Without targeted adaptation action, around 160-200 million people in India could annually bear a 5 per cent chance of being exposed to a lethal heat wave as early as 2030, it warned.(Pratik Chorge/HT Photo)
Without targeted adaptation action, around 160-200 million people in India could annually bear a 5 per cent chance of being exposed to a lethal heat wave as early as 2030, it warned.(Pratik Chorge/HT Photo)

Rising temperatures will force workers to stay indoors: Report

As of 2017, heat-exposed work contributes nearly half of the GDP, drives about 30 per cent of GDP growth, and employs about 75 per cent of the labour force or some 380 million people.
By Press Trust of India| Posted by: Harshit Sabarwal | Mumbai
PUBLISHED ON NOV 25, 2020 11:07 PM IST

Climate change poses a USD 200 billion risk to the Indian GDP by 2030, as the rise in temperatures reduces the number of hours of outdoor work, a report said on Wednesday.

This will be because the number of daylight hours during which outdoor work is unsafe will increase approximately 15 per cent by 2030 as compared to the present levels, the report by McKinsey Global Institute (MGI) said.

As of 2017, heat-exposed work contributes nearly half of the GDP, drives about 30 per cent of GDP growth, and employs about 75 per cent of the labour force or some 380 million people.

“…lost labour hours due to increasing heat and humidity could put approximately 2.5–4.5 per cent of GDP at risk by 2030, equivalent to roughly USD 150–250 billion,” it estimated.

Without targeted adaptation action, around 160-200 million people in India could annually bear a 5 per cent chance of being exposed to a lethal heat wave as early as 2030, it warned.

As a mitigation strategy, India will have to shift working hours for outdoor workers, undertake heat management efforts in the cities, and also consider movement of labour and capital out of high-risk areas, it said.

Adaptation will be “particularly challenging” for the urban poor, who will likely require public support, it said, estimating that capital costs of USD 110 billion will be required by 2030 to provide air-conditioning alone. Apart from the heat impact on the workforce, vagaries in the climate can up the likelihood of a massive ten per cent reduction in yields on crops like rice, corn, wheat and soy, it said.

“Indian agriculture may be hit not only by lost hours from extreme heat and humidity but by potential yield declines as well,” it said.

“We examined the probability of a yield decline or improvement of greater than 10 per cent for today, 2030, and 2050. We find that certain countries are more exposed than others because of their climatic conditions and composition of crops, with India being the most vulnerable,” it said.

Climate risks will not necessarily reduce agricultural yields for some breadbaskets or crops, but they will likely increase production volatility and end up destabilizing farmers’ incomes, it said, adding that while oversupply can affect through lower prices, undersupply can lead to food shortages and price spikes.

Its partner Suvojoy Sengupta said policies need to be designed to mitigate the impact of climate change and most of Indian response, barring a few exceptions, lacks the effort at present.

Given the fact that India is building infrastructure projects like airports, roads and transmission lines, there is an “urgent need” to keep the likely impact of climate change in mind, he said.

Sengupta said given the changes in rainfall, with some years experiencing higher rainfall, already existing hydel power stations have started checking if the dams can hold the additional water and what is the risk posed to the structures because of the higher volume of water they may need to be holding.

There is also a need to accelerate the de-commissioning of coal-based power generation plants to reduce the carbon emissions, he said, pointing out to studies which say the cost of de-commissioning can be between USD 110-220 billion over the next decade.

SHARE THIS ARTICLE ON
app
Close
Intel shares fell 4.6% in early trading in New York.(Bloomberg)
Intel shares fell 4.6% in early trading in New York.(Bloomberg)

Intel tumbles after new CEO recommits to chip manufacturing

Bloomberg
PUBLISHED ON JAN 22, 2021 08:00 PM IST
  • Keeping chip production in-house may be bad for Intel because its manufacturing technology has fallen behind Taiwan Semiconductor Manufacturing Co., which makes chips for many of Intel’s rivals. If the US company can’t catch up, its products will become less competitive, lose sales and market share.
Close
The IPO has received bids for 64.58 crore shares against an offer size of 55.18 lakh shares.(AP Representative image)
The IPO has received bids for 64.58 crore shares against an offer size of 55.18 lakh shares.(AP Representative image)

Indigo Paints IPO garners robust response; subscribed 117 times on final day

PTI, New Delhi
PUBLISHED ON JAN 22, 2021 06:34 PM IST
The price band was fixed at 1,488-1,490 a share for the initial share-sale, which was open for public subscription during January 20-22.
Close
The Infosys co-founder also noted that the pandemic has brought changes in consumer behaviour
The Infosys co-founder also noted that the pandemic has brought changes in consumer behaviour

India will be role model on how to vaccinate billion people at scale: Nilekani

PTI, New Delhi
PUBLISHED ON JAN 22, 2021 06:02 PM IST
Speaking at Redseer's Ground Zero 4.0 event, Nilekani spoke on how to build for scale in India that presents a massive opportunity with a booming internet penetration and rising adoption of digital services.
Close
Amazon and Flipkart together control 81% of India’s online market share, while RIL’s online services are estimated at 1% market share in 2020.mint(MINT_PRINT)
Amazon and Flipkart together control 81% of India’s online market share, while RIL’s online services are estimated at 1% market share in 2020.mint(MINT_PRINT)

Govt has pledged strict foreign investment rules for e-commerce, says CAIT

Reuters, New Delhi
PUBLISHED ON JAN 22, 2021 05:34 PM IST
India's e-commerce retail market is seen growing to $200 billion a year by 2026, from $30 billion in 2019.
Close
The oil market will be able to accommodate Iran’s maximum oil output of around 3.9 million to 4 million barrels a day.(Reuters/ File photo)
The oil market will be able to accommodate Iran’s maximum oil output of around 3.9 million to 4 million barrels a day.(Reuters/ File photo)

Iran starts ramