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FDI INFLOW TO INDIA DECLINES TO $74.01 BILLION IN 2021
To promote FDI, the Government has put in place an investor-friendly policy,
wherein most sectors except certain strategically important sectors are open for
100 per cent FDI under the automatic route. Further, the policy on FDI is
reviewed on an ongoing basis, to ensure that India remains attractive and
investor-friendly destination, the minister said.
* ANI
* March 24, 2022, 08:23 IST
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Total foreign direct investment (FDI) inflow to India declined to $74.01 billion
in the calendar year 2021, which is 15 per cent lower from $87.55 billion
recorded in the previous year, the Ministry of Commerce & Industry said on
Wednesday.
The FDI inflow includes equity inflow, equity capital of unincorporated bodies,
re-invested earnings and other capital.
"FDI is largely a matter of commercial business decisions and FDI inflow depends
on a host of factors such as availability of natural resource, market size,
infrastructure, political and general investment climate as well as
macro-economic stability and investment decision of foreign investors. In
calendar year 2021, the FDI inflow decreased by 15 per cent as compared to
calendar year 2020," Minister of State in the Ministry of Commerce and Industry
Som Parkash said in a written reply in the Lok Sabha.
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To promote FDI, the Government has put in place an investor-friendly policy,
wherein most sectors except certain strategically important sectors are open for
100 per cent FDI under the automatic route. Further, the policy on FDI is
reviewed on an ongoing basis, to ensure that India remains attractive and
investor-friendly destination, the minister said.
"Changes are made in the policy after having consultations with stakeholders
including apex industry chambers, associations, representatives of
industries/groups and other organizations. The government has recently
undertaken a number of reforms across sectors. In the recent past, reforms in
the FDI policy have been undertaken in sectors such as Insurance, Petroleum &
Natural Gas, Telecom etc," the minister added.
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FINANCIAL SERVICES
* 53 mins ago
SENSEX DECLINES BY 89 POINTS, NIFTY FALLS NEARLY 23 POINTS IN CHOPPY TRADE
* 3 hrs ago
RUPEE TRADES IN NARROW RANGE AGAINST US DOLLAR
* 3 hrs ago
SEBI REFUSES TO DISCLOSE NSE INSPECTION REPORTS UNDER RTI
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FinTech Diary, said that it is impossible for companies to build a profitable
business by acquiring customers through Google and Facebook or digital
marketing, and it "can only be a topping on top of your main business," he
said. Singh reasoned that his company's model is able to manage its customer
acquisition cost is because 80% of their transaction cost happens through
people who come directly to the website to buy the product. This, Singh said,
is because the company put out many advertisements on television done over
the last 10-12 years. In FY21, the annual number of visits on PolicyBazaar
website was 126.5 million, Singh said, adding that the company's health and
motor insurance products are helping it build a large renewal book. PB
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SENSEX DECLINES BY 89 POINTS, NIFTY FALLS NEARLY 23 POINTS IN CHOPPY TRADE
Benchmark stock indices sensex and Nifty closed with losses in highly volatile
trade on Thursday as banking and financial stocks retreated amid a weak trend in
global equity markets.
* PTI
Click Here to Read This Story
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MUMBAI: Benchmark stock indices sensex and Nifty closed with losses in highly
volatile trade on Thursday as banking and financial stocks retreated amid a weak
trend in global equity markets.
The 30-share BSE sensex declined 89.14 points or 0.15 per cent to settle at
57,595.68. During the day, it touched a low of 57,138.51 and a high of
57,827.99.
The broader NSE Nifty dipped 22.90 points or 0.13 per cent to settle at
17,222.75.
From the 30-share pack, Kotak Mahindra Bank, Titan, HDFC Bank, ICICI Bank, HDFC,
Mahindra & Mahindra, Maruti Suzuki India, IndusInd Bank, Hindustan Unilever
Limited, Axis Bank and State Bank of India were the major drags.
