Economy News-Daily Digest: 4 Key Updates
1. EyeROV TUNA, India’s first underwater robotic drone
India’s first underwater robotic drone which can send real-time videos of ships and other underwater structures to help with their repair and maintenance, was launched on September 14, 2018 and handed over to the Naval Physical and Oceanographic Laboratory (NPOL) of DRDO.
The first commercial Remotely Operated Vehicle (ROV)/underwater drone, named EyeROV TUNA, was developed by EyeROV Technologies, a company incubating at Kalamassery-based Maker Village, Kochi.
It will be the largest hardware incubator in the country.
NPOL, a laboratory of Delhi-headquartered Defence Research and Development Organisation (DRDO), made the first order of the product. The robotic drone, developed by Johns T Mathai and Kannappa Palaniappan P of EyeROV Technologies, can be navigated up to a depth of 50 metres to take real-time HD video images to examine ship hulls or undersea cables or bridge moorings, eliminating the need for costlier and riskier manual inspection by divers. The remotely operated underwater vehicle, EyeROV TUNA, weighs less than 10 kilogram and can be used for inspection of ship hulls, ports, dams and nuclear power plants
2. Power Ministry launches ambitious program on energy efficiency in Chillers
The Ministry of Power, Government of India launched an ambitious program to encourage the deployment of Energy Efficient chiller systems. The Chiller Star Labelling Program has been formulated by Bureau of Energy Efficiency (BEE). The program envisages providing star rating in terms of its energy performance. Initially, the program is launched on voluntary basis and will be valid upto 31stDecember 2020.
Launching, this key program, Shri A.K. Bhalla, Secretary, Power, emphasised This initiative will promote advancement technology for central HVAC (Heating, Ventilation, and Air Conditioning) systems and will also facilitate energy efficient solutions for the large commercial and industrial applications.
Chillers are used extensively for space conditioning of buildings and for industrial process cooling applications. The size of Indian chiller market which stood at 1 Million Tonne per year at 2017, is projected to grow at a CAGR of 3.6 per cent fuelled by a growth in the retail, hospitality and infrastructure projects. Chillers, being energy intensive system, contribute more than 40 per cent of the total energy consumption in commercial buildings. Therefore, it is important to optimize energy performance of chillers and create awareness amongst the end users to adopt transition towards energy efficient chillers.
BEE has developed an online registration platform for easy and expeditious approval under this initiative. The manufacturers will be able to register online for availing appropriate star rating of chiller equipment. Based on the test certificate from designated agencies and after due verification from BEE, the star label (1 to 5) will be awarded, with 5 star being the most efficient chillers.
Through Chiller star labelling Program, it is estimated that more than 500 million units of electricity would be saved in 2019 along with Green House Gases (GHG) reduction of 0.5 million-ton equivalent of CO2. It is also anticipated to save more than 4 Billion units of electricity in the year 2030 with CO2 emission reduction of 3.5 million ton through this program.
The chiller manufacturers, Air Conditioner association and testing labs also endorsed and appreciated this flagship program. The program was attended by senior officials from CEA, BIS, CPRI, MoP, MoEFCC, technical partners, air conditioning manufacturers, RAMA and other key stakeholders.
3. Govt takes steps to check current account deficit and rein in rupee
To contain the widening current account deficit (CAD) and check the fall of the rupee, the government announced specific steps to attract dollars and said that more measures are being planned to smoothen volatility in the financial markets.
The government eased overseas borrowing norms for manufacturing companies; removed restrictions on foreign portfolio investors (FPI) investment in corporate bonds and provided tax benefits on Masala bonds.
Masala bonds are rupee-denominated debt securities issued outside India by Indian companies.
4. India pushes US for green signal to sign missile deal with Russia
India is pushing the Donald Trump administration to execute the certification of the S-400 deal before Russian President Vladimir Putin’s visit to India on October 4 and 5, so that New Delhi can go ahead with the signing of the deal without attracting economic sanctions from the United States.
India and Russia are discussing the purchase of S-400 Triumf — NATO calls it SA-21 Growler — which is a mobile, surface-to-air missile system (SAM) designed by Russia.
It is the most dangerous operationally deployed modern long-range SAM (MLR SAM) in the world, considered much ahead of US-developed Terminal High Altitude Area Defense system (THAAD).
The Russian maker of S-400s – Almaz-Antey Air and Space Defense Corporation JSC – is on the list of 39 Russian entities.