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A Collective Focus to Achieve Net-Zero by 2070: PE&VC Conclave on “Financing India’s Green Future”

The Bombay Chamber, under the aegis of the PE&VC Committee, successfully convened a highly insightful Conclave on the topic, “Financing India’s Green Future.” The event, which took place in a hybrid mode, brought together industry leaders, experts, and thought pioneers to explore sustainable and responsible approaches to financing projects with significant environmental benefits. The Conclave addressed the pressing need for substantial investment and financing to support India’s ambitious goal of achieving net-zero emissions by 2070.

India, as one of the world’s largest emitters of greenhouse gases, is poised to make a transformative shift toward a cleaner, greener economy. According to a recent Reserve Bank report, India’s green financing requirement is projected to be at least 2.5 percent of its GDP annually until 2030. This commitment entails substantial investment in renewable energy and a significant reduction in the energy intensity of GDP, approximately 5 percent annually.

Sandeep Khosla, Director General of Bombay Chamber of Commerce & Industry, welcomed the audience and emphasised the pivotal role that green finance will play in India’s journey toward achieving net-zero emissions by 2070.

Setting the tone for the Conclave, Akalpit Gupte, Managing Director & Head Compliance at Deutsche Bank India, highlighted the need to mobilise funds and steer policy directives toward green initiatives. He emphasised the importance of accountability and the efficient utilisation of funds in green projects. Gupte also stressed the necessity of active regulations and industry participation in India’s sustainability efforts.

Delivering his Keynote Address, Shri Pramod Rao, Executive Director of SEBI, acknowledged the rapid changes happening in India, with the Government and RBI leading the way. He emphasised the importance of diverse funding sources for India’s corporate sector and the need to provide purpose-driven financing for sustainable initiatives. He discussed SEBI’s role in enhancing green finance through revised definitions, third-party verification processes, and enhanced disclosure mechanisms, such as mandating Business Responsibility and Sustainability Reporting (BRSR) BRSR Core Framework for assurance and ESG disclosures for top 1000 companies.

Giving his presentation, Amit Kumar, Partner-Climate and Energy Leader at Grant Thornton Bharat, discussed India’s long and short-term clean energy goals, emerging investment opportunities in clean energy sectors, and key green financing initiatives.

The first panel discussion, moderated by Saurabh Kamdar, Associate Partner at KPMG India, featured industry experts Govind Sankaranarayanan, Co-Founder & COO, Ecofy, Raman Kalra, Vice President & Senior Partner, Communications Sector Leader & Sustainability Consulting Leader, IBM , Padmanabh (Paddy) Sinha, Executive Director & CIO-Private Equity at National Investment and Infrastructure Fund (NIIF) and Siddharth Mayur, Founder, Managing Director & CEO, H2E Power Systems Private Ltd. & MD, HEXIS AG, discussing funding for India’s sustainability transition, renewable energy, mobility, infrastructure, and supply chain development. The panel explored niche and targeted green finance products, technology’s role in decarbonisation, and digital acceleration of the transition.

A presentation on GIFT IFSCA’s evolution and its role in financing India’s Green Future was delivered by Pavan Shah, General Manager, IFSCA.

The second panel discussion, moderated by Prerana Langa, CEO of Aga Khan Agency for Habitat India, focused on navigating the evolving regulatory landscape in green financing. Panellists, including Shailesh Haribhakti, Jigar Shah, Manu Maudgal, and Dr. Rambabu Paravastu, discussed carbon pricing regulations, sustainability actions, data quality improvement, and the real-world impact of sustainability initiatives.

The Conclave concluded with a Vote of Thanks by Ashith Kampani, Chairperson of the PE&VC Committee at Bombay Chamber, who expressed gratitude to the speakers, participants, and the Chamber for their invaluable contributions to the event.

The Bombay Chamber’s “Financing India’s Green Future” Conclave served as a platform for in-depth discussions, knowledge sharing, and collaborative efforts to support India’s journey towards a sustainable and environmentally responsible future.

EPFO publishes standard Operation Procedure (SOP) for Grant of Exemption with reference to statutory provisions contained in Section 17(1) of the EPF Act, the exemption for a class of employees is regulated by Section 17(2) of the Act & the enabling provision enshrined in Para 27A of the EPF Scheme, 1952

Copy of the circular and SOP is attached

Govt of Maharashtra extends ESI Scheme to Municipal bodies including Municipal
Corporation (Nagar Nigam), Municipal councils, Nagar Palika & Other Urban Local Bodies run by State Government wherein 10 or more persons on casual or contractual or both, basis are employed, or were employed for wages on any day of the preceding twelve months.

Copy of notification attached.

The Ministry of Electronics and Information Technology will be organising the Global IndiaAI 2023, scheduled for October this year. There will be participation from leading AI players, researchers, startups, and investors in India and worldwide.