In contrast, Dr Reddy's Laboratories, UltraTech Cement, Reliance Industries,
Tata Steel, Tech Mahindra, NTPC, ITC, TCS and HCL Technologies Limited were
among the gainers.
"The market now lacks direction and is moving up or down on a daily basis
responding to news regarding crude price, FPI flows and speculation on what the
Fed might do in the coming policy meets," said VK Vijayakumar, Chief Investment
Strategist at Geojit Financial Services.
In the previous trade, the BSE barometer declined 304.48 points or 0.53 per cent
to settle at 57,684.82. The Nifty dipped 69.85 points or 0.4 per cent to finish
at 17,245.65.
Equity exchanges in Seoul, Hong Kong and Shanghai ended lower, while Tokyo was
marginally higher. Stock exchanges in the US ended on a negative note in the
overnight session.
Meanwhile, international oil benchmark Brent crude surged 0.30 per cent to $122
per barrel.
Foreign institutional investors (FIIs) were net buyers as they bought shares
worth Rs 481.33 crore on Wednesday, according to stock exchange data.
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RUPEE TRADES IN NARROW RANGE AGAINST US DOLLAR
Mumbai, Mar 24 (PTI) The rupee was trading in a narrow range in morning trade on
Thursday as elevated crude oil prices negated the impact of positive domestic
equities. At the interbank foreign exchange, the rupee opened lower at 76.37
against the American dollar, then inched higher to 76.35.
* PTI
Click Here to Read This Story
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Mumbai, Mar 24 (PTI) The rupee was trading in a narrow range in morning trade on
Thursday as elevated crude oil prices negated the impact of positive domestic
equities. At the interbank foreign exchange, the rupee opened lower at 76.37
against the American dollar, then inched higher to 76.35. The local unit also
touched 76.41 in initial deals.
In the previous session, the rupee had settled at 76.39 against the US dollar.
Global oil benchmark Brent crude futures fell 0.22 per cent to USD 121.33 per
barrel.
The rupee is likely to remain under pressure tracking the strength of the
greenback and oil, said Sriram Iyer, senior research analyst at Reliance
Securities.
"Moreover, US Fed speakers continued to remain hawkish and pushed yields higher
that could weigh on sentiments, but markets are slowly digesting the hawkish
stance," he added.
Asian and emerging market peers were weaker this Wednesday morning and could
weigh on sentiments, Iyer noted.
Meanwhile, the dollar index, which gauges the greenback's strength against a
basket of six currencies, rose 0.17 per cent to 98.78.
On the domestic equity market front, the 30-share Sensex was trading 22.03
points or 0.04 per cent higher at 57,706.85, while the broader NSE Nifty inched
higher by 6.75 points, or 0.04 per cent, to 17,252.40.
Foreign institutional investors remained net buyers in the capital market on
Wednesday as they purchased shares worth Rs 481.33 crore, according to stock
exchange data. PTI DRR BAL BAL
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SEBI REFUSES TO DISCLOSE NSE INSPECTION REPORTS UNDER RTI
The Securities and Exchange Board of India has refused to disclose under the RTI
Act its inspection reports since 2013 related to functioning of the National
Stock Exchange which is mired in controversy resulting from the market
regulator's damning report on alleged irregularities in the functioning of the
bourse's former chiefs.
* PTI
Click Here to Read This Story
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NEW DELHI: The Securities and Exchange Board of India (Sebi) has refused to
disclose under the RTI Act its inspection reports since 2013 related to
functioning of the National Stock Exchange which is mired in controversy
resulting from the market regulator's damning report on alleged irregularities
in the functioning of the bourse's former chiefs.
Denying the information, Sebi responded to RTI activist Subhash Agrawal that the
information sought by him pertains to its internal functioning, and disclosure
of which may hamper decision making in its supervisory and regulatory role.
Using the Right to Information (RTI) Act, Agrawal had sought from the Sebi
copies of its complete inspection reports in respect to the National Stock
Exchange (NSE) from 2013 till date.
