Latest news with #NetZero2070
Hans India
01-07-2025
- Business
- Hans India
SBI storms into 70th year with balance sheet soaring to Rs 66 lakh crore
The State Bank of India (SBI), the nation's largest financial institution, is celebrating its 70th year of operations with a balance sheet that has soared to Rs 66 lakh crore and the number of its customers surging past a staggering 52 crore. Since its inception in 1955, SBI has evolved from supporting India's early development goals into a driving force of its digital and green economy. In order to play a lead role in India's renewable energy transition, SBI's Solar Rooftop Programme aims to solarise four million homes by FY2027, advancing India's Net Zero 2070 goals, according to an SBI statement. SBI also announced that as part of its continued focus on customer excellence, it is modernising its Trade Finance operations through digitalisation, standardisation, and centralisation. A new centre in Kolkata will serve branches across India, ensuring faster and efficient service. Globally, with 244 overseas offices in 55 countries, SBI has been ranked the 4th Most Trustworthy Bank Globally by Newsweek (2024) and Best Bank in India 2024 by Global Finance Magazine. A cornerstone of SBI's long-term vision is the expansion of its Project Finance & Structuring Strategic Business Unit (PF&S SBU), which plays a vital role in funding large-scale infrastructure and emerging sectors like renewable energy, e-mobility, data centres, semiconductors, green hydrogen, decarbonisation and smart infrastructure. Towards this end, SBI is setting up a Centre of Excellence which will serve as a guiding force on new age sectors and become an 'asset of national Importance', the SBI statement said. SBI drives financial inclusion through 151 million+ Jan Dhan accounts and an extensive correspondent network. The bank's agricultural lending exceeded Rs 3.5 lakh crore in FY25 -- the highest in the country -- supporting farm infrastructure, according to the statement. In FY2025, the Bank reinforced its social impact footprint by investing Rs 610.8 crore in CSR initiatives, reaching 94 Aspirational Districts. Its efforts spanned healthcare, education, rural development, and environmental sustainability. Digital innovation is central to SBI's strategy, with 98.2 per cent of transactions via digital platforms and over 8.8 crore YONO users. As a key digital offering for supporting MSMEs, SBI has also deployed its Business Rule Engine (BRE) to fast-track SME loans up to Rs 5 crore, enabling Straight Through Processing. By March 2025, over 93,900 loans worth Rs 47,789 crore had been sanctioned through BRE, the statement said. SBI is actively deploying Gen AI, Big Data, predictive analytics, and LLMs to personalise customer experiences. To modernise customer touchpoints, over 25,000 ATMs will be upgraded in FY2026. This is supported by the upcoming Data Lakehouse Project, delivering real-time AI insights across the Bank's operations, the statement added. SBI Chairman C.S. Setty said, 'As India steps into a new era of growth and opportunity, SBI is building the foundation for the future of banking -- one that is digital at its core, inclusive in its reach, and sustainable in its impact. To reiterate from our press release on 1st July 1955, our policy, as always, will be guided by the ideal -- to further the interests of our customers and those of the entire nation, now and in the years to come.'
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Business Standard
30-06-2025
- Business
- Business Standard
SBI plans to solarise 4 million homes by FY27, marks 70 years of service
As it celebrates 70 years, SBI commits to solarising 4 million homes by FY27, scaling rooftop projects, modernising ATMs, and advancing AI-driven customer solutions Abhijit Lele Mumbai Listen to This Article The country's largest lender, State Bank of India (SBI), plans to solarise four million homes by FY2027 to play a lead role in the renewable energy transition and in advancing the country's Net Zero 2070 goals. SBI, in a statement today, said the lender marks 70 years of service to India. With a ₹66 trillion balance sheet and over 520 million customers, SBI enters its eighth decade focused on sustainability, digital innovation, and inclusive growth. Since its inception in 1955, it has evolved from supporting India's early development goals into a driving force of its digital and green
Time of India
21-06-2025
- Business
- Time of India
SAIL's Salem steel plant to adopt renewable energy, expand speciality steel output: Kumaraswamy
New Delhi: Union minister for steel and heavy industries H D Kumaraswamy on Thursday reviewed the operations of the Salem Steel Plant, a unit of Steel Authority of India Ltd (SAIL), and emphasised the need to increase capacity utilisation, expand output of speciality steel and explore renewable energy options to enhance cost efficiency. The minister, during his visit, witnessed the complete steelmaking process including scrapyard operations, steel melting through Electric Arc Furnace (EAF), slab casting and cold rolling. He was also briefed on the plant's contribution to producing stainless steel used in railways, construction, LPG cylinders, pump components and other critical infrastructure sectors. 'Steel is not just a material, it is the backbone of national development. From infrastructure to innovation, our goal is growth with responsibility,' Kumaraswamy said during the visit. He noted that the plant's EAF-based route aligns with the decarbonisation targets and supports India's Net Zero 2070 commitment. The Minister chaired a review meeting with senior officials including the Chairman and Managing Director of SAIL, Joint Secretary (Steel), Executive Director of the Salem Steel Plant and other key stakeholders. The discussion focused on addressing operational bottlenecks and scaling up the production of speciality steel, a segment critical to defence, aerospace, and railway applications. 'We are committed to revitalising this strategic asset. Speciality steel is the future, and Salem Steel Plant can become more cost-efficient by using renewable energy which includes solar and wind. There should be full capacity utilisation and deciding on the final product mix,' Kumaraswamy said. The visit is part of the Centre's broader vision to transform India into a global steel manufacturing hub, targeting 300 million tonnes of production capacity by 2030 and strengthening the country's self-reliance in high-grade steel. Kumaraswamy also met labour union representatives and assured them that their concerns would be addressed. He planted a sapling on the premises symbolising commitment to sustainable industrial development.
