Who has been appointed as the new CEO and MD of Tata Power Renewable Energy Limited?

Daily Current Affairs

Alok Joshi

Ajay Sinha

Deepesh Nanda

Deepak Kapoor

Correct Answer : Deepesh Nanda

Tata Power, one of India’s largest integrated power companies, has appointed Mr. Deepesh Nanda as President-Renewables and CEO & MD of Tata Power Renewable Energy Limited (TPREL), effective November 1, 2023.

Mr. Nanda, an experienced energy sector leader, has previously worked with companies like GE, Flowserve, and Tyco, including roles as CEO for GE Gas Power in South Asia and as President & CEO of GE’s Aero-derivative Gas Turbine business segment for Asia.

In his new position, he will focus on driving growth and profitability in Tata Power’s renewable energy portfolio, spanning solar, wind, hybrid, and B2C green energy solutions, as well as leading innovation and digital transformation efforts in the renewable energy sector.

Commenting on the appointment :

Dr. Praveer Sinha, CEO & MD of Tata Power, said, “We welcome Deepesh Nanda to the Tata Power family. His illustrious career and proven track record of delivering excellence make him a valuable asset as we chart our path toward leadership in the renewable energy domain. His expertise and vision will be instrumental as we aim to reinforce our position as the most preferred and trusted green energy solutions company.”

The leadership change at Tata Power aims to enhance focus on various business and growth areas. Mr. Ashish Khanna, a Tata Power veteran, will take over as President of the Generation business cluster. This division includes upcoming pumped hydro storage plants, hydro facilities, and new initiatives, alongside existing hydro and thermal plants in India and abroad.

Dr. Sinha expressed his appreciation for Mr. Khanna’s pivotal role in the growth of Tata Power Solar and Renewables, making it one of India’s foremost renewable energy companies. Dr. Sinha said, “I would like to thank Ashish Khanna for his outstanding contribution to the growth and success of our renewable energy business over the last seven years. Under his leadership, TPREL has become one of the largest renewable energy companies in the country, with a portfolio of over 4 GW of operational and another 3 GW of under-construction projects. I am confident that he will give direction and growth in his new role in our Generation businesses.”..

Source : Solar Quarter

Published On : November 2, 2023

Solar’s Ascendance in India :

In 2015, India ranked ninth in solar energy deployment, but by 2023, it produced 5.8% of its electricity from solar, up from 0.5% in 2015. This significant increase underscores India’s commitment to clean energy and its pivotal role in mitigating climate change.

Global Solar Growth Trends :

Ember’s report highlights that solar energy witnessed a remarkable increase globally, with 2023’s solar generation exceeding six times that of 2015. The top four solar growth countries, including India, accounted for 75% of this growth, emphasizing the widespread adoption of solar power worldwide.

Published On : May 9, 2024

Q .

India's Toy Exports Slip to _____ Million in 2023-24

$102.92

$121.19

$139.53

$152.34

Correct Answer : Option (D) - $152.34

India’s toy exports experienced a slight decline to USD 152.34 million in the fiscal year 2023-24, with limited benefits from quality control measures. Despite efforts to bolster the domestic industry and ensure product safety, exports did not see significant improvement.

Declining Export Trends :

Export figures dropped marginally from USD 153.89 million in the previous fiscal year to USD 152.34 million in 2023-24, as outlined by the Global Trade Research Initiative (GTRI). Despite a modest increase in exports from FY’2020 to FY’2022, the subsequent year witnessed a downturn.

Import Trends :

Conversely, imports rose to USD 64.92 million in 2023-24 from USD 62.37 million in the preceding year, indicating a persistent challenge in balancing trade dynamics.

GTRI’s Recommendations :

Comprehensive Industry Development Strategy : GTRI Founder Ajay Srivastava emphasized the necessity for a holistic approach to foster the growth of India’s toy industry and bolster exports.

Domestic Ecosystem Strengthening : Developing a robust domestic ecosystem is paramount, alongside measures to encourage renowned global toy brands to establish manufacturing facilities within India’s borders.

Published On : May 9, 2024

Q .

India Leads Global Remittances, Surpassing _____ Billion Mark.

$50

$100

$200

$250

Correct Answer : Option (B) - $100

India emerged as the global leader in remittances in 2022, receiving over $111 billion, surpassing the $100 billion mark for the first time. The International Organisation for Migration (IOM) highlighted India, alongside Mexico, China, the Philippines, and France, as the top five remittance recipient countries.

Consistent Growth: From $53.48 Billion to $111.22 Billion

The UN’s World Migration Report 2024 underscored India’s consistent growth in remittances, noting a rise from $53.48 billion in 2010 to $111.22 billion in 2022. This significant increase showcases India’s pivotal role in the global remittance landscape.

Southern Asia’s Significance in Global Remittances :

The IOM emphasized Southern Asia’s importance as a major recipient of global remittances, attributed to its high proportion of migrant workers and emigrants. India, Pakistan, and Bangladesh all ranked among the top ten recipients worldwide, highlighting the sub-region’s reliance on labor migration.

Prominent Migration Corridors and Destination Countries :

While India ranks 13th as a destination country for immigrants, it features prominently in various international migration corridors, including India-United Arab Emirates, India-Saudi Arabia, and Bangladesh-India, all of which are among the top 10. This indicates India’s significant role in global labor migration patterns.

Published On : May 9, 2024