India's Net Zero Quest: The CCUS Leap
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In today's edition of Business Bytes we discover:
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Kharif crop sowing surges with favorable monsoon
Kharif crop sowing in India is progressing well, aided by surplus monsoon rains across most regions, with a slight increase compared to last year. As of now, 97.98 million hectares have been sown, covering 90% of the normal sown area. Key crops like paddy, pulses, oilseeds, and sugarcane have shown a 1.3% year-on-year increase in sown areas.
LEAD STORY
India is taking a step towards its net zero emissions target by 2070 with the launch of the National Carbon Capture, Utilisation, and Storage (CCUS) Mission. This initiative aims to decarbonize hard-to-electrify industrial sectors, reduce CO2 emissions, and pave the way for a sustainable future. By promoting CCUS technologies and collaborating with industry and academia, India is set to revolutionize its approach to carbon management and climate goals.
HIGHLIGHT OF THE DAY
The Ministry of Road Transport and Highways (MoRTH) has revealed that Phase-I of the Bharatmala Pariyojana, a key initiative of the government, is slated for completion by 2027-28. This project, designed to enhance economic corridors, interstate routes, and feeder roads, aims to handle a significant portion of road freight traffic.
Coal’s share to drop to 67% as renewable energy surges
India is set to see a significant shift in its power generation, with coal-based power’s share projected to fall to 67% by fiscal year 2025-26. This decline, driven by a major push towards renewable energy (RE), contrasts with the previous rise in thermal power’s share due to increased demand. The government’s plan to add over 50 gigawatts of RE capacity is expected to boost RE’s contribution to 20% of the power mix, marking a notable shift towards cleaner energy sources.
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FACT OF THE DAY
14-year-old Kartik from Jhanswa has made waves with six patents in tech innovation and AI, and even authored a book on future technology. His standout creation, Shrikunj, is an audiovisual newspaper that allows users to listen to news at the touch of a button. Inspired by his illiterate mother’s wish to enjoy the news, Kartik had her unveil Shrikunj, making technology accessible to all.
Pharma ingredient producers to see 7-8% revenue surge by 2029
ICRA’s report projects that the revenue for domestic active pharmaceutical ingredient (API) producers in India will grow by 7-8% annually through 2029. Revenue is expected to increase from USD 13-14 billion in 2023, driven by the pharma ingredient? formulations sector, an aging population, rising chronic disease rates, and a growing demand for contract manufacturing.
Operating profit margins for API companies are likely to improve by FY2025. Despite previous challenges such as fluctuating earnings due to volatile raw material costs and supply chain issues, the industry is on track for steady growth.
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