Assam Chief Minister Himanta Biswa Sarma on Sunday said the energy sector would play a key role in driving the state’s next phase of economic growth, with new solar, pumped-storage and battery projects expected to attract more than Rs 80,000 crore in investment and create nearly 40,000 jobs.

In a post on X, CM Sarma said the planned expansion of the state’s clean energy ecosystem would open up new employment and economic opportunities, particularly for Assam’s youth.

“The energy sector will be a key driver of Assam’s next phase of growth,” the Chief Minister said, highlighting the potential of renewable energy and energy-storage projects to transform the state’s investment landscape.

According to CM Sarma, the proposed projects span solar power generation, pumped-storage systems and battery projects, indicating a broader push towards building infrastructure capable of supporting Assam’s future energy requirements.

The investment potential of over Rs 80,000 crore could give a significant boost to the state’s industrial and infrastructure development, while the projected creation of nearly 40,000 jobs is expected to provide fresh opportunities for the local workforce.

The Chief Minister’s announcement comes as Assam seeks to accelerate industrialisation and attract large-scale investments across emerging sectors. The state government has increasingly focused on renewable energy and infrastructure as part of its broader strategy to create jobs and strengthen the economy.

Solar projects could help expand Assam’s renewable power generation capacity, while pumped-storage facilities can provide large-scale energy storage and improve the flexibility of the power grid. Battery projects, meanwhile, could support the growing demand for energy-storage solutions as renewable power generation expands.

CM Sarma said emerging energy opportunities would be particularly important for the state’s young population, signalling the government’s focus on linking investment with employment generation.

The proposed projects are also expected to strengthen Assam’s position as an emerging destination for clean-energy investments in the Northeast.

With more than Rs 80,000 crore of investment potential and nearly 40,000 jobs in the pipeline, the energy sector is set to become an important pillar of Assam’s economic expansion, the Chief Minister indicated.

Mumbai, Sep 12: India has become the fourth largest holder of foreign exchange reserves in the world after the record surge in dollar inflows triggered by the Reserve Bank of India’s (RBI’s) foreign currency non-resident (bank) (FCNR(B) deposits scheme, according to data.

With the $44.9 billion increase in its forex kitty to a record $785.7 billion during the week ended September 4, India has dislodged Russia from the fourth spot and is now ranked only behind China, Japan, and Switzerland, the data compiled by Bloomberg showed.

The record increase in the foreign exchange reserves has taken place despite a decline in the gold reserves component by $2.59 billion to $113.81 billion during the week as gold prices fell.

An increase in the foreign exchange reserves reflects strong fundamentals of the economy and gives the Reserve Bank of India (RBI) more headroom to stabilise the rupee when it turns volatile.

A strong forex kitty enables the RBI to intervene in the spot and forward currency markets by releasing more dollars to prevent the rupee from going into a free fall.

Meanwhile, the RBI has announced a Rs 1 lakh crore open market operation (OMO) sale of government bonds to mop up the excess liquidity in the banking system that has resulted from the strong inflow of foreign currency.

The RBI will sell government securities worth Rs 1 lakh crore in three tranches — Rs 50,000 crore on September 17, Rs 25,000 crore on September 21, and another Rs 25,000 crore on September 28. The auctions will be conducted through the multiple-price method using a multi-security auction.

Earlier, the Reserve Bank had raised over Rs 3.53 lakh crore through an overnight Variable Rate Reverse Repo (VRRR) auction with a 1-day tenor on Monday, to absorb surplus cash from the banking system.

A VRRR auction is a monetary policy tool used by a central bank to absorb excess cash from the banking system and ensure financial stability in the economy.

The RBI has stepped up liquidity absorption operations as the banking system has been flooded with funds following large inflows through the special FCNR(B) deposit scheme.

RBI’s special dollar-rupee forex swap facility for FCNR(B) deposits, Overseas Foreign Currency Borrowings (OFCB) and External Commercial Borrowings (ECB), launched on June 8 this year, has driven an unprecedented surge in foreign exchange inflows into the country to the tune of $73 billion in less than 11 weeks of the launch.

The response was strong enough for the RBI to advance the closure of the FCNR(B) window itself, from September 30 to August 31, having already achieved its objective ahead of schedule.

Mumbai, Sep 12: The Indian equity benchmarks posted notable losses for the fifth consecutive week amid a sharp rise in crude oil and worries over global interest rates.

Nifty declined 2.09 per cent during the week and shed 0.34 per cent on the last trading day to reach 23,398. At close, Sensex was down 120 points, or 0.16 per cent, at 74,781. It lost 2.27 per cent during the week.

Analysts said that global macro developments weighed on investor sentiments. A firmer US inflation backdrop and rising Treasury yields — with the 10‑year US yield approaching the 5 per cent mark — reinforced expectations of a higher‑for‑longer rate environment and tightening global financial conditions.

The sell-off was broad-based, with major sectors ending lower during the week. Nifty realty emerged as the biggest loser on NSE down 6.54 per cent on a weekly basis. The Nifty IT index shed around 5.78 per cent during the week.

Indian equities saw sharp volatility due to the newly launched closing auction session, particularly on derivatives expiry days.

Crude oil emerged as the dominant headwind for domestic equities as attacks on tankers in the Strait of Hormuz intensified and Iran-aligned Houthi forces threatened oil shipments from the Red Sea region.

WTI Crude surged over 9.5 per cent moving above $104 per barrel, while Brent crude surged more than 8.5 per cent during the week.

Analysts noted that the crude price volatility has heightened India’s inflation risks and external-sector risks, with the potential to raise input costs and pressure corporate margins while reinforcing expectations of a higher-for-longer global interest-rate environment.

Broad market indices performed in line with the benchmark indices, as Nifty Midcap100 declined 1.40 per cent and Nifty Smallcap100 shed 0.94 per cent during the week.

The 23,300 zone remains the immediate support area for Nifty, while 23,500–23,600 region remains the immediate resistance zone.

Immediate support for Bank Nifty is placed around 56,200–56,000, while the 56,700–56,800 zone remains the key resistance area, market participants said.

Foreign institutional investors-led selling also emerged as another headwind for domestic equities. FIIs net sold Rs 1,795.19 crore worth of equities during the week, while domestic institutional investors (DIIs) net bought Rs 6,419.46 crore of equities.

Global macroeconomic and geopolitical risks are likely to keep Indian equities on edge in the week ahead, with crude oil prices, developments in the Middle East and shifting expectations for US monetary policy emerging as the key drivers of market sentiment, an analyst said.