviation on international and national routes.

For the horticulture sector, with its current produce of 311 million metric tonnes exceeds the production of foodgrains. For better marketing and exports we will support States which support ‘one product, one district’.

Integrated farming systems in rain-fed areas will be established.

Youth and fishery extension work to be enabled by rural youth as Sagar Mitras, 500 fish farmer producing organisations to be set up.

Financing on negotiable warehousing receipts has already crossed ₹6,000 crore.

Agricultural credit target has been set at ₹15 lakh crore. All eligible beneficaries of PM Kisan will be covered under Kisan Credit Card scheme.

MNREGA will be dovetailed to create fodder farms.

By 2022-23, she proposes raising fish production to 200 lakh tonnes.

58 lakh SHGs have been mobilised to alleviate poverty.

The fund allocation for all these steps: for the sector comprising agriculture, allied activities – ₹2.83 lakh crore.

11.21 a.m.

Govt committed to doubling farm income by 2022

The government is committed to doubling farm income by 2022.

The first thing is to encourage State governments to implement model laws passed by the central government — Model Agri Land Leasing Act, 2016, APMC, 2017 and Contract Farming, 2018.

The second action point is comprehensive measures for 100 water-stressed districts.

The third action point is to provide 20 lakh farmers with stand-alone solar pumps. We shall also help another 15 lakh farmers to solarise their farms.

The fourth is to encourage balanced use of all kinds of fertilisers. This is to change the current incentive regimes, she says.

She then quotes the Aathichudi by Auvaiyar. Bhoomi Thiruthi Unn (Take care of your land first).

The next is a proposed village storage scheme run by self-help groups. Women SHGs can get assistance from NABARD or Mudra.

11.20 a.m.

She reads out a Kashmiri poem, which she then translates in Hindi.

Hamaara watan Khilte Shalimar bagh ke tarah

Hamara watan Dal lake mein Khilte hue Kamal jaisa hai

Naujawano ke garam Khoon jaisa hai

Mera watan tera watan hamara watan, Duniya ka sabse pyara watan

Our country is like a blooming Shalimar Bagh,

Our country is like a lotus blooming in Dal Lake

Its like the warm blood flowing through our youth’s veins

My country, your country, our country, The world’s most adorable country.

11.10 a.m.

The implementation of schemes and programmes that directly benefited the poor and the disadvantaged was sped up and scaled up, says the Finance Minister. She lists Ayushman Bharat, UPI, affordable housing through PMAY etc. The milestones achieved are unprecedented, globally recognised, she says.

We have moved on from a growth rate of just over 4% to around 7% in 2014-19.

Inflation was 9% in the last two decades, she says. We are now the fifth largest economy in the world, says Nirmala Sitharaman.

Our government shall work towards taking the country forward so that we can leapfrog to the next level of wealth, prosperity and well-being, she says.

Three prominent themes in the Budget are — aspirational India, economic development for all, a caring society that is both humane and compassionate.

The digital revolution which has placed India in a unique position globally will govern the future. We shall aim speedy delivery of services, she says.

11 a.m.

Nirmala Sitharaman begins her Budget speech

House is in session. Speaker Om Birla is in the Chair. Papers are laid on the table.

Finance Minister Nirmala Sitharaman rises to lay on the table the report of the 15th Finance Commission.

Ms. Sitharaman then presents a statement of estimated receipts and expenditure.

She then rises to present the Union Budget 2020-21. “In May 2019, Prime Minister Narendra Modi received a massive mandate to form the government again. People of India have unequivocally given their janaadesh for not just political stability, but have also reposed their faith in our economic policy. Let our businesses be innovative, healthy and solvent with use of technology.

Ms. Sitharaman presents a picture of “vibrant India” with what she calls the “gentle breeze of technology” to uplift minorities.

The Minister calls GST as historic and mourns the passing of Arun Jaitley, whom she calls the “architect of GST”. GST has integrated the country economically, she says, and has resulted in the formalisation of the economy. The turnaroud time for trucks has reduced by 20%. Inspector Raj has vanished, she says.

The average family has saved 4% of its monthly spending on account of reduced GST rates. We have added 60 lakh new taxpayers, she says.

10.45 a.m.

Merge ‘Make in India’ with ‘Assemble in India’ to create jobs: Eco Survey

The economic survey 2019-20 urged the government to integrate ‘Make in India’ with ‘Assemble in India’ to create 4 crore jobs by 2025. The survey pointed out that the current international trade environment presents an opportunity for India to chart a China-like, labour intensive, export trajectory. This in turn will create jobs for the youth, the survey said.

