It also entered into an agreement with Denmark’s Stiesdal A/S for its innovative next-gen electrolyser technology, which has the potential to reduce dramatically the cost of producing hydrogen from pure water. In the hydrogen ecosystem, Reliance joined hands with the US-based Chart Industries to set up India H2 Alliance to commercialise hydrogen technology and develop a supply chain in collaboration with other Indian stakeholders. Reliance picked up a 40 per cent stake in Sterling & Wilson Renewable Energy - one of the world’s leading EPC turnkey contractors in large-scale solar projects. It also acquired promoters’ stake in REC Solar - a global technology leader in solar panel manufacturing. Similarly, Reliance invested in Germany’s NexWafe, which is a pioneer in next-gen technology to produce monocrystalline silicon wafers needed in making solar panels. “And these solutions will then be exported to other countries, helping them contain carbon emissions.” “Just as India has the world’s most affordable wireless broadband today, we will have the world’s most affordable green energy within this decade,” he said.
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Jio, the firm’s telecom venture, scaled to become the No.1 operator in the country within years of launch as it acquired customers by offering free voice calling and dirt cheap data on mobile phones. Reliance has embarked on this journey with a vision to repeat the feat it achieved in wireless broadband.” “We know that affordability is the most critical factor in the adoption of any new technology and the scale of societal benefit it can create. Reliance will develop end-to-end green energy solutions to make them available for everyone at the most affordable price, says Ambani. “FY 2021-22 marked the beginning of Reliance’s Green Transformation, at a scale which will make India the world’s leading green energy producer,” Ambani said. The tycoon has a track record of implementing business transformations and has morphed Reliance from being an energy giant to a consumer services behemoth in the last decade. With RBI raising interest rates, oil prices seeing some thaw and the latest fruits and vegetable crops around the corner, he said, “We will see inflation return to below 6 per cent by the second half of FY23, as pointed out by the RBI Governor.” Replying to a question on high inflation, the eminent economist said the source of India’s inflation problem is largely external– unprecedented sudden rise in oil and cereal prices triggered by the Russia-Ukraine war. “In India, we do not face the same problem,” he opined. “That is, the central banks must keep raising the interest rates until economic activity sees a decline and forces a break in the high inflation-high wage-high inflation cycle. On fears of economic recession, Panagariya observed that persistent inflation at rates not witnessed in four decades and entrenchment of inflationary expectations, especially in the United States, have meant that the only way for the central banks to break the back of inflation is through the recession. The eminent economist was asked to comment on former Congress president Rahul Gandhi’s statement in which Gandhi hit out at the Modi government over rising inflation and unemployment and said India looks a “lot like Sri Lanka” and the Centre should not distract people. “This is a silly comparison…suggestions of any parallels between India and Sri Lanka currently are laughable,” Panagariya said, adding that India has rarely borrowed abroad to finance its fiscal deficit. He pointed out that in the case of India, fiscal deficits have not been allowed to get out of hand, the exchange rate has been allowed to depreciate to keep the current-account deficit low, monetary policy has been restrained to keep inflation low, and the opening of financial capital flows has been done in a calibrated fashion. Mr Panagariya, in an interview with PTI, further said since the 1991 balance of payments crisis, successive governments have managed the macroeconomy conservatively. However, lessons can be learnt from the economic crisis in the island nation.