Latest news with #PwCIndia
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Business Standard
5 days ago
- Business
- Business Standard
Vedanta Aluminium partners with PwC India for sustainability initiatives
Vedanta Aluminium on Thursday announced the expansion of its partnership with PwC India to scale up sustainability initiatives across its operations in Odisha and Chhattisgarh. Initially centred on biodiversity projects around Vedanta's Jharsuguda smelter, the partnership will now extend across all its operational regions and will also focus on decarbonisation, water positivity, and biodiversity conservation, marking a major step in integrating sustainability throughout the company's value chain, the company said in a statement. "This collaboration with PwC exemplifies our unwavering dedication to driving sustainable growth and championing environmental stewardship. Anchored in robust ESG principles, we are actively working towards carbon neutrality by 2050 and supporting India's net zero vision for 2070," Vedanta Aluminium Chief Executive Officer Rajiv Kumar said. Kumar further noted that "by addressing critical ecological challenges, improving operational efficiencies, and placing communities at the heart of our efforts, we aim to transform the global aluminium industry. Together, we are forging a path to a more sustainable planet and redefining what responsible business truly means. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Time of India
6 days ago
- Business
- Time of India
Vedanta Aluminium joins hands with PwC India to advance sustainability initiatives in Odisha and Chhattisgarh, ET Manufacturing
On World Environment Day, Vedanta Aluminium announced the expansion of its partnership with PwC India to scale up sustainability measures across its operations in Odisha and Chhattisgarh. The collaboration will now cover decarbonisation, water positivity, and biodiversity conservation, and aligns with the company's goals of achieving Net Zero carbon emissions by 2050 and Net Water Positivity by 2030. Initially focused on biodiversity projects around the company's Jharsuguda smelter, the initiative will now extend across all operational regions. PwC India will support Vedanta Aluminium in designing and implementing actions that align with global standards and national environmental goals. Advt Rajiv Kumar, CEO, Vedanta Aluminium, stated, 'At Vedanta Aluminium, our 'Transforming for Good' philosophy is the cornerstone of our commitment to sustainability, inclusivity, and meaningful community impact. This collaboration with PwC exemplifies our unwavering dedication to driving sustainable growth and championing environmental stewardship.'Under the agreement, PwC India will help execute a series of initiatives, including: A comprehensive decarbonisation roadmap aligned with Aluminium Stewardship Initiative (ASI) targets to support green aluminium production Measures to reduce water consumption and achieve water positivity by 2030 Development of Biodiversity Management Plans focused on achieving No Net Loss by removing invasive species and restoring native flora Evaluation of the potential to adopt Science-Based Targets initiative (SBTi) to align with the Paris Agreement By , ETManufacturing Sandeep Kumar Mohanty, Partner - Climate & Energy at PwC India, said, 'We are excited to partner with Vedanta Aluminium on this inspiring journey to embed sustainability across its operations. Together, we are committed to making a real difference in the lives of people and the environment.'The initiative supports progress towards the United Nations Sustainable Development Goals (SDGs), including Goal 6 (Clean Water and Sanitation), Goal 13 (Climate Action), and Goal 15 (Life on Land).
Time of India
6 days ago
- Business
- Time of India
Live in a flat? You can still go solar — Here's how India's new policy makes it possible
Imagine living in a rented flat in a high-rise building in Mumbai. You want to go solar—not just to reduce your electricity bill, but to contribute to a greener future. But there's one problem: you don't own the roof, and neither do the hundred other families living in the building. In India's densely populated cities, this is not an exception—it's the rule. While India's rooftop solar mission has made headlines, it has quietly left out a significant portion of its urban population: renters, apartment dwellers, and housing societies. But a quiet innovation—Virtual Net Energy Metering (VNEM)—is now being looked at as a powerful solution that could bring the solar revolution to every city balcony, rented flat, and cooperative society. The question is: can it scale, and will policymakers make it mainstream before the opportunity slips away? What is VNEM, and why is it a game changer for urban India? Virtual Net Energy Metering allows multiple electricity consumers—such as tenants in a building or members of a housing society—to collectively benefit from a single rooftop solar installation. Rather than each consumer installing separate solar panels, a shared system can be installed on a common roof or another designated location, with the energy credits distributed virtually to individual electricity accounts. This model is particularly attractive for cities like Delhi, Mumbai, Pune, Hyderabad, and Bengaluru, where high-rise living and rented accommodations are the norm. It enables democratised access to solar energy without needing direct rooftop ownership. 