Guidelines for Solar Mission to be ready by 15th May

The Mission stipulates the target of establishing the country as a global leader in solar energy under three phases for various solar application segments including utility grid solar power

The government would come out with guidelines for the ‘Jawaharlal Nehru National Solar Mission’ by 15th May, renewable energy minister Farooq Abdullah has said, reports PTI.

“We have listened to all the people and now the guidelines are being worked out. By 15th May, the guidelines will be out,” he told reporters.

The objective of the Mission, under the brand ‘Solar India’, was to establish India as a global leader in solar energy by creating policy conditions for diffusion across the country, he said.

The Mission stipulates the target under three phases for various solar application segments including utility grid solar power.

Earlier, speaking at a seminar on ‘Green Energy’, Mr Abdullah urged the industry to look for indigenisation of products for manufacturing of solar energy in order to reduce costs.

“We want to indigenise solar energy under the (Solar) Mission. You may import equipment (initially), but in the long term, we want more indigenisation,” he said.

“We want indigenisation (on the manufacturing of equipment for production of solar energy). If you say you are ready to offer that service then we are ready to help from our side,” Mr Abdullah said.

To a query on conversion of solar energy for Andaman & Nicobar Islands and Lakshadweep, he said that the government was working on how to reduce diesel consumption and install solar energy in these islands.

“For setting up of renewable energy in Ladakh, the ministry has already received Rs500 crore,” he said.

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Food inflation falls to 16.61%

The government expects prices of essential items to fall further after the prediction of a normal monsoon

Food inflation fell sharply by over 100 basis points to 16.61% for the week ended 17th April on lower prices of fruits and vegetables, reports PTI.

In the previous week ending 10th April, food inflation was at 17.65%.

Prices of masur, jowar, fruits and vegetables fell by 2% each over the week and that of wheat by 1%.

However, moong, urad and fish-inland became costlier during the week. Overall, the food index declined by 0.2%.

The government expects prices of essential items to fall further after the prediction of a normal monsoon.

“The outlook is further brightened by the fact that a normal monsoon is predicted this year. Indications of softening of food inflation are clearly visible. It is expected that this decline will continue in the coming months uninterruptedly,” finance minister Pranab Mukherjee had said yesterday.
 

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Info sought on multinational accounting firms

The Institute of Chartered Accountants of India has written to 150 firms seeking information on various issues including agreement or contract for usage of names of multinational entities

Against the backdrop of the multi-crore Satyam fraud, the Institute of Chartered Accountants of India (ICAI) has sought information from 150 chartered accountant firms, including MNCs, to see whether they circumvented laws while providing auditing services in the country, reports PTI.

ICAI has written to 150 firms seeking information on various issues including agreement or contract for usage of names of multinational entities, corporate affairs minister Salman Khurshid said in the Lok Sabha.

On the Satyam scam, he said that ICAI has constituted a fact-finding committee to look into the entire gamut of financial reporting, accounting, auditing aspects and suggest changes wherever required for the purpose of making appropriate recommendations to government, market watchdog SEBI and other regulators.

“The fact-finding process is on and once the committee submits its report to the ministry, we shall take appropriate steps,” the minister said.

ICAI wanted to know the arrangement for sharing of fees/profit with other Indian CA firms with similar/identical names and with the multinational entities.

Mr Khurshid said that the multinational firms came here through an automatic route under the FDI guidelines. “We are collecting the information and once it is collected we shall analyse it,” he said.

He informed the House that out of 150 firms, 76 had submitted their documents while others have yet to do so.

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