Business
Misplaced activism undermining development: The Hasdeo story
What does Parsa in Hasdeo, Chhattisgarh, have in common with the northwest German village of Lutzerath or Brasilia in Brazil? They are hubs for protests against coal mining, with well-funded activists taking the forefront citing lack of protection for indigenous reserves.
In Chhatisgarh, the ‘adivasis’ (tribals) in Hasdeo have been resisting the destruction of their lands because of the coal mines in which Rajasthan government’s owned power company, Rajasthan Rajya Vidyut Utpadan Nigam Limited, has invested heavily for commissioning of 4,400 MW of thermal power stations.
They are supposed to source coal from its three Parsa East-Kanta Basan (PEKB), Parsa and Kente Extension Coal Blocks with annual production of close to 30 million tonnes.
However, it has been able to produce only half of it from the first phase of PEKB Block while both Parsa and Kente Extension coal blocks have failed to take off, courtesy the protests.
Meanwhile, in Brazil, indigenous groups have held many protests to pressure lawmakers into strengthening protection for indigenous reserves and limit illegal activity by miners and ranchers encroaching on their territory.
In Germany, protestors in Lutzerath are protesting the planned expansion of a nearby coal mine as they believe that the village has long been doomed to disappear to allow the gigantic Garzweiler open-pit lignite mine to expand further.
But Parsa’s case differs from Brazil and Germany. The vast majority of Brazil’s electricity is produced by hydro power with just 3 per cent coming from coal, some of which is imported.
Germany, on the other hand, is planning to abandon coal by 2030 as part of the transition away from fossil fuels and toward cleaner energy sources.
In India, the major production of electricity is achieved through coal, which is around 75 per cent of the total power generation. India’s per capita electricity consumption is half of Brazil, one-fourth of China and sixth of Russia among BRIC nations.
India has the fifth largest coal reserves in the world and it is the most affordable fuel for the developing nation.
Also, unlike Brazil, Parsa’s units are not illegal. The five petitions filed by protestors against the coal mines in Parsa at the Chhattisgarh High Court have been rejected.
But both the mines are still facing the heat of the protests, making the financial condition of hundreds of families, who willingly offered their land for the critical mine project a couple of years ago, worse.
Locals are neither able to carry on their agriculture activities nor are there any job prospects due to delayed mining projects. They are compelled to live on the money they received as compensation for their land.
Besides, thousands of direct and indirect jobs in the underdeveloped region, Rajasthan power utility is estimated to pay nearly Rs 2,000 crore to the Chhattisgarh government in terms of various taxes and royalties. Hence, it is critical for the financially weak state-owned power utilities to have captive coal blocks since there are unable to afford expensive imported coal.
But what the activists behind this smear campaign, who the locals believe are sponsored, don’t understand is that Rajasthan will plunge into severe power crisis if it fails to kickstart coal production from the second phase of PEKB Block where it is not possible to recover coal anymore from the first phase. Also, coal production from Parsa and Kente Extension blocks is critical for Rajasthan’s energy security in the future.
A senior official from Ventura Securities last week said steep electricity prices will not only affect households but also have an impact on the overall economy as well. Especially at a time, when the country is trying to be self-sufficient and self-reliant and is in the process of becoming a stiff competitor to international market giants like China.
As far as environmental hazards go, to say that the economic landscape for coal mining has changed dramatically in the past two decades won’t be incorrect.
According to a report by Coal Ministry in 2021, the government has put major thrust on sustainable development in coal mining and is taking multi-pronged action on both environmental and social fronts.
The Coal Ministry has moved forward with a comprehensive sustainable development plan and has initiated its speedy implementation.
Primary focus is on making immediate social impact through Out of Box measures, besides regular environmental monitoring and mitigation during mining operation.
PEKB, Parsa and Kente Extension blocks will be operated by long-term agreement for Mine Development and Operations (MDO) instead of conventional and inefficient short-term contracts for coal excavation.
In the case of MDO model, the mine developer and operator must ensure “responsible mining” practices. This compels mining companies to address the interests of all the stakeholders, including the local community and the government.
According to Indian legal and regulatory frameworks, the lease holder of the coal mine must compensate for tree felling by even higher afforestation. Both PEKB Block’s second phase and Parsa blocks have received all the approvals from the local communities, state and Central government authorities.
