Only 25% aware of energy efficient appliances in India, shows data

India has successfully provided metered electricity connections to 97 per cent households, but barely 25 per cent are aware of energy efficient appliances, said a recent report by the Council of Energy, Environment & Water (CEEW).

The report also pointed out shortcomings in the awareness programmes organised by the Bureau of Energy Efficiency (BEE).

The study by CEEW found that 40 per cent of households ranked appliance cost as the most important factor in a purchase decision, followed by other parameters, including brand popularity, durability and energy savings.

After almost a decade and a half since launch of the ‘Standards & Labeling’ (S&L) programme, only a quarter of the electrified Indian households have heard of ‘star labels’, said the report. The awareness is relatively lower among the rural population.

“Low awareness about BEE star labels highlights the need for year-round and sustained awareness campaigns, in regio­n­al langu­ages and thr­ough diverse media, to capture the attention of consumers in smal­ler towns and rural areas,” the CEEW said. The report comes after a recent CAG observation on consumers paying extra for star-labelled appliances even though they were not

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Brickwork Ratings downgrades Lakshmi Vilas Bank’s tier-II bonds

Brickwork Ratings has downgraded the ratings for Lakshmi Vilas Bank’s (LVB’s) tier-II bonds from “BB+” to “B+” because of the recent ouster of seven of its directors, including the managing director, weak capitalisation and concerns over asset quality.

The private sector lender has very high levels of gross non-performing assets (NPAs) and reported losses in the 10 previous quarters, except for Q4FY20, according to the rating agency. The bank has filed details of rating action with the BSE.

LVB was placed under Prompt Corrective Action (PCA) by the Reserve Bank of India in September 2019. Its capital position, asset quality and overall profitability continue to deteriorate. Furthermore, the bank’s merger with lndiabulls group did not work out.

LVB’s deposits ran down to Rs 23,565 crore in Q3FY20 and Rs 21,443 crore in Q4FY20 (from Rs 27,864 crore in Q2FY20). However, the bank has received interest from the Clix group. The deposits base has stabilised at Rs 21,161 crore as of June 30 and gross NPA at 25 per cent.

As of June, the bank’s capital adequacy ratio (CAR) was 0.17 per cent, with negative tier-I and common equity tier-1 ratios. A substantial

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2021 Davos Summit Shifted To Lucerne In May

The World Economic Forum announced Wednesday that its postponed 2021 Davos summit, themed as “The Great Reset” in the coronavirus crisis, will take place in Lucerne, Switzerland from May 18 to 21.

The annual gathering of the world’s political, economic and business elite traditionally takes place in January against the idyllic snowy backdrop of the Swiss Alpine village of Davos.

But it was postponed due to the Covid-19 pandemic and, charged with remodelling the world economy in the wake of the crisis, will now be held 125 kilometres (75 miles) away in the plush Burgenstock resort overlooking Lake Lucerne.

“The meeting will take place as long as all conditions are in place to guarantee the health and safety of participants and the host community,” WEF spokesman Adrian Monck said in a statement.

“The meeting will focus on the solutions required to address the world’s most pressing challenges.

“Global leaders will come together to design a common recovery path, to shape ‘The Great Reset’ in the post-Covid-19 era and rebuild a more cohesive and sustainable society.”

The WEF announced in June that the 51st edition of its annual meeting would take place in a hybrid format, then in August said it

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