'Consumers in cities are eager to participate in solar programs, but lack of rooftop access is a deal-breaker. VNEM solves that problem,' says Rahul Raizada , Partner – Climate and Energy, PwC India. The policy framework: Some progress, but no national push India has shown early signs of embracing VNEM. The Ministry of New and Renewable Energy (MNRE) released operational guidelines in June 2024 under the PM Surya Ghar : Muft Bijli Yojana, which allows installations under group net metering and VNEM to be eligible for Central Financial Assistance (CFA). Sujjain Talwar , Co-Founding Partner, Economic Laws Practice, notes: 'The 2024 guidelines allow renters and housing societies to benefit from VNEM. But implementation is still fragmented across states.' Currently, states like Maharashtra and Madhya Pradesh have introduced VNEM through regulatory commission orders, but there is no unified national regulation. Electricity, being a concurrent subject under the Indian Constitution, means each State Electricity Regulatory Commission (SERC) has its own interpretation, criteria, and approval mechanism. Talwar adds, 'The Forum of Regulators should ideally release model VNEM regulations to drive uniformity and scale.' Implementation challenges: A web of infrastructure and institutional gaps Despite the policy intent, real-world implementation remains a challenge. According to Raizada , VNEM alone is not enough—it must be accompanied by a comprehensive strategy that includes: 1. Smart metering at the LT (low-tension) level, which is currently lacking 2. Granular load flow studies, so DISCOMs can assess how shared solar affects their grids 3. Consumer-meter coordination systems, to virtually assign energy credits accurately 4. Billing system upgrades, especially for LT consumers 'Our current billing infrastructure was not designed for dynamic, multi-user energy crediting,' says Raizada. 'VNEM at scale will require major software upgrades and rethinking of how we track and allocate solar units.' DISCOM resistance: Revenue concerns and grid complexity Perhaps the biggest invisible barrier to VNEM adoption is utility resistance. Distribution companies (DISCOMs), already under financial stress, fear that large-scale adoption of VNEM could erode their high-paying urban consumer base. 'VNEM is seen as a threat to DISCOM revenue stability. But it doesn't have to be,' Raizada explains. 'If implemented strategically—with safeguards like time-of-day settlements, credit caps, and integration with storage—it could actually reduce peak demand stress and grid congestion.' DISCOMs could also be incentivized to identify high-density areas where VNEM makes grid sense—like high-rise apartments or commercial zones with constrained distribution capacity. Can technology help scale VNEM? One potential enabler lies in emerging digital technologies. Blockchain, for example, offers a transparent and tamper-proof way to track solar generation, consumption, and credit allocation. 'Blockchain could automate VNEM settlements and resolve disputes, especially when multiple users are involved,' Raizada says. In the operational layer, third-party ownership models—offered by Independent Power Producers (IPPs) and Energy Service Companies (ESCOs)—can help address the issue of maintenance, performance, and billing, making VNEM more attractive to housing societies. Early success stories: Delhi and Chandigarh show the way In Delhi, several institutional users and RWAs have tested group net metering, while Chandigarh has proactively piloted community solar models under the guidance of CREST (Chandigarh Renewable Energy and Science & Technology Promotion Society). These examples show that with the right incentives and outreach, VNEM can succeed. However, experts caution that the model needs customization—urban India is not monolithic, and VNEM designs must accommodate different ownership patterns, tariff structures, and utility capabilities. What needs to happen now For VNEM to truly revolutionize urban solar in India, the following must fall into place: 1. Standardised regulations across states, ideally guided by model VNEM rules from the Forum of Regulators 2. Digital upgrades to LT billing systems and smart meters 3. Incentives for DISCOMs to adopt VNEM in grid-stressed urban zones 4. Consumer education campaigns to build awareness of shared solar models 5. Mandating inclusion of VNEM in PM Surya Ghar rollouts for high-density housing 'Without solving for renters and multi-tenanted buildings, rooftop solar will remain a limited solution in India,' says Talwar. Conclusion: A revolution waiting for its moment India's solar ambitions are bold and necessary. But they cannot be fulfilled unless we bring everyone along—not just homeowners with south-facing rooftops, but also renters in high-rises, families in old DDA flats, and tenants in gated societies. Virtual Net Energy Metering is not just a policy innovation. It's a path to solar equity, urban energy inclusion, and real climate resilience in our growing cities. It's a revolution waiting to be scaled. And with the right wires connected—policy, technology, and infrastructure—it just might power the next big chapter of India's clean energy journey.