He told PTI over email: "It was mentioned in the RTI application that the
Supreme Court of India considered inspection reports prepared by the Reserve
Bank of India (RBI) in respect of banks (private or public sector) under the RTI
Act."
"With RBI being the regulatory body in respect of banks, Sebi being regulatory
public authority in respect of the NSE is bound to provide inspection reports in
respect of the NSE under provisions of the RTI Act. I had also requested for
web-link, if any, having such information, and file-notings on movement of this
RTI application," Agrawal said.
Taking cover under Section 8(1)(d) of the RTI Act, Sebi said information sought
includes commercial confidential information of other entities, the disclosure
of which could harm its competitive position.
"In view of the above, the information sought is exempt under section 8(1) (d)
of the RTI Act, 2005. However, information about any enforcement action taken by
Sebi, is available in the public domain on the Sebi website: www.sebi.gov.in
under the head 'Enforcement'," it said.
Sebi on February 11 had charged the NSE's former chief executive officer (CEO)
and managing director (MD), Chitra Ramkrishna, and others with alleged
governance lapses in the appointment of Anand Subramanian as the chief strategic
advisor and his re-designation as group operating officer and advisor to the MD.
Ramkrishna had told the regulator that a formless mysterious "Yogi" was guiding
her over emails in taking the decisions.
The Central Bureau of Investigation (CBI) which expanded its probe in the
co-location scam, after the Sebi report surfaced, has arrested both of them and
told the court that the 'Yogi' is understood to be Subramanian who was alleged
beneficiary of her decisions.
The agency, meanwhile, is focusing on retrieving email exchanges between
Ramkrishna and rigyajursama@outlook.com.
Ramkrishna, who succeeded former CEO Ravi Narain in 2013, had appointed
Subramanian as her advisor who was later elevated as group operating officer
(GOO) at a fat pay cheque of Rs 4.21 crore annually.
Subramanian's controversial appointment and subsequent elevation, besides
crucial decisions, were guided by the unidentified person who Ramkrishna claimed
was the 'Yogi' dwelling in the Himalayas, a probe into her email exchanges
during the Sebi-ordered audit had showed.
In her statement to Sebi, Ramkrishna had said that the unknown person having an
email id rigyajursama@outlook.com was a 'Sidha-purusha' or 'paramhansa' who did
not have a physical persona and could materialise at will.
Ramkrishna got elevated as MD and CEO on April 1, 2013 and left the NSE in 2016.
It was during this period that co-location was started by the stock exchange,
the CBI has alleged.
In the co-location facility offered by the NSE, brokers could place their
servers within the stock exchange's premises giving them faster access to
markets.
It is alleged that some brokers in connivance with insiders abused the algorithm
and the co-location facility to make windfall profits.
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ATHER ENERGY PARTNERS HDFC BANK, IDFC FIRST BANK TO OFFER RETAIL FINANCE FOR ITS
E-SCOOTER
IDFC and HDFC Bank offer loans to new-to-credit customers (those with no credit
history), which account for roughly 20-25 per cent of the overall Ather customer
base, according to Ather Energy.
* PTI
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Electric two-wheeler maker Ather Energy on Thursday said it has partnered with
HDFC Bank and IDFC First Bank to offer retail finance for its e-scooters. The
collaboration will allow Ather Energy customers to avail instant loans from the
two private lenders at low-interest rates and with a maximum LTV
(Loan-to-value), a release said.
The EV maker said its customers have preferred a 95 per cent LTV option while
choosing a financing plan, with 2-3 years being the most preferred period for
loan repayment.
The evolving EV industry has recorded significant growth in the past year, the
company said, emphasising that it has witnessed a notable surge in demand for
its 450 series, registering a sequential rise of 20 per cent.
Stating that finance penetration at Ather has grown significantly over the past
two years, the company said it aims to provide a stress-free transition to EV
ownership and ease of purchase for its customers.
