Amazon To Invest $3 Million In Nature-Based Projects In India

E-commerce major Amazon on Monday said it will make an initial investment of $3 million in nature-based projects in India. The allocation is part of the company's $15 million fund it has allocated for nature-based projects in Asia Pacific (APAC).

"The first USD 3 million from the fund's APAC allocation will support nature-based projects in India.

"For its first project, Amazon will be working with the Centre for Wildlife Studies (CWS) to support communities and conservation efforts in the Western Ghats, which is home to more than 30 per cent of all of India's wildlife species, including the world's largest population of wild Asiatic elephants and tigers," the company said in a statement.

Amazon will provide $1 million to help CWS establish the "Wild Carbon" program, which will support 10,000 farmers in planting and maintaining one million fruit-bearing, timber and medicinal trees, according to the statement.

"The Asia-Pacific region is home to vast forests and rich coastal environments, but it is also highly vulnerable to climate change, biodiversity loss and land degradation.

"To protect the region from the impacts of climate change and preserve biodiversity, we will need both large-scale and local action – and we are committed to investing in both," Amazon's Global VP for Sustainability, Kara Hurst said.

The $15 million allocation draws from Amazon's $100 million Right Now Climate Fund, which was created in 2019, to support nature conservation and restoration projects that enhance climate resilience and biodiversity, while driving social and environmental benefits in communities where they operate.

"Amazon's support enables us to plan and build a program that is self-sustaining in the long-term. The farmers will receive upfront support to select tree types that serve both their livelihoods and the wildlife, whilst also receiving technical assistance, agroforestry training, and support for replanting failed saplings," CWS Executive Director Krithi Karanth said.

In 2019, Amazon co-founded The Climate Pledge, committing to reach net-zero carbon by 2040 -- 10 years ahead of the Paris Agreement.

The Pledge now has more than 400 signatories across 55 industries and 38 countries including nine Indian companies -- BluPine Energy, CSM Technologies India, Godi, Greenko, HCL, Infosys, Mahindra Logistics, Tech Mahindra, and UPL.

In 2022, Amazon launched six utility-scale projects in India, and the company claims to be on track to power its global operations with 100 per cent renewable energy by 2025 -- five years ahead of the initial 2030 target.

The projects include three wind-solar hybrid projects located in Madhya Pradesh and Karnataka, as well as three solar farms in Rajasthan, representing a total renewable energy capacity of 920 megawatts.

Amazon India has also committed to deploying 10,000 electric vehicles in its delivery fleet by 2025.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Amazon To Invest $3 Million In Nature-Based Projects In India

E-commerce major Amazon on Monday said it will make an initial investment of $3 million in nature-based projects in India. The allocation is part of the company's $15 million fund it has allocated for nature-based projects in Asia Pacific (APAC).

"The first USD 3 million from the fund's APAC allocation will support nature-based projects in India.

"For its first project, Amazon will be working with the Centre for Wildlife Studies (CWS) to support communities and conservation efforts in the Western Ghats, which is home to more than 30 per cent of all of India's wildlife species, including the world's largest population of wild Asiatic elephants and tigers," the company said in a statement.

Amazon will provide $1 million to help CWS establish the "Wild Carbon" program, which will support 10,000 farmers in planting and maintaining one million fruit-bearing, timber and medicinal trees, according to the statement.

"The Asia-Pacific region is home to vast forests and rich coastal environments, but it is also highly vulnerable to climate change, biodiversity loss and land degradation.

"To protect the region from the impacts of climate change and preserve biodiversity, we will need both large-scale and local action – and we are committed to investing in both," Amazon's Global VP for Sustainability, Kara Hurst said.

The $15 million allocation draws from Amazon's $100 million Right Now Climate Fund, which was created in 2019, to support nature conservation and restoration projects that enhance climate resilience and biodiversity, while driving social and environmental benefits in communities where they operate.

"Amazon's support enables us to plan and build a program that is self-sustaining in the long-term. The farmers will receive upfront support to select tree types that serve both their livelihoods and the wildlife, whilst also receiving technical assistance, agroforestry training, and support for replanting failed saplings," CWS Executive Director Krithi Karanth said.