Entrepreneur
30-05-2025
- Business
- Entrepreneur
Powering Progress: Jitendra Singh Charts India's Green Future
Recounting the country's journey from being a cautious participant to a climate frontrunner, Dr Singh credited initiatives such as Mission LiFE, the International Solar Alliance, and the Net Zero 2070 goal. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. In a landmark address, Union Minister of State (Independent Charge) for Science and Technology, Dr Jitendra Singh, outlined an ambitious roadmap for India's clean energy future. Emphasising innovation and sustainability, Dr Singh asserted that a robust battery ecosystem and low carbon technologies are pivotal for India's ascent from the recently achieved 4th largest economy to the 3rd position globally, while also aligning with the nation's Net Zero 2070 commitment. The remarks came during Battery Summit 2025, held under the theme "Addressing Challenges, Driving Innovation and Scaling Solutions," where key stakeholders from government, industry, and academia convened to chart India's clean energy transition. Dr Singh underscored the critical need to harness unexplored resources and push the boundaries of technological advancement. "Innovation in low carbon sectors and exploration of untapped reserves will not only drive economic value but also significantly reduce our carbon footprint," said Dr Singh. A key highlight of the summit was the launch of the Battery Aadhaar Initiative under the Department of Science and Technology (DST). Described by Dr Singh as a "game changer", Battery Aadhaar aims to digitally tag every battery pack with a unique identity, enhancing traceability, safety, lifecycle management, and recycling efficiency. "Battery Aadhaar will facilitate predictive maintenance, curb counterfeiting, and ensure end-to-end battery traceability. It's a cornerstone for India's emerging battery intelligence ecosystem," he declared. The initiative integrates seamlessly with Battery Management Systems (BMS), AI-powered diagnostics, and national EV databases, enabling real-time monitoring of thermal events, charge cycles, and overall performance—paving the way for a resilient and circular battery economy. Dr Singh also spotlighted the recent discovery of Lithium reserves in Jammu & Kashmir, which he termed as a "strategic resource" for India's clean energy ambitions. He called for intensified efforts to harness such natural assets in line with Net Zero targets. "These reserves will play a vital role in reducing our dependency on imports and accelerating the transition to electric mobility," he noted. Highlighting progress in clean tech, the Minister praised government-backed programs like the PLI Scheme for Advanced Chemistry Cells, PM-eDrive, and FAME, as well as the MAHA-EV Mission under the Anusandhan National Research Foundation (ANRF). Recounting the country's journey from being a cautious participant to a climate frontrunner, Dr Singh credited initiatives such as Mission LiFE, the International Solar Alliance, and the Net Zero 2070 goal. In terms of innovation, Dr Singh shared that India has moved from 81st to 39th in the Global Innovation Index, and now boasts over 1.7 lakh startups, making it the third-largest startup ecosystem worldwide. The DST's budget saw a 926% increase, a testament to the government's focus on science and technology. The Minister stressed the importance of private participation, citing that 60% of NRF funding will come from the private sector. Strategic missions like the National Quantum Mission, AI Mission, and National Supercomputing Mission were highlighted as future growth engines. "Our focus must be on indigenising technology, boosting domestic manufacturing, and creating a collaborative innovation ecosystem," Dr Singh urged. The summit witnessed participation from leading figures including Prof Abhay Karandikar (DST), Asher Lessels (UNEP), Dr Anita Gupta (DST), and Madhav Pai (WRI India), reinforcing a shared commitment to a sustainable and innovation-driven future. Dr Singh also lauded WRI India and its Battery360 Alliance, as well as support from UNEP, NITI Aayog, and the Global Environment Facility (GEF), emphasising that such collaborations are vital to ensuring India's leadership in clean energy transformation.
New Indian Express
29-05-2025
- Business
- New Indian Express
India must bridge trust gap to escape middle-income trap: Chief Economic Advisor
NEW DELHI: Chief Economic Advisor V. Ananth Nageswaran delivered a stark warning to India's industry leaders today, identifying a critical "trust deficit" and unsustainable economic imbalances as key threats to the nation's ambition of becoming a developed economy by 2047. Speaking at the CII Annual Business Summit, Chief Economic Advisor (CEA) outlined a three-pronged strategy – "Trust, Deregulate, and Reciprocate" – as the essential formula to avoid the middle-income trap. The CEA sees three major challenges to India's development goals. The Mismatched Inheritance: India, he argued, is saddled with a capital-intensive development model born from the Western Industrial Revolution – a historical "accident" driven by labor scarcity after the Black Death. This model is fundamentally "alien" to India's core strength as a labor-abundant nation, creating an inherent handicap. The Energy-Transition Tightrope: Achieving 'Viksit Bharat 2047' before 'Net Zero 2070' requires navigating a complex energy transition. The inherited model relied on cheap, abundant power, but the shift to renewables brings high costs (doubling investment for backup power, grid upgrades like China's $800 billion plan) and strategic vulnerabilities due to dependence on critical minerals from "strategically difficult" sources. The Profit-Job Imbalance: Nageswaran highlighted a concerning trend: corporate profitability has surged significantly faster than both capital formation (investment) and worker compensation. While acknowledging past reasons (balance sheet repair, global sluggishness), he declared this imbalance unsustainable for a nation needing to create 8 million non-farm jobs annually. "This is something we cannot afford for the next 25 or 30 years," he stated bluntly. The distribution of gains from AI/robotics between capital and labour will be crucial for future income growth and savings.