The conference is poised to cover a wide spectrum of topics, including Next Generation Learning and Foundational AI models, AI’s applications in healthcare, governance, and next-gen electric vehicles, future AI research trends, AI computing systems, investment opportunities, and nurturing AI talent.

Union Minister of State for Skill Development & Entrepreneurship and Electronics & IT, Rajeev Chandrasekhar chairs the conference’s steering committee which is entrusted with the task of shaping the contours of the Global IndiaAI 2023. It draws members from MeitY’s Digital Economy Advisory group and other prominent leaders in the field of AI.

Speaking about the conference, Chandrasekhar emphasised that the Government’s vision is to gather the world’s best and brightest minds under one roof to deliberate the future of AI and its impact in several sectors.

The Global IndiaAI 2023 conference is tentatively planned for October 14/15 and it will bring together the best and brightest in AI from India and around the world. The conference will also serve as a showcase for the vibrant IndiaAI ecosystem that comprises key initiatives such as DI Bhashini, India Datasets Program, IndiaAI Futuredesign program for startups, and IndiaAI FutureSkills program dedicated to nurturing world-class AI talent.

“What makes India so attractive for AI is the diversity of it. Our diversity will be an addition to the quality of data sets for any large language model or any AI learning model. What we want is that AI should be responsible so that user harm is curbed and innovation is encouraged. Our primary aim is to ensure a collaborative and participatory approach, steering AI to enhance governance and transforming lives while building global partnerships and actively shaping the world’s technology landscape,” the Minister said.

Basic wage’ under EPF Act cannot be equated with the definition of ‘minimum wage’ under the Minimum Wages Act, 1948

Copy of judgement attached

Prime Minister Narendra Modi on Thursday suggested the G20 trade ministers work collectively to ensure equitable competition between large and small sellers as there are challenges in the fast growing cross-border e-commerce.

In a video message at the G20 Trade and Investment Minister’s meeting here, he also emphasised on the need to address the problems faced by consumers in fair price discovery and grievance handling mechanisms. ‘Digitising processes and use of e-commerce have the potential to enhance market access. I am glad that your group is working on the ‘High Level Principles for the Digitalisation of Trade Documents’. These principles can help countries in implementing cross-border electronic trade measures, and reduce compliance burdens.

‘As cross-border e-commerce continues to grow, there are challenges as well. We need to work collectively to ensure equitable competition between large and small sellers,’ he said.

Trade ministers of G20 grouping have gathered to discuss ways to promote international commerce and investments. Terming the government initiative Open Network for Digital Commerce (ONDC) as a game-changer, he said it will democratise the digital market. 

Highlighting the challenges of the growth in cross-border e-commerce, the Prime Minister suggested working collectively to ensure equitable competition between large and small sellers. He also emphasised the need to address the problems faced by consumers in fair price discovery and grievance handling mechanisms.

The SOP defines the process of filing of JD application by the member, approval of JD by the Employer, its receipt in the Regional Office and its approval or rejection by the competent authority in a time-bound manner. It also prescribes the list of documents to be enclosed for changes in various parameters where the members prefer a change/addition through JD. The timeline for completion of the Joint Declaration request has also been fixed.

Copy of circular attached.

The Hon’ble Madras High Court noted that every employee has a “right to vent” and the management could not take action against the employees for messages that were posted in a WhatsApp group chat expressing critical views against the management so long as such messages were otherwise within the legal bounds.

Copy of judgement attached

The Union Cabinet, chaired by Prime Minister Narendra Modi, today approved the expansion of the Digital India programme. The total outlay is ₹14,903 crores. As per the Programme, digital document verification facility under DigiLocker will be available to MSMEs and other organisations. Further, 1,200 startups will be supported in Tier 2/3 cities.

Other features of the Programme include:

• 6.25 lakh IT professionals will be re-skilled and up-skilled under the FutureSkills Prime Programme; 2.65 lakh persons will be trained in information security under the Information Security & Education Awareness Phase (ISEA) Programme.
• 540 additional services will be available under the Unified Mobile Application for New-age Governance (UMANG) app/ platform. At present over 1,700 services are already available on UMANG.
• 3 Centres of Excellence in Artificial Intelligence on health, agriculture and sustainable cities will be set up.
• New initiatives in the area of cyber security including development of tools and integration of more than 200 sites with the National Cyber Coordination Centre.

The Digital India programme was launched on 1st July, 2015 to enable digital delivery of services to citizens.

India’s exports contracted by 15.88 per cent to USD 32.25 billion in July this year from USD 38.34 billion in the same month last year, the government data showed on Monday. Imports during the month also declined by 17 per cent to USD 52.92 billion from USD 63.77 billion in July 2022.

During April-July this fiscal, the exports dipped by 14.5 per cent to USD 136.22 billion. Imports during the period also declined by 13.79 per cent to USD 213.2 billion. Commerce secretary Sunil Barthawal said that the global headwinds are still there. There is a decline in exports and imports from several countries.