In 2019, Amazon co-founded The Climate Pledge, committing to reach net-zero carbon by 2040 -- 10 years ahead of the Paris Agreement.

The Pledge now has more than 400 signatories across 55 industries and 38 countries including nine Indian companies -- BluPine Energy, CSM Technologies India, Godi, Greenko, HCL, Infosys, Mahindra Logistics, Tech Mahindra, and UPL.

In 2022, Amazon launched six utility-scale projects in India, and the company claims to be on track to power its global operations with 100 per cent renewable energy by 2025 -- five years ahead of the initial 2030 target.

The projects include three wind-solar hybrid projects located in Madhya Pradesh and Karnataka, as well as three solar farms in Rajasthan, representing a total renewable energy capacity of 920 megawatts.

Amazon India has also committed to deploying 10,000 electric vehicles in its delivery fleet by 2025.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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SBI's eRupee Can Now Be Accessed Via UPI

The State Bank of India (SBI) on Monday said it has implemented UPI interoperability in its digital rupee, called Central Bank Digital Currency (CBDC).

With this move, the bank aims to deliver unprecedented convenience and accessibility to its customers, SBI said in a statement.

This cutting-edge feature, accessible through the 'eRupee by SBI' application will empower SBI CBDC users to effortlessly scan any merchant UPI QR code for swift and secure transactions, it said.

SBI was among the first few banks to participate in the RBI's retail digital e-rupee project in December 2022.

"The seamless integration of CBDC with UPI marks a significant leap for the bank, enhancing the acceptance and utilization of digital currencies in everyday transactions," it said.

This integration will be a game changer for the digital currency ecosystem, it said, adding, the move is the outcome of our unwavering commitment to pushing the boundaries of digital innovation to accelerate the transition to a more cashless economy.

SBI remains dedicated to providing secure, efficient, and user-friendly solutions that reshape conducting transactions.

By bridging the gap between CBDC and the extensively used UPI platform, SBI aims to revolutionize payments made in India. With this move in the realm of digital payments, it said, the future of CBDC integration appears promising.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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SBI's eRupee Can Now Be Accessed Via UPI

The State Bank of India (SBI) on Monday said it has implemented UPI interoperability in its digital rupee, called Central Bank Digital Currency (CBDC).

With this move, the bank aims to deliver unprecedented convenience and accessibility to its customers, SBI said in a statement.

This cutting-edge feature, accessible through the 'eRupee by SBI' application will empower SBI CBDC users to effortlessly scan any merchant UPI QR code for swift and secure transactions, it said.

SBI was among the first few banks to participate in the RBI's retail digital e-rupee project in December 2022.

"The seamless integration of CBDC with UPI marks a significant leap for the bank, enhancing the acceptance and utilization of digital currencies in everyday transactions," it said.

This integration will be a game changer for the digital currency ecosystem, it said, adding, the move is the outcome of our unwavering commitment to pushing the boundaries of digital innovation to accelerate the transition to a more cashless economy.

SBI remains dedicated to providing secure, efficient, and user-friendly solutions that reshape conducting transactions.

By bridging the gap between CBDC and the extensively used UPI platform, SBI aims to revolutionize payments made in India. With this move in the realm of digital payments, it said, the future of CBDC integration appears promising.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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GST Collection Surges 11% To Rs 1.59 Lakh Crore In August

GST collections grew by 11 per cent to over Rs 1.59 lakh crore in August on the back of improved compliance and reduced evasion, with experts forecasting higher mop-up to continue in the upcoming festive season.

The gross GST revenue collected in August 2023 is Rs 1,59,069 crore of which Central GST is Rs 28,328 crore, State GST is Rs 35,794 crore, Integrated GST is Rs 83,251 crore (including Rs 43,550 crore collected on import of goods) and cess is Rs 11,695 crore (including Rs 1,016 crore collected on import of goods).

"The revenues for the month of August 2023 are 11 per cent higher than the GST revenues in the same month last year. During the month, revenue from import of goods was 3 per cent higher and the revenues from domestic transactions (including import of services) are 14 per cent higher than the revenues from these sources during the same month last year," the Finance Ministry said in a statement.