IDFC and HDFC Bank offer loans to new-to-credit customers (those with no credit
history), which account for roughly 20-25 per cent of the overall Ather customer
base, it added.
This has become a critical segment since the company is expanding into Tier 2
and 3 cities, according to Ather Energy.
Automobiles in India are largely bought through finance options. As many as
eight out of 10 vehicles sold in India are two-wheelers, and finance plays a
critical role in the purchase journey of a customer, the company said.
Finance penetration for two-wheelers in India is close to 50 per cent, Ather
Energy said.
As per a recent report, the domestic two-wheeler loan market is expected to grow
to USD 12.3 billion by 2025, the company said.
The demand for electric vehicles has grown exponentially over the past year. The
company has a strong focus on understanding consumer needs and providing
multiple financing options for an easy transition to EV, said Ravneet Phokela,
Chief Business Officer at Ather Energy.
"We are confident that our partnership with HDFC and IDFC First banks will
ensure ease of purchase for customers and will boost the confidence of EV
enthusiasts to join the electric revolution," he said.
The company, he said, will continue to partner with leading banks, NBFCs, and
financial institutions to provide lucrative financing options to its consumers.
IDFC First bank was an early adopter of the EV market and has established itself
as a bankable partner for Ather's customers, accounting for about 75 per cent of
the company's customer base, the release said.
"IDFC First Bank's affordable loan offerings and end-to-end digitised customer
journey will offer a distinct edge to Ather Energy's customer financing
experience," said Rishi Mishra, Business Head for vehicle loans at IDFC First
Bank.
Ather Energy currently operates in 26 cities, including Bengaluru, Chennai,
Hyderabad, Pune, Jaipur, Kochi, Ahmedabad, Mumbai, Mysore, and Hubli. PTI IAS
BAL
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OIL PRICE RISE, FED RATE HIKE FEARS DRIVE SENSEX, NIFTY LOWER
"The market now lacks direction and is moving up or down on a daily basis
responding to news regarding crude price, FPI flows and speculation on what the
Fed might do in the coming policy meeting. Nifty is likely to move in the
17,000-17,500 range in the short run," said VK Vijayakumar, Chief Investment
Strategist at Geojit Financial Services.
* Amit Mudgill
* ETMarkets.com
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NEW DELHI: Domestic stocks took a beating in Thursday's trade as a surge in
global crude oil prices and prospects of the US Fed raising interest rate by 50
basis points in May policy meet added to the already fragile investor sentiment
that is dented by the ongoing Russia-Ukraine war.
At 9.25 am, the BSE Sensex was trading 251.60 points, or 0.44 per cent, lower at
57,433.22. Nifty50 was quoting at 17,169.75, down 75.90 points or 0.44 per cent.
"The market now lacks direction and is moving up or down on a daily basis
responding to news regarding crude price, FPI flows and speculation on what the
Fed might do in the coming policy meeting. Nifty is likely to move in the
17,000-17,500 range in the short run," said VK Vijayakumar, Chief Investment
Strategist at Geojit Financial Services.
Among Sensex names, Kotak Mahindra Bank, Titan, ICICI Bank, HDFC Bank, Bajaj
Finance and IndusInd Bank declined up to 3.4 per cent. Dr Reddy's Labs, ITC,
M&M, TCS, Tata Steel and NTPC added up to 1.8 per cent.
ICICI Bank declined 1.44 per cent to Rs 707.85 even as the RBI allowed SBI
Mutual Fund and other entities in the SBI group to together hold up to 9.99 per
cent stake in ICICI Bank.
Sun Pharmaceutical, meanwhile, was almost flat at Rs 899.65 despite the
drugmaker suggesting signing of a $485 million settlement with two plaintiff
groups regarding Ranbaxy generic drug application antitrust litigation.
Among other stock-specific moves, shares of ZEE Entertainment surged 10 per cent
as Invesco Developing Markets Fund (Invesco) decided to withdraw its requisition
notice, which sought the removal of MD and CEO Punit Goenka from the board of
ZEE.