Officials check the Union Budget 2020 documents outside the Parliament building in New Delhi   | Photo Credit: R.V. Moorthy

  By integrating ‘Assemble in India for the world’ into ‘Make in India’, India can raise its export market share to about 3.5% by 2025 and 6% by 2030. This will create 8 crore by 2030, the survey said.

Delhi should get even more in this Budget, says Kejriwal

“People of Delhi hope that the Centre will protect the interests of Delhi. In view of the elections, Delhi should get even more. The budget will show how much the BJP cares about Delhi,” said Delhi Chief Minister Arvind Kejriwal in a tweet on Saturday.

10 a.m.

Congress hopes Union Budget will provide relief to salaried class, invest in rural India

The Congress expressed hope that the Union Budget 2020 would provide relief to the salaried class through tax cuts and invest in rural India besides providing a healing touch to the common man and industry facing “hardship” since demonetisation.

Congress chief spokesperson Randeep Surjewala said the last budget led to crashing consumption levels, soaring unemployment and falling GDP.

“Budget 2019= Consumption crashed, Unemployment soared, Farm distress surged, Incomes declined, Investments slumped, Public spending fell, GDP nose dived!,” Mr. Surjewala tweeted.

“Yet, Modiji gave Corporate Tax Cuts of ₹1,45,000 crore. Let Budget 2020 give tax cuts to Salaried Class and invest in Rural India,” he said.

– PTI

9.45 a.m.

Ahead of Budget, Sensex slumps over 200 pts, Nifty tests 11,900

Market benchmark Sensex slumped over 200 points in opening session on Saturday ahead of the release of the Union Budget.

After shedding 279 points in early trade, the 30-share BSE index was trading 124.96 points or 0.31% lower at 40,598.53, and the broader NSE slipped 23.10 points, or 0.19%, to 11,939.

In the previous session, Sensex settled 190.33 points, or 0.47%, lower at 40,723.49, after the Economic Survey suggested relaxing fiscal deficit target to boost growth from a decade low.

Likewise, the broader NSE Nifty shed 73.70 points, or 0.61%, to finish at 11,962.10.

    9.15 a.m.

‘Bahi-khata’ makes a comback in this years’ budget presentation

Like last year, Finance Minister Nirmala Sitharaman carried the 2020 Union Budget documents in a red bag, reminiscence of the traditional bahi-khata.

Finance Minister Nirmala Sitharaman holds budget papers during a photo opportunity as she leaves her office to present the Budget in the Parliament in New Delhi, India   | Photo Credit: Reuters

  Earlier, Finance Ministers in different governments used to carry a briefcase to present budget, which was considered as a tradition of colonial past.

Ms. Sitharaman is presenting the full Budget for 2020-21. She is carrying the Budget documents in a red silk bag with national emblem.

During the Atal Behari Vajpayee government, the then Finance Minister Yashwant Sinha broke the one colonial tradition of budget presentation at 5 p.m. Since then all governments have been presenting the budget at 11 a.m.

Bahi-Khata is referred to books of account maintained by traditional Indian businessmen.

    Better to focus on growth than on fiscal deficit in current situation: CEA

Ahead of Finance Minister Nirmala Sitharaman’s second Budget, Chief Economic Adviser K.V. Subramanian suggested the government should focus on growth rather than being rigid on fiscal deficit in times of slowing economy.

Union Finance Minister Nirmala Sitharam with MoS Finance Anurag Thakur and Finance Budget team during photo shoot on the eve of the Union Budget presentation, at North Block office in New Delhi   | Photo Credit: Sushil Kumar Verma

  The government can look at option of increasing market borrowing to fund higher expenditure by the government in 2020-21, he said adding that if need be, the government can resort to higher market borrowing this fiscal.

“So, we’ve delineated the overall stance that needs to be taken in times like this. India has been in such situations earlier as well. There’s always a delicate balance between spurring growth and keeping the fiscal (situation) in order,” Mr. Subramanian told PTI in an interaction.

“The view that we have articulated is that it’s better at this point to lean on growth. When you look at the debt-to-GDP ratio, the denominator is the GDP, and our analysis has also shown that when GDP growth increases, the debt-to-GDP ratio falls as well,” he said.

It is time to focus on growth and, therefore, cutting expenditure is not an option, probably because at a time like this, growth needs to be taken care of, he added.

– PTI

    Fiscal deficit hits 132% of Budget Estimate till December

The government’s fiscal deficit touched 132.4 per cent of the full-year target at December-end mainly due to slower pace of revenue collections, official data showed on Friday.

In actual terms, the fiscal deficit or gap between expenditure and revenue was Rs 9,31,725 crore, the data released by the Controller General of Accounts (CGA) showed.

The government aims to restrict the gap at 3.3 per cent of the GDP or Rs 7,03,760 crore in the year ending March 2020.

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