The Goods and Services Tax (GST) collection was over Rs 1.43 lakh crore in August 2022.

Revenue Secretary Sanjay Malhotra said GST collections have grown more than the nominal GDP growth rate in the April-June quarter despite no increase in tax rates.

"This is because of better compliance and improved tax collection efficiency," Malhotra said, adding tax evasion and avoidance too have been low.

Separately, the government also launched the 'Mera Bill Mera Adhikaar' app to incentivise customers to seek bills while making purchases. The Centre and states have together set aside a Rs 30 crore corpus for the remaining months of this fiscal for the reward scheme.

The scheme would help increase compliance behaviour among customers and help cut down on evasion as once an electronic bill is generated, the sales and the GST collected on such bills will be captured in the backend system of GST Network.

The scheme was launched on a pilot basis on Friday in 6 states and UTs -- Assam, Gujarat & Haryana and UTs of Puducherry, Dadra Nagar Haveli and Daman & Diu.

"Going forward we'll implement this scheme across India on the basis of the outcomes and learnings from this pilot scheme," Malhotra said.

Under the scheme every month there will be 810 lucky draws. The draws include 800 lucky draws of GST invoices of prize value of Rs 10,000 and 10 draws with a prize of Rs 10 lakh each.

Besides, there will be 2 bumper lucky draws of Rs 1 crore each in a quarter.

In a statement, the Finance Ministry said there were more than 1.51 lakh downloads of Mera Bill Mera Adhikaar app with the active participation of consumers in the pilot scheme on the first launch of launch.

Haryana Deputy Chief Minister Dushyant Chautala said, "A corpus of Rs 30 crore has been made available towards the fund under this initiative on an annual basis".

KPMG Partner and National Head Indirect Taxes Abhishek Jain said with the approaching festive season GST collections are expected to be better in the coming months.

Deloitte India Partner M S Mani said these GST collections, coming in the backdrop of the good GDP growth in the first quarter heralds the onset of the festive season where consumption increases occur. The increase in the collections arising from domestic transactions being 14 per cent higher than last year also supports the other economic data.

"All the key manufacturing and consuming states have shown an increase ranging from 10 to 23 per cent indicating that the overall increase in domestic consumption is fairly widespread across states," Mani added.

ICRA Chief Economist, Aditi Nayar said the headline GST number is marginally lower than our forecast, dampened by imports. "However, the overall collections so far this year remain robust.

EY Tax Partner Saurabh Agarwal said the steady increase in revenue not only reflects a resurgence in consumer demand but also underscores the government's ongoing efforts to boost capital expenditure, which, in turn, is encouraging private investment.

"Nonetheless, it's worth noting that future growth prospects may be tempered by factors such as below-par monsoon conditions, elevated inflation, and higher interest rates," Agarwal said.
 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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GST Collection Surges 11% To Rs 1.59 Lakh Crore In August

GST collections grew by 11 per cent to over Rs 1.59 lakh crore in August on the back of improved compliance and reduced evasion, with experts forecasting higher mop-up to continue in the upcoming festive season.

The gross GST revenue collected in August 2023 is Rs 1,59,069 crore of which Central GST is Rs 28,328 crore, State GST is Rs 35,794 crore, Integrated GST is Rs 83,251 crore (including Rs 43,550 crore collected on import of goods) and cess is Rs 11,695 crore (including Rs 1,016 crore collected on import of goods).

"The revenues for the month of August 2023 are 11 per cent higher than the GST revenues in the same month last year. During the month, revenue from import of goods was 3 per cent higher and the revenues from domestic transactions (including import of services) are 14 per cent higher than the revenues from these sources during the same month last year," the Finance Ministry said in a statement.

The Goods and Services Tax (GST) collection was over Rs 1.43 lakh crore in August 2022.

Revenue Secretary Sanjay Malhotra said GST collections have grown more than the nominal GDP growth rate in the April-June quarter despite no increase in tax rates.

"This is because of better compliance and improved tax collection efficiency," Malhotra said, adding tax evasion and avoidance too have been low.