Ruchi Soya stock lost 1.97 per cent to Rs 879.80. The follow-on public offering
(FPO) of Ruchi Soya Industries, which is owned by Baba Ramdev-led Patanjali
Ayurved, opens for public subscription today.
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AT $14.5 BILLION, INDIA SEES LARGEST OUTFLOWS IN 2022 TILL DATE: WHAT THIS MEANS
FOR THE RUPEE
Other EMs that have witnessed portfolio outflows include South Africa and
Poland, but in both countries it was led by debt outflows.
* Sunainaa Chadha
* TIMESOFINDIA.COM
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NEW DELHI: With monetary tightening by global central banks, India is far from
being 'immune' to immune in the current episode of 'taper'. In 2022 till date,
India has seen the largest portfolio outflows among the key Emerging Markets
(EMs), shows data from brokerage Nirmal Bang Institutional Equities Research.
India has seen the sharpest outflows in 2022 till date led by equity outflows:
India has witnessed $14.5 billion of total outflows in 2022 till date, of which
a whopping $14 billion was equity outflows. Other EMs that have witnessed
portfolio outflows include South Africa and Poland, but in both countries it was
led by debt outflows.
South Korea has witnessed equity outflows worth $6.8bn but this was more than
offset by debt inflows.
So, what is driving foreign portfolio investors out of India?
"Equity market valuations in India remain stretched and above all developed
markets and emerging markets. This may have led to significant outflows
from Indian equities when compared to other EMs. Indian yield spreads with the
US are comparable with Indonesia, and above most EMs, except Brazil, Mexico and
Russia, suggesting that the debt market may be relatively fairly valued.
However, the debt market is unlikely to attract flows in the near term given the
headwinds ranging from elevated crude oil prices amid heightened geopolitical
uncertainty, tightening by the US Federal Reserve and relatively low real rates
in India," said the brokerage.
Past episodes of liquidity tightening have seen higher debt outflows:
Past episodes of liquidity tightening by global central banks in FY14 (2013) and
FY19 (2018) had led to higher outflows from the debt market vs. the equity
market in India. In contrast, the current tapering has seen higher equity
outflows akin to the 2008 global financial crisis. In fact, equity outflows by
FPIs in FY22 at $18.4 billion have far surpassed equity outflows witnessed in
FY09 (2008 GFC) at $10.3billion.
Unlike past episodes of liquidly tightening equity outflows have dominated
"Equity outflows generally tend to bounce back quickly, also pulling up the
rupee, particularly going by the experience of the 2008 global financial crisis"
noted the report.
How will the end of global liquidity injection affect the Indian rupee?
Data from Nirmal Bang shows that i past episodes of monetary tightening by
global central banks, the rupee was prone to significant depreciation pressure.
In the taper tantrum of 2013 the rupee depreciated by 20% between March and
August. In 2018 global financial crisis, the rupee depreciated by 14% between
March and October.
One of the primary reasons for the rupee coming under pressure at times of
global liquidity tightening is the rise in rupee sensitivity to portfolio
outflows over the past decade. Since the announcement of taper by the US Federal
Reserve in November 2021, USD-INR’s correlation with portfolio flows has largely
been in line with the correlation seen since 2013, albeit marginally lower.
According to the brokerage, there are several factors keeping the rupee
volatile, which range from the end of quantitative easing (QE) by major global
central banks, geopolitical tensions and spike in crude oil prices, rise in
non-oil, non-gold imports and the return of the current account deficit (CAD),
an
elevated fiscal deficit and inflationary pressures. Despite these headwinds, it
doesn't expect the rupee to go into a tailspin unlike past episodes of
‘tapering’ ‘oil shocks’ or ‘elevated twin deficits’ because of the following
factors:
1 Relatively low FPI exposure in the Indian debt market: FPI outflows from the
Indian debt market have been limited as FPIs’ exposure in the debt market was
already at multi-year low and has fallen only at the margin in recent months.
