February 7th, 2021 saw the flooding of the Alaknanda River system, claiming the lives of over 60 people. Many others have gone missing and 2 hydroelectric power projects have been washed away. Though the exact cause of the flood is still being looked into, one of the possible causes is a phenomenon called glacier lake outburst flooding (GLOF). Though the region has experienced GLOFs in the past, this recent event is a cause for concern as it has occurred even before the end of winter– a period that is generally considered safe in terms of GLOF risks.
The aviation sector in India has witnessed growth faster than many other industries in India. From the number of flights flying in India to the number of passengers boarding flights in India, India reported exponential growth in this sector. India has become the third-largest domestic aviation market in the world. Although the aviation market is showing promising results, the rise in the number of accidents has also risen gradually. The recent air accident in Kerala of Boeing 737, killing 18 people and leaving more than 150 people injured has been a major setback for the aviation sector in India. Thus, it has become important to understand the various factors affecting air safety in India and suggest measures to deal with the problem.
In the last few decades, the insurance industry in India has dynamically expanded. Governments from time to time have shown their commitment to providing insurance facilities to the citizens of India. The insurance market in India holds great potential to act as a booster for the Indian economy. With the rise of population and poverty in the country, there is a looming risk of uncertain financial losses. In such a situation, the insurance sector in India has a major role to play in the coming time.
India is anticipated to be the biggest contributor to the renewables boom in 2021, with the country’s annual growth in renewables doubling from 2020. Recently, the Prime Minister of India mentioned about having huge renewable energy deployment plans for India for the next 10 years which are likely to create business opportunities of around $20 billion a year.
In a bid to move towards the market-based gas economy, series of measures were recently taken by the Indian government, including the approval of the Natural Gas Marketing Reforms and the launching of India’s first gas exchange. Though well-intended, these measures fail to cover the majority of gas producers, leading to lesser investments for the development of this sector. Measures need to be taken by the government to address these issues to increase demand for domestic gas and reduce import dependence.
Recently, the Supreme Court in the case of Adjusted Gross Revenues allowed the telecom companies 10 years’ time to pay the AGR dues to the department of telecommunications. The decision comes after the last years’ judgment which upheld the government definition of AGR calculations. The judgment is important with respect to its detailed and strict plan and its possible impact on the telecom and Banking sector and overall Indian Economy.
The Service sector which has been the largest and fastest growing sector of India in the past three decades has been worst hit by the pandemic and pandemic induced Lockdown of boundaries. But according to recent Purchasing Manager’s Index (PMI), it is showing signs of recovery due to opening up of the economy and phased unlock program. It had been contracting for seven months in a row after registering a seven year high in January 2020. Though the PMI for services sector is still under 50 which is sign of contraction, it has increased significantly.
The Indian handloom industry is one of the oldest and largest cottage industries in India with a standing ancient tradition dating back thousands of years for their excellent craftsmanship, representing the vibrant Indian culture. Indian artisans dating back to the Egyptian Babylonian times had such fine mastery over their fabrics. They were appreciated globally for their hand spinning, weaving and printing techniques that were handed down from generations. Among the largest in the world, this industry employs close to 10 million artisans in India and is considered the second-largest income-generating activity after agriculture in rural India. The crisis caused by COVID-19 has resulted in a sudden disruption of all businesses across the globe including the handloom sector. The sector has severely affected by the closure of the traditional and contemporary market for artisans. Recently, India has celebrated the National Handloom Day and it was on August 7, 2020, for the first time India does so without the All India Handloom Board. The Union Ministry of Textile has abolished the All India Handloom Board in consonance with the Government of India’s vision of ‘Minimum Government and Maximum Governance’ on August 3, 2020.
With a population of close to 1.4 billion and a fast-growing economy with enormous potential to grow, India’s energy mix in future years will be critical for the climate action targets of the world and India itself. India is already the third-largest energy-consuming economy after China and the United States. In this backdrop, India’s solar energy targets are discussed widely for its ambitious targets, the strategy to achieve it, and the gap between current status and required efforts. The debate came to the fore once again when the Prime Minister in recently Inaugurated a 750 MW solar project in Rewa district Madhya Pradesh.