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Biofuel manufacturer and aggregator Buyofuel has been named as one of the top 100 international start-ups in the ‘Clean Energy and Storage’ category for the SET Award 2024. The SET100 list, a compilation of the top 100 SET Award applications, was launched in 2017 in collaboration with the World Energy Council to provide a platform for young companies to showcase innovative solutions. With over 430 start-ups from 75 countries competing for recognition, Buyofuel's consecutive selection for two years has been deemed an honor for the clean-tech start-up. CEO Kishan Karunakaran expressed gratitude for the recognition, highlighting the company's commitment to leveraging technology for positive change in India's biofuel sector. The SET100 start-ups are at the forefront of reshaping industrial operations towards a net-zero horizon by integrating technological innovation with sustainability principles to reduce carbon emissions in key sectors like agriculture, manufacturing, and energy production. 
Samunnati, an agri-value chain financier based in Chennai, has reported a significant turnaround in its financial performance for the fiscal year 2023-24, with a profit before tax of ₹21.8 crore compared to a loss of ₹129.7 crore in the previous year. The company attributed this success to higher disbursals to agri enterprises and farmer producer organisations, with disbursements up 27 per cent to ₹3,525.6 crore. Additionally, sales of Samunnati Agro rose by 31 per cent to ₹2,210 crore. Investors have shown strong support for Samunnati, with equity infusion and debt equity improving the company's net worth to ₹766.5 crore. Looking ahead, Samunnati aims to deepen its engagement in climate and sustainable agriculture, targeting a run-rate of ₹9,000 crore for the current financial year.
Germany has recently introduced new aviation taxes, effective from May 1, ranging from €15.53 to €70.83 per ticket based on the route distance. The International Air Transport Association (IATA) has criticized this move, highlighting its negative impact on Germany's competitiveness and economic recovery. The taxes are expected to affect passengers traveling to and from Germany, with potential implications for tourists, students, and the aviation industry. P Murugesan, from the Travel Agents Association Of India, expressed concerns about the impact on public travel via German airports, with many passengers rerouting their plans through other countries. IATA's Director General, Willie Walsh, emphasized the detrimental effects of these taxes on Germany's economy and urged the government to reconsider its tax regime, emphasizing the importance of prioritizing measures to improve Germany's competitive position and encouraging trade and travel instead of implementing short-term cash-grab policies.
In a bid to modernize food procurement and distribution processes, the Uttar Pradesh Food and Civil Supplies Department (UPFCSD) has partnered with Ingen Technologies to install GPS devices in 8,000 vehicles used for transporting foodgrains under the National Food Security Act. This move aims to enable real-time monitoring of vehicle movement, adherence to predefined routes, and prompt notification of any deviations or delays. The company's vehicle tracking system, SecuTrak, will be utilized for foodgrain procurement and automation of fair price shops, ensuring operational optimization, enhanced transparency, and timely delivery of essential goods. Ingen Tech's Co-Founder & CTO, Ashish Agarwal, expressed confidence in revolutionizing logistics management across various sectors and delivering tangible benefits to the people of Uttar Pradesh through efficient and transparent distribution of food grains.
Client Associates, a leading wealth management firm in India, has expanded into asset management with the launch of its maiden fund, Client Associates Alternate Fund (CAAF), which has already raised ₹300 crore and aims to reach ₹500 crore with a green shoe option. The fund will focus on high-growth companies in India's consumer and financial services sectors, targeting pre-Series A to Series B stage companies with planned investments ranging from ₹10 to ₹50 crore per company. With a current Assets Under Advisory of $5.5 billion and over 1100 relationships with HNIs and UHNIs families, Client Associates is confident in delivering superior outcomes for its clients in this new venture.