Limited outflows from the debt market have somewhat cushioned the depreciation
pressure on the rupee.
2. Availability of alternative sources of crude oil: Elevated crude oil prices
are unlikely to sustain for long due to enhanced production, including from US
shale producers. Despite sanctions on Russia, India may resort to purchase of
discounted Russian crude oil, putting in place alternate payment mechanisms.
3 Strong services exports, bolstered by pandemic-driven digitisation and
reduction in fuel subsidies: The pandemic-driven acceleration in digitisation
has boosted software exports from India, pushing up the invisibles
surplus’(services exports + remittances) as a share of the trade
deficit.Petroleum subsidies have declined with elimination of diesel and petrol
subsidies since FY14.
4 Inflation targeting regime in India and low inflation differentials with
developed markets
5 High level of forex reserves and willingness on the part of the RBI to sell
USD to mitigate fx volatility: India’s FX reserves currently stand at
$622 billion, more than double the level when compared to the 2008 global
financial crisis and the taper tantrum in 2013
It maintains its FY23 USD-INR forecast at 77/USD, down from an average of 75 in
FY22.
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MOTILAL OSWAL MUTUAL FUND TO PAUSE SIPS INTO INTERNATIONAL FUNDS
Motilal Oswal MF will pause existing systematic investment plan (SIPs) and
systematic transfer plan (STPs) into three of its international funds beginning
April 1, 2022.
* Prashant Mahesh
* ET Bureau
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Motilal Oswal MF will pause existing systematic investment plan (SIPs) and
systematic transfer plan (STPs) into three of its international funds beginning
April 1, 2022. This move comes in as the RBI has not yet increased overseas
investment limits for mutual funds.
“There is no point in collecting money when you cannot deploy it,” says
Harshvardhan Roongta, Chief Financial Planner, Roongta Securities. The money
collected through SIPs in the last couple of months could not be deployed by
such schemes due to restrictions and ended up lying as cash in the portfolio. In
the case of index funds this will lead to a tracking error and subsequent
underperformance.
All fund houses, as advised by industry body Association of Mutual Funds of
India (AMFI) had stopped accepting lumpsum investments into schemes that
investoverseas as the industry had reached close to its overall limit of $ 7
billion. Mutual fund schemes investing in overseas ETFs continue accepting
investor money as this category has a separate limit of $1 billion, which is yet
to be breached.
In January, Motilal Oswal Mutual fund had stopped accepting lump sum investments
into three of its international funds namely Motilal Oswal S&P 500 Index Fund,
Motilal Oswal Nasdaq Fund of Funds (FoF), and Motilal Oswal EAFE Top 100 Select
Index Fund.
“Motilal Oswal Mutual Fund along with the rest of the industry, continues to
engage with the regulators to increase these limits. As there is little clarity
on when and by how much these limits would be raised, we have to take further
steps to meet these regulatory criteria,” said the fund house in a note to
investors. The existing mandates will remain in the system and will be
automatically activated again when the schemes start taking fresh investments.
The existing mandates will remain active in the system and will be automatically
activated again when the schemes start taking fresh investments.
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SIGNIFICANT GAPS IN HIRING 2 DIRECTORS AT PTC ARM: KPMG
A report by KPMG has pointed to “significant gaps” in the hiring of director
finance and director operations at PTC Financial Services and has questioned the
selection process.
* Sidhartha
* TNN
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NEW DELHI: A report by KPMG has pointed to “significant gaps” in the hiring of
director finance and director operations at PTC Financial Services and has
questioned the selection process.
The firm has shared a draft report to PTC, the parent of PTC Financial Services,
where three independent directors had resigned a few months ago, alleging lapses
in corporate governance. At the heart of the controversy are accusations around
PTC Financial Services MD & CEO Pawan Singh blocking the appointment of NTPC
executive Ratnesh as director finance.