Economic Times
01-05-2025
- Business
- Economic Times
April GST defies headwinds to post record-shattering mop-up
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Gross goods and services tax (GST) collection surged 12.6% year-on-year in April to a record ₹2.37 lakh crore, in a buoyant start to this financial year. The surge reflects strong domestic consumption, greater formalisation of the economy and improved GST receipts, which factor in refunds, also scaled a fresh peak of ₹2.09 lakh crore last month, up 9.1% from a year before, showed official data released Thursday."The figures showcase the resilience of the Indian economy and the effectiveness of cooperative federalism," Finance minister Nirmala Sitharaman wrote on robust growth came on an unfavourable base-gross collection had hit the previous high of ₹2.10 lakh crore in April 2024-and despite external headwinds. It also marked the continuation of strong collections in recent months, after a 9.9% year-on-year increase in March to ₹1.96 lakh crore and 9.1% improvement in February to ₹1.84 lakh collection from domestic transactions went up 10.7% to almost Rs 1.90 lakh crore, while that from imported goods jumped 20.8% to ₹46,913 crore, suggesting a broad-based jumped 48.3% to ₹27,341 crore last month, with experts indicating that the online refund processes had Jain, partner at PwC India, termed "encouraging" the strong GST mop-up growth despite geopolitical headwinds. "Also, it's good to see that most of the manufacturing states have witnessed double-digit growth," he Mani, partner at Deloitte India, said, "The GST collections (in April) have been uniformly high in all the major producing/consuming states and have been in the range 11% to 16%, unlike in previous months when there were some large states having lower growth."He said at least five states-UP, Gujarat, Maharashtra, Karnataka and Tamil Nadu-have now recorded more than a million GST registrations each, out of the pan-India total of 15 million."Congratulations and sincere regards to the dedicated efforts (of) Finance Ministers of all states and state GST authorities, who remain equal partners in India's GST framework," said the accounts for the largest number of registrations, while the highest GST revenue flows from of the north-eastern states have recorded solid growth in collection in April. Arunachal Pradesh recorded a 66% increase, followed by Meghalaya (50%), Nagaland (42%) and Sikkim (17%)."This signifies that India's GST ecosystem is not just expanding-it's deepening across geographies," said Sivakumar Ramjee, executive director (indirect tax) at Nangia Andersen experts expect the strong momentum to continue in the coming months, underpinned by a pickup in consumer RBI's latest Consumer Confidence Survey indicates a broad-based improvement in sentiment around current conditions and expectations for the year ahead. It is backed by more positive assessments of both income and data showed gross central GST mop-up in April was to the tune of ₹48,634 crore, while state GST collection hit ₹59,372 crore.
Time of India
01-05-2025
- Business
- Time of India
April GST defies headwinds to post record-shattering mop-up
Gross goods and services tax (GST) collection surged 12.6% year-on-year in April to a record ₹2.37 lakh crore, in a buoyant start to this financial year. The surge reflects strong domestic consumption, greater formalisation of the economy and improved compliance. #Pahalgam Terrorist Attack Nuclear Power! How India and Pakistan's arsenals stack up Does America have a plan to capture Pakistan's nuclear weapons? Airspace blockade: India plots a flight path to skip Pakistan Net GST receipts, which factor in refunds, also scaled a fresh peak of ₹2.09 lakh crore last month, up 9.1% from a year before, showed official data released Thursday. "The figures showcase the resilience of the Indian economy and the effectiveness of cooperative federalism," Finance minister Nirmala Sitharaman wrote on X. The robust growth came on an unfavourable base-gross collection had hit the previous high of ₹2.10 lakh crore in April 2024-and despite external headwinds. It also marked the continuation of strong collections in recent months, after a 9.9% year-on-year increase in March to ₹1.96 lakh crore and 9.1% improvement in February to ₹1.84 lakh crore. Live Events GST Ecosystem Deepening Across Geographies GST collection from domestic transactions went up 10.7% to almost Rs 1.90 lakh crore, while that from imported goods jumped 20.8% to ₹46,913 crore, suggesting a broad-based increase. Refunds jumped 48.3% to ₹27,341 crore last month, with experts indicating that the online refund processes had stabilised. Pratik Jain, partner at PwC India, termed "encouraging" the strong GST mop-up growth despite geopolitical headwinds. "Also, it's good to see that most of the manufacturing states have witnessed double-digit growth," he said. MS Mani, partner at Deloitte India, said, "The GST collections (in April) have been uniformly high in all the major producing/consuming states and have been in the range 11% to 16%, unlike in previous months when there were some large states having lower growth." He said at least five states-UP, Gujarat, Maharashtra, Karnataka and Tamil Nadu-have now recorded more than a million GST registrations each, out of the pan-India total of 15 million. "Congratulations and sincere regards to the dedicated efforts (of) Finance Ministers of all states and state GST authorities, who remain equal partners in India's GST framework," said the FM. UP accounts for the largest number of registrations, while the highest GST revenue flows from Maharashtra. Some of the north-eastern states have recorded solid growth in collection in April. Arunachal Pradesh recorded a 66% increase, followed by Meghalaya (50%), Nagaland (42%) and Sikkim (17%). "This signifies that India's GST ecosystem is not just expanding-it's deepening across geographies," said Sivakumar Ramjee, executive director (indirect tax) at Nangia Andersen LLP. Some experts expect the strong momentum to continue in the coming months, underpinned by a pickup in consumer sentiment. The RBI's latest Consumer Confidence Survey indicates a broad-based improvement in sentiment around current conditions and expectations for the year ahead. It is backed by more positive assessments of both income and spending. The data showed gross central GST mop-up in April was to the tune of ₹48,634 crore, while state GST collection hit ₹59,372 crore.