Separately, the government also launched the 'Mera Bill Mera Adhikaar' app to incentivise customers to seek bills while making purchases. The Centre and states have together set aside a Rs 30 crore corpus for the remaining months of this fiscal for the reward scheme.

The scheme would help increase compliance behaviour among customers and help cut down on evasion as once an electronic bill is generated, the sales and the GST collected on such bills will be captured in the backend system of GST Network.

The scheme was launched on a pilot basis on Friday in 6 states and UTs -- Assam, Gujarat & Haryana and UTs of Puducherry, Dadra Nagar Haveli and Daman & Diu.

"Going forward we'll implement this scheme across India on the basis of the outcomes and learnings from this pilot scheme," Malhotra said.

Under the scheme every month there will be 810 lucky draws. The draws include 800 lucky draws of GST invoices of prize value of Rs 10,000 and 10 draws with a prize of Rs 10 lakh each.

Besides, there will be 2 bumper lucky draws of Rs 1 crore each in a quarter.

In a statement, the Finance Ministry said there were more than 1.51 lakh downloads of Mera Bill Mera Adhikaar app with the active participation of consumers in the pilot scheme on the first launch of launch.

Haryana Deputy Chief Minister Dushyant Chautala said, "A corpus of Rs 30 crore has been made available towards the fund under this initiative on an annual basis".

KPMG Partner and National Head Indirect Taxes Abhishek Jain said with the approaching festive season GST collections are expected to be better in the coming months.

Deloitte India Partner M S Mani said these GST collections, coming in the backdrop of the good GDP growth in the first quarter heralds the onset of the festive season where consumption increases occur. The increase in the collections arising from domestic transactions being 14 per cent higher than last year also supports the other economic data.

"All the key manufacturing and consuming states have shown an increase ranging from 10 to 23 per cent indicating that the overall increase in domestic consumption is fairly widespread across states," Mani added.

ICRA Chief Economist, Aditi Nayar said the headline GST number is marginally lower than our forecast, dampened by imports. "However, the overall collections so far this year remain robust.

EY Tax Partner Saurabh Agarwal said the steady increase in revenue not only reflects a resurgence in consumer demand but also underscores the government's ongoing efforts to boost capital expenditure, which, in turn, is encouraging private investment.

"Nonetheless, it's worth noting that future growth prospects may be tempered by factors such as below-par monsoon conditions, elevated inflation, and higher interest rates," Agarwal said.
 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Retail Inflation Expected To Come Down From This Month: RBI Chief

Reserve Bank governor Shaktikanta Das on Friday said the central bank expects retail inflation to start declining from this month. He was referring to the central government's steps to check prices of vegetables like tomatoes, restrictions on export of non-basmati rice and reduction in prices of household LPG cylinders.

Mr Das was addressing a programme organised by Devi Ahilya Vishwavidyalaya in Indore to interact with local students. Earlier, he also attended the central board meeting of the Reserve Bank.

"We expect (retail) inflation to start coming down from September. Although August's (retail) inflation will be very high, we expect inflation to start coming down from September.

Tomato prices have already fallen and retail prices of other vegetables are also expected to come down from this month, he said.

Mr Das said the government has taken several steps to ensure affordable supply of tomatoes and other items of common need to the people. 

"Restrictions have been imposed on the export of non-basmati rice. The prices of LPG cylinders used in homes have been cut recently.''

According to government data, retail inflation rose to a 15-month high of 7.44 per cent in July.

"In July, (retail) inflation was at a very high level. This surprised everyone. But mainly due to high prices of tomatoes and other vegetables, we were expecting it to remain high in July."

He asserted that despite all the global challenges, India is among the fastest-growing major economies in the world.

Mr Das said that the position of Indian banks is strong and stable due to strong regulatory measures, "but the domestic financial world always needs to be vigilant".

"You must have seen the failure of some banks in the US recently and big banks like Credit Suisse in Switzerland. But this global turmoil had no impact on India," he said.

Mr Das also said that due to the promotion of digital payments, the number of transactions through UPI in the country crossed 10 billion in August.

The RBI Governor said efforts are being made to promote payments through feature phones in the country so that even those people in remote areas who do not have smartphones and where there is a problem with mobile networks can take advantage of this facility.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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