Rajasthan is facing hurdles on account of misinformation spread by a handful of professional activists targeting the development of its coal blocks.
The debaters are arguing that Rajasthan’s coal blocks will affect the biodiversity of Hasdeo forests by undermining Rajasthan’s impressive records in afforestation.
Rajasthan power utility has planted more than eight lakh trees to compensate for the impact on the local ecology to make PEKB Block the model mine in the country.
Rajasthan’s power utility is one of the first mining lease holders to deploy heavy duty tree transplanters to relocate more than 9,000 trees instead of cutting them down. Further, Chhattisgarh’s Forest Department has already planted more than 60 lakh trees.
In absence of desired support from the locals of the mining areas, resourceful activists have launched big budget social media campaigns. In April 2022, project-affected people came together in large numbers to urge the Chhattisgarh government to allow Rajasthan for its mining operations. However, the situation is still far from desirable.
Business
‘Its Prime Real Estate’: Anand Mahindra Expresses Awe At Grandiose Of Brabus Big Boy 1200
In the City of Dreams that is Mumbai, one of the biggest ‘dreams’ of most who live in the metropolis is to find an abode, that they can call it their own. Real estate in Mumbai is known for its sky-high pricing, with figures of Rs 10-15 crore not surprising anyone.
The Motorhome
Space is a major issue in city, given the paucity of it, in a region that encompasses millions. However, what happens when the space is not only available but also mobile? That is precisely what a ‘motorhome’.
It may not been the most commonly seen or discussed avenue in this part of the world, but in other parts of the world, particularly in the US, an RV or recreational vehicle is the way of life, either by choice or by circumstance.
Mahindra Group chairman, Anand Mahindra recently reacted to one such motorhome. In a post on X, he shared a minute-long clipping of the Brabus Big Boy 1200. This is an uber-luxe, profligate motorhome manufactured by the German automobile company Brabus.
Mahindra, while reacting to the video of a person showing around the bus said, That’s not transport. It’s prime real estate.”
And one may arguably agree with Mahindra on this. The vehicle is extravagant and has a length of 12 meters or 39.4 ft and over 30 square meters or 320 sq ft. For context, the average size of homes in city of Mumbai hovers around 400-700 sq ft.
What Are The Features Of This Motorhome?
In addition, the vehicle also has two electrically extendable slide-outs on each side. These slide-outs can extend the bedroom and saloon to a width of 4.50 meters.
In addition, the motorhome also consists of a double bed measuring 160 x 200 centimeters.
A closet is integrated into the rear wall of the vehicle.
For amusement, the vehicle also has a desk and a 43-inch 4K television. Here one could watch TV programs that have been made available on the system play games on the integrated Playstation 5 system.
In addition, one can also connect to the internet through the Starlink system.
When it comes to the vehicle, it runs on a12.8-liter six-cylinder turbodiesel engine. This engine can deliver 390 kW / 530 hp and can generate a maximum torque of 2,600 Nm.
The vehicle is priced at around USD 1.5 million or a whopping Rs 12 crore.
Business
Maha will play key role in achieving India’s $5 trillion economy goal: Minister Tatkare
Nagpur, Dec 21: Representing Maharashtra in the pre-Union Budget meeting held in Jaisalmer, Minister Aditi Tatkare on Saturday assured that Maharashtra would play a pivotal role in India’s journey towards becoming a $5 trillion economy.
She emphasised the need for special financial assistance to the state in the upcoming Union Budget.
Minister Tatkare presented Maharashtra’s vision, highlighting its strategic role in realising the Prime Minister’s goal of a ‘Viksit Bharat’ by 2047.
Minister Tatkare outlined several critical issues and proposals for inclusion in the Union Budget. She urged the finance minister for central assistance for state Capital Investment by enhancing the allocation under the Scheme for Special Assistance to States for Capital Investment.
She emphasised the need for streamlining fund disbursement timelines to provide qualifying states with a minimum one-year utilisation window.
In the wake of rapid urbanisation, Minister Tatkare called for central support to tackle the challenges faced by the state.
“Maharashtra, with urbanisation expected to surpass 50 per cent in the upcoming census, faces challenges in resource mobilisation for urban local bodies (ULBs). The state government urges support for ULBs to access long-term loans for planned urban development and infrastructure enhancement,” she said.
Under the MukhyaMantri Saur Krushi Vahini Yojana 2.0, aimed at solarising agricultural feeders, Minister Tatkare sought increased targets and funding allocations for Maharashtra.
She requested expansion of Battery Energy Storage System (BESS) capacity from 500 MWh to 9,000 MWh to meet the state’s energy storage goals.
In order to further boost the modernisation of the home department, Minister Tatkare sought funds on a 60:40 basis, for projects such as digital forensic labs, mobile forensic vans, AMBIS systems, and the Cyber Security Project (Rs 837.86 crore).
She highlighted the need for funding major initiatives like Dial 112 emergency services integration and Maharashtra Police Station CCTV projects.
She urged financial support for faster case disposal through enhanced infrastructure for the judiciary.
She requested funding for constructing the Bombay High Court Complex in Bandra (East), estimated at Rs 3,750 crore.
Further, to push the implementation of the Mumbai Metropolitan Region (MMR) economic master plan, Minister Tatkare proposed a special package.
The master plan is aligning with NITI Aayog’s vision to transform MMR into a national growth hub by 2030.
According to NITI Aayog, the MMR has a potential to increase its GDP to $300 billion by 2030 from the present level of $140 billion.
The Centre’s public policy think tank has asked the Maharashtra government to concentrate on seven growth drivers and attract investment of $125-135 billion from the private sector to achieve the target.
In a bid to push the state government’s ambitious plan to make Maharashtra drought-free, the state government has sought central government support to include state-funded river-linking projects like Wainganga-Nalganga and Damanganga-Godavari under the National Interlinking of Rivers Scheme.
Further, the state government appealed to the Centre to ease revenue expenditure pressures to create fiscal space for capital projects and establish a ‘Kisan Vishesh Sahayata Nidhi’ to compensate farmers affected by trade policy interventions.
The state government also appealed for the enhancement of funding for ongoing schemes like the Jal Jeevan Mission and financial assistance for disaster-affected areas.
Minister Tatkare said the comprehensive representation highlighted Maharashtra’s ambitions and challenges, ensuring the state’s priorities were well-articulated for the Union Budget deliberations.
She reiterated Maharashtra’s commitment to becoming a cornerstone of India’s economic growth and development trajectory.
Business
Domestic stock markets to end 2024 on positive note, Nifty clocks 13 pc gain
New Delhi, Dec 21: Riding on resilient economic growth, the domestic stock markets are ending 2024 on a positive note, with Nifty registering a 13 per cent gain (year-to-date) — its ninth consecutive year of positive gains, a Motilal Oswal Wealth Management report said on Saturday.
The first half of the year saw robust corporate earnings, a surge in domestic flows, and a resilient macro landscape, driving the Nifty to an all-time high of 26,277 in September.
In fact, the markets navigated significant events, such several global geo-political issues, General Elections and Budget in India, and any dips were swiftly met with strong buying activity, the report mentioned.
“The year 2025 could unfold as a tale of two halves. The first half may continue to see market consolidation, while a recovery could take place in the second half,” it added.
In the last two months, the market has corrected 11 per cent from its all-time high, amid selling by foreign institutional investors (FIIs) due to a combination of domestic and global factors.
Going forward, the Indian markets are likely to face significant influences from a combination of global and domestic economic events.
The anticipated rate cut by the RBI in February, the ongoing trend of US rate cuts, and the expectations surrounding trade policy changes post Donald Trump taking over as US President in January will contribute to market volatility.
“Additionally, the Union Budget in February will offer important signals to the market. With a fragile global economic environment and mixed macroeconomic factors at home, the market is expected to remain in consolidation mode in the near term,” the report noted.
Earnings are expected to recover in H2 FY25, driven by increased rural spending, a buoyant wedding season, and pickup in government spending.
“We further expect earnings to gain momentum, delivering a 16 per cent CAGR over FY25-27E. We remain optimistic about the long-term trend, given the strength of corporate India’s balance sheets and the prospects for robust, profitable growth,” the report said.
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