| | AUGUST 20248The country's Finance Minister, Nirmala Sitharaman, has introduced significant reforms in the Indian shipping industry and to facilitate trade through Budget 2024. This budget has been lessening, aiming to reduce the many costs borne by the sector and push it toward growth.Customs duties on components and consumables for vessel manufacturing have been removed. Sitharaman declared, "Customs duties on components and consumables for vessel manufacturing have been reduced from the present 'as applicable' to 'Nil'. Similarly, the duties on technical documentation and spare parts for warship construction also have been slashed to 'Nil'", These reductions are aimed at paring input costs and encouraging domestic manufacturing.It also extends the time period for export of goods imported for repairs from six months to one year. The period for re-import of goods for repairs under warranty is being increased from three years to five years. Sitharaman said, "To encourage domestic aviation and boat & ship MRO, I propose to extend the period for export of goods imported for repairs from the present six months to one year. Moreover, the time-limit for re-importing goods for repairs under warranty is being extended from three to five years".Trade FacilitationThe budget has sought to address the challenge of the inverted duty structure while trying to enhance value addition and export competitiveness. "The reduction in customs duties is aimed at reducing the input costs, promoting export competitiveness, and deepening value addition while addressing the challenge of the inverted duty structure", said Sitharaman.Alluding to global economic challenges, Sitharaman said, "Even while the performance has been better than expected, there are policy uncertainties, elevated asset prices, political instability and shipping disruptions that characterise the global economy".The budget also proposes a concessional tax regime for foreign shipping firms with respect to cruise tourism, and aspires to leverage this sector fully to create further jobs.These reforms will, in course of time, provide a fillip to the Indian shipping industry and facilitate trade efficiency, aligning with the broader goals of economic development outlined in Budget 2024. KPI Green Energy has secured a substantial order for a 100 MW hybrid energy project from Aether Industries, with the project slated for completion in the financial year 2024-25. The project will be delivered in phases, as outlined in the order.This development, confirmed through an exchange filing, marks a significant milestone for KPI Green Energy in its hybrid captive solar power project segment.As of 9:41 am on July 22, 2024, shares of KPI Green Energy are trading at Rs 976, reflecting a 4 pecent dip from the previous close. Despite the recent decline, the stock has surged by 247 pecent over the past year and has seen a 105 pecent gain since the start of the year.KPI Green Energy stated, "We have received a new order for a 100 MW hybrid captive solar power project under the captive power producer segment of the company." The company has not disclosed further details regarding the order.Formerly known as KPI Global Infrastructure KPI Green Energy is the renewable energy arm of the KP Group. Based in Gujarat, KPI Green Energy is a leading solar and hybrid power generating company. Established in February 2008, the company focuses on providing solar and hybrid power across various business verticals.KPI Green Energy develops, builds, owns, operates, and maintains solar and hybrid power plants. It functions as an Independent Power Producer (IPP) and as a service provider to Captive Power Producers (CPP) under the brand name `Solarism'.The order from Aether Industries underscores KPI Green Energy's strong position in the renewable energy sector. The project aligns with the company's commitment to expanding its renewable energy footprint and supporting sustainable energy solutions.Leveraging its expertise in solar and hybrid power, KPI Green Energy aims to meet the increasing demand for clean and efficient energy sources. The successful execution of this project is expected to significantly contribute to the company's growth and its efforts to reduce carbon emissions.KPI Green Energy continues to prioritize innovation and excellence in the renewable energy industry, further strengthening its leadership position. As the sector evolves, KPI Green Energy remains committed to driving positive change and contributing to a greener future. SHIPPING SECTOR BOOSTED BY BUDGET 2024KPI GREEN ENERGY SECURES 100 MW HYBRID PROJECT FROM AETHER INDUSTRIESIN FOCUSIN FOCUS
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