Sri Lanka has recently finalized a 20-year power purchase agreement with Adani Green Energy for the development of 484 megawatt wind power stations in the northeast region. Energy Minister Kanchana Wijesekara announced that the negotiated tariff rate of $0.0826 per kilo watt hour will be paid in local rupees, below the current average cost of energy in the country. The project, approved by the cabinet in March 2022, aims to enhance the country's renewable energy capacity. Following the approval, a negotiation committee was appointed to evaluate the proposal, leading to the acceptance of the final price. This move is seen as a significant step towards reducing energy costs and promoting sustainable energy sources in Sri Lanka.
Australian weather agencies have indicated that a positive Indian Ocean Dipole (IOD) may re-emerge for the second consecutive year in the latter half of 2024, potentially boosting India's southwest monsoon. The Bureau of Meteorology reported that the IOD index has been above the positive threshold for seven weeks, with Weatherzone predicting the declaration of a positive IOD event. This development, alongside the potential emergence of La Nina, could benefit India's agriculture sector and water sources. However, the impact of the IOD remains uncertain, with May being a crucial period to determine its occurrence. The positive IOD could bring increased rainfall to the Indian subcontinent and African coastline, while reducing rainfall in Australia and other regions. Despite the potential benefits, the impact of El Nino and other climate patterns on India's water sources and agriculture sector remains a concern.
In a bid to promote sustainability in the Indian fisheries sector, the ICAR-Central Institute of Fisheries Technology (CIFT) has entered into a Memorandum of Understanding (MoU) with the Indian Marine Ingredients Association (IMIA) for post-harvest innovation, research, and responsible industry practices. The agreement, signed by George Ninan, Director of CIFT, and Mohamed Dawood Sait, President of IMIA, aims to enhance the production process of fishmeal by utilizing fishery waste. Through specific sub-agreements, ICAR-CIFT will provide technical advice and support to IMIA on extraction and refinement protocols for the production of high-value products like neutraceuticals and Omega-3 fatty acids from fish oil. This collaboration is expected to boost revenue generation and livelihoods in the fisheries industry, positioning India as a leader in sustainable marine ingredient production and contributing to the long-term health of marine ecosystems.
Knight Frank India's latest report reveals a concerning surge in the number of ghost malls in India, with a high vacancy rate of 36.2 per cent, categorized as Grade C. The report highlights that the number of ghost shopping malls has increased to 64 in 2023 from 57 in 2022, while the number of malls in tier-1 cities has decreased by 3 per cent due to some being demolished for residential purposes. The report estimates that these underperforming malls have incurred a sunk cost of $799 million in 2023, up from $524 million in 2022. Factors contributing to the decline of malls include poor design, bad management, and competition from high-grade malls. The report also emphasizes the growing disparity between well-performing malls and those with high vacancies, prompting a move towards repurposing or demolishing these struggling malls.
India has permitted the export of 14,000 tons of non-basmati white rice to Mauritius, as revealed in an official notification. This decision comes after the prohibition of non-basmati white rice exports in July 2023 to stabilize domestic prices and ensure food security. The exports to Mauritius will be facilitated through the National Cooperative Exports Limited, according to the Directorate General of Foreign Trade. Previously, India had allowed the export of this rice variety to several other countries, including Nepal, UAE, and Malaysia. The government has also extended the 20 per cent export duty on parboiled rice until March 31, 2024, to maintain domestic availability and control prices. This move follows the ban on broken rice exports and the imposition of a duty on non-basmati rice exports in 2022, which was later lifted in November.
Natural rubber prices have seen a decline globally due to oversupply, with countries like Thailand, Vietnam, Indonesia, Malaysia, and India increasing rubber cultivation to meet demand from the automotive industry. Shashi Singh, President of the All India Rubber Industries Association, has called for higher import duties on rubber-finished products to support local producers and farmers. Factors affecting rubber prices include demand and supply conditions, currency fluctuations, and the use of synthetic rubber. India ranks sixth globally in natural rubber production, accounting for 5.8% of the total. The drop in prices has been attributed to weak Chinese demand and the European energy crisis, benefiting sectors like tyres and non-tyres. The government has increased aid to rubber plantations by 23% to incentivize cultivation amidst challenges like price fluctuations, climate changes, and labor shortages.
