Author: Pradeep Suresh

International Solar Alliance (ISA) could herald India’s rise as a global power

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Pradeep Suresh V
CNBC- TV

The founding ceremony of International Solar Alliance (ISA) was held in Delhi on Sunday. The organization that intends to ensure global co-operation to develop renewable energy use can also be a stage to improve India’s global status using its soft power.

Initially launched at Paris during the UN Climate Change Conference in 2015 by Narendra Modi and the then French President Francois Hollande, the ISA aims to fight climatic change by developing the use of renewable energy. While it primarily includes countries that lie between the Tropic of Cancer and the Tropic of Capricorn that are gifted with abundant solar energy, it also allows other countries to be a part of the group without voting rights.

The ISA’s framework agreement has been signed already by nearly 60 countries out of the 121 countries that the group intends to cater. Sunday’s ceremony that was inaugurated by Modi and French President Emmanuel Macron is seen as a stepping stone for massive global projects that could revolutionize global energy use.

As per a report in The Indian Express, ISA has an objective to create solar energy amounting to 1 TW by 2030. In addition, the organization also work together to address various challenges that will come up in developing renewable solar energy as a key source of energy.

However what makes the ISA more significant is the leadership role that India enjoys alongside the French. While latter’s economic power will be crucial for ISA’s success, the influence India enjoys could be assessed by the fact that ISA’s headquarters will be situated in India.

The organization that focuses primarily on Asia, Africa and Latin America could aid in India’s attempt to build influence in the region. While, as per The Economic Times report  India has pledged financial support worth close to $1400 million towards Bangladesh, Sri Lanka and Africa the fact remains that it will not be able to match the financial clout of China.

So the Indian plan to counter aggressive Chinese influence backed by heavy financial baits seem to be to project its ‘soft power’ status in the third world region by allying itself with nations such as France that could help India’s ventures with financial support.

India has already made tie ups with Japan in its projects aimed at Africa. Similarly relations with ASEAN and the interest towards Indo-Pacific alliance seem to have similar objectives. Ultimately the success of ISA in its objective could not just propel an energy revolution but above that can increase India’s influence and reputation as a responsible global power.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

No one wants to get into a full blown trade war, opines BRICS Bank chief KV Kamath

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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No country would be willing to risk everything by getting involved in a full blown trade war, opined KV Kamath.

Speaking in an interview to CNBCTV 18, the president of New Development Bank said that the entire issue should lead instead to negotiations.

Kamath made the statement when asked whether the US decision to impose tariffs could pave way for a trade war between the US, China and European Union.

“I would think that we need to watch the situation a few more days to understand what (will be) the next steps (by China and EU)… retaliation or no retaliation or negotiation. My own view is that this whole move has to lead to negotiation because I do not think anybody would be prepared to go down and start looking at a full blown trade war, which throws everything into chaos…it will be bilateral negotiations that will be held between various trade partners to sort out whatever are their current issues,” he said.

The former Chairman of Infosys also added that while markets across the globe initially reacted to the tariff decision nervously, they soon recovered.”If you see initially when there was this announcement, global markets went into a nervousness but then they recovered.”

When asked whether China will be forced now to cut down its production, Kamath said that the response could come through a variety of measures. “There could be tariffs on other side…each country will look at its own needs and priorities in taking decision. So we will see a very interesting new equation development.”

The statements comes after the US on Friday imposed tariffs on the import of steel and aluminium. While countries such as Canada and Mexico have been exempted from it, the tariff is expected to hit China and European Union most.

While there still exists fear that the decision may lead to similar response from other economies, the response till now has been not that severe. And with China’s Minister of Commerce stating that there will be no winners in a trade war, hopes are high that the issue could be solved amicably.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Closing Bell: After a volatile day Sensex closes at 33307 and Nifty at 10226

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Direct Tax Collections for FY18 rise 19.5% till February

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Direct Tax Collections rose 19.5% between April 2017 to February 2018, government data said.

A statement released by the Department of Revenue Central Board of Direct Taxes put total direct tax collections at Rs 7.44 lakh crore.

The net Direct Tax collections amounts up to 74.3% of the revised estimates of Direct Taxes for financial year 2017-18 that stands at Rs.10.05 lakh crore.

Gross collections (before adjusting for refunds) have increased by 14.5% to Rs.8.83 lakh crore during April 2017 to February 2018. In addition, refunds amounting to Rs.1.39 lakh crore have also been issued during the same period.

As per the release, the growth rate for net collections for Corporate Income Tax (CIT) stands at 19.7% and that for Personal Income Tax (PIT) at 18.6%.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow