City New Delhi Financial News

G20 Summit, scheduled to commence in India's capital, New Delhi, on September 9. This marks the first occasion that India plays host to this formidable assembly of global leaders.

Group of 20 (G20) major economies will start a summit in India's capital on Saturday to try to find solutions to some of the world's pressing problems amid a deep geopolitical divide over the war in Ukraine that threatens any progress.Here is a look at who is attending, who is not and who might be:U.S. PRESIDENT JOE BIDEN Biden has confirmed his attendance.

G20 summit in New Delhi. That would make him the second major leader after Russia’s President Vladimir Putin to skip the event.

NEW DELHI : NHPC Ltd, Tata Power Ltd, Adani Green Energy Ltd and JSW Energy Ltd are among companies that have proposed to build pumped storage projects (PSPs) totalling 39GW in the country, an official aware of the development said, potentially attracting investments of as much as ₹3.12 trillion. In PSPs, excess energy is used to pump water to an upper reservoir when power demand is low. When demand rises, water is released, turning a turbine which generates electricity.

NEW DELHI : India’s National Investment and Infrastructure Fund Ltd (NIIF) and private equity firm Actis Llp are among four contenders vying to acquire Macquarie Asset Management’s Green Investment Group platform Vibrant Energy, two people aware of the development said. Vibrant Energy has a 1.5-gigawatt (GW) portfolio in the commercial and industrial (C&I) sector. JP Morgan is managing the transaction with four bidders being shortlisted from among the non-binding offers submitted for the deal valued at around $250 million.

NEW DELHI : JSW Group may announce the purchase of a stake in MG Motor India as early as two months if the negotiations progress successfully, and the first JSW electric car could roll out from a factory as early as next year, two people familiar with the development said. The deal, which is likely to value MG Motor India at $1.2-1.5 billion, involves the initial purchase of a minority stake by JSW Group, with a firm plan to secure a majority stake in the automaker over time.

NEW DELHI : Spain’s ambassador to India, Jose Maria Ridao Dominguez, expressed his country’s desire to become a permanent member of G20. Spain, the world’s 15th largest economy, is currently a permanent invitee to the grouping. In an interview, Dominguez also called on India to take a more assertive stance on global issues like the Ukraine war and commented on China’s new standard map that makes extensive territorial claims.

New Delhi: The Reserve Bank of India (RBI) governor Shaktikanta Das on Monday said that cross-border payments can be made more efficient through adoption of digital currencies. “The empirical data that we are generating would go a long way in shaping the policies and future course of action. With its instant settlement feature, I believe, CBDCs (central bank digital currencies) can play an important role in making cross-border payments cheaper, faster and more secure," he said at the G20 TechSprint 2023.

Nigeria's President Bola Tinubu left for India on Monday to attend this year's G20 summit, as his country considers joining the bloc of major world economies, presidential spokesperson Ajuri Ngelale said. Indian Prime Minister Narendra Modi extended a special invitation to Tinubu, as Nigeria's membership is under consideration. «While Nigeria's membership of the G-20 is desirable, the government has embarked on wide-ranging consultations with a view to ascertaining the benefits and risks of membership,» Ngelale said in a statement. The G20 brings together 19 countries and the European Union, with India currently holding its presidency, which rotates annually among the members.

NEW DELHI : Low-cost carrier SpiceJet has announced the allotment of 4.81 crore of equity shares on a preferential basis to nine of its aircraft lessors to clear outstanding ₹231 crore dues, the company announced through a statement filed with BSE today. Reportedly, the allotment committee of the board of directors of the company at its meeting passed several resolutions, including a ₹2,500 crore fundraiser and a preferential issue of shares to lessors at an issue price of ₹48 each to clear its outstanding dues.

NEW DELHI : With thermal power plants left with just 10 days of coal stock even as power demand soars, the union ministry of power has directed all domestic coal-based power plants to blend 4% imported coal till March 2024. In January, power generation companies (gencos) were asked to blend 6% imported coal till September in order to meet high demand during the summer. In a recent notification the power ministry noted that Grid India has projected continuation of high power demand through FY24 because of which there is a need to continue blending imported coal.

NEW DELHI : The government will examine the quantifiable implications of the monsoon shortfall, and the impact on rural consumption and demand, Chief Economic Advisor to the government, V. Anantha Nageswaran said in an interview. Nageswaran also said supply-side measures taken by the government to tame inflation will see success in the medium to long term.

NEW DELHI : The health ministry may introduce mandatory bar coding for 11 habit-forming drugs, including some cough syrups, painkillers and sleeping tablets, to stop their misuse and an illicit trade in them. The list also includes the formulations used to make these drugs. These 11 medicines are: codeine- based cough syrups, fentanyl and its analogues, buprenorphine injections, tramadol, alprazolam, nitrazepam, diazepam, lorazepam, clonazepam, zolpidem and ketamine -- that are commonly used as sleeping pills, for pain relief and to control anxiety.

Despite extreme weather events battering India and the rest of the world in the last few months, climate ministers of the G20 nations ended their last meeting for the year without resolving major disagreement on climate policies

New Delhi has gotten a makeover ahead of this week’s summit of the Group of 20 nations

G20 Summit, the Northern Railway has imposed restrictions on the movement of parcel vans in Delhi from September 8 to 10. The G20 Leaders Summit will be held from September 9-10 at the newly built international convention and exhibition centre — Bharat Mandapam — at Pragati Maidan here. The restrictions will be imposed at several railway stations, including New Delhi, Old Delhi, Hazrat Nizamuddin, Anand Vihar Terminal, and Sarai Rohilla. According to a press statement issued by the NR, passenger trains, that originate from, travel across or terminate at these stations, will not have any kind of parcel coaches, including the leased ones and all Parcel Cargo Express Trains (PCET) also stand cancelled for these three days. «Parcel godowns and platforms shall remain free of parcel packages/packing.

By Martin Quin Pollard, Laurie Chen and Liz Lee

G20 Summit this weekend, it's best to prepare ahead. Delhi Traffic Police has set up tight security measures for this high-profile event, where world leaders like US President Joe Biden, Canada's Prime Minister Justin Trudeau, and others will gather. In view of the G20 summit, citizens of New Delhi have been curious about some common questions such as what remains open and what remains closed during the event.

Prime Minister Narendra Modi's government hopes the elaborate effort to make New Delhi sparkle — a “beautification project" with a price tag of $120 million — will help showcase the world’s most populous nation’s cultural prowess and strengthen its position on the global stage. But for many street vendors and those crammed into New Delhi's shantytowns, the makeover has meant displacement and loss of livelihood, raising questions about the government's policies on dealing with poverty. In a city of more than 20 million people, the 2011 census had the homeless at 47,000 but activists say that was a vast underestimate and that the real number is at least 150,000.

New Delhi: Discovery Inc-owned video streaming service, discovery+, will stream a new series called I Should Have Stayed Home that follows the journey of two brothers through the terrains of Himachal Pradesh and Ladakh, on September 11. In June 2021, the factual entertainment broadcaster had said it was expanding its play beyond infotainment to genres like kids, sports and entertainment programming.

G-20 Summit on September 9 and 10 at the newly constructed Bharat Mandapam Convention Centre in Pragati Maidan in New Delhi. Ahead of the much-anticipated event, Delhi Police Metro unit head has asked the Chief Security Commissioner to close some metro station gates towards the VVIP routes from September 8 to 10.