The KPMG report has, however, questioned the entire process to select the two
key management personnel, and noted that the NBFC chose to ignore industry
practice from the beginning. It said Singh’s suggestion to look for individuals
from the market were not accepted and alleged that the entire process was
carried out in a “hushed manner with unwarranted secrecy and speed”, with no age
relaxation made even for internal candidates. PTC acting CMD Rajib Mishra didn’t
respond to a questionnaire. The report said there was absence of arm’s length
between the group and the NBFC, despite notices from the RBI as a senior PTC
executive was involved with the process.
Last year, PTC CMD Dipak Amitabh had resigned from the company, citing personal
reasons. Further, it said the review of documents and the absence of certain
papers related to evaluation of candidates suggested there were gaps due to the
lack of any quantitative evaluation and scoring checklist. It sought to
exonerate Singh from the accusations, saying that no remarks were provided to
the board or the HR department, and the MD seemed to be unaware about the
scoring and appraisal of the ability of the candidates.
Based on discussions with Singh, KPMG seems to have concluded that the selection
was done without the consent of the reporting manager. It has also said that the
appointment of the two directors was to be done on an “absorption basis”. But
the NTPC executive came to join PFS on a lien from his parent organisation and
subsequently went back due to the controversy surrounding his appointment.
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GREEN FUNDRAISE BY INDIAN FIRMS MAY RISE 50% TO $15 BILLION THIS YEAR
Around $15 trillion has been focused in the ESG space, and more investment
opportunities will be pursued in the next two years. This opens an opportunity
for not just companies in the green businesses but also traditional industries
like cement and steel that commit to reducing the environmental impact of their
businesses. Globally, large ESG funds had assets of $35 trillion in 2021.
* ETBFSI
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Around $15 trillion has been focused in the ESG space, and more investment
opportunities will be pursued in the next two years. This opens an opportunity
for not just companies in the green businesses but also traditional industries
like cement and steel that commit to reducing the environmental impact of their
businesses. Globally, large ESG funds had assets of $35 trillion in 2021.
As climate change awareness rises and the Ukraine war drives the need to
diversify energy sources, ESG investments and fundraising are set to rise.
Bank of America expects global environmental, social and governance (ESG) bond
issuances to jump to $1.2-1.4 trillion in 2022, up from $900 billion in 2021.
Also read: All you need to know about green deposits
ESG bond issuance from India could bring in $15 billion in 2022, which is almost
50% more than the $10 billion raised in 2021.
Around $15 trillion has been focused in the ESG space, and more investment
opportunities will be pursued in the next two years. This opens an opportunity
for not just companies in the green businesses but also traditional industries
like cement and steel that commit to reducing the environmental impact of their
businesses.
According to Bank of America, globally large ESG funds had assets of $35
trillion in 2021. This is likely to go up to $50 trillion by 2025.
Many Indian firms are already eligible to float ESG bonds as almost all top 100
companies have published sustainability reports with firm commitments and goals.
Also read: Green energy funds see big inflows as Ukraine invasion sparks fears
Flow in ETFs
Investors added over $886 million to some of the biggest exchange-traded funds
that invest in clean energy as the US and Europe took steps to cut dependence on
Russian fossil fuels.
Shifting to green energy is fundamental to the European Union’s climate plans,
and Russia’s invasion of Ukraine compelled the bloc to speed up its timetable
for adding wind and solar power to help substitute for Russian supplies by 2027.
An American plan to ban oil imports from Russia sent solar-power stocks surging.
Flurry of investments
Energy experts say the war could indeed catapult renewable energy to
stratospheric levels and put Europe on track to meet its carbon emissions
targets, but in the short term it could force electricity blackouts, factory
shutdowns and capricious energy prices.
Amid the flurry of government announcements, investors added about $500 million
to two funds that track the S&P Global Clean Energy Index, the London-listed
iShares Global Clean Energy UCITS ETF and the American equivalent iShares Global
Clean Energy ETF. Some of the funds’ biggest holdings include wind-turbine giant
Vestas Wind Systems A/S and solar-power equipment maker Enphase Energy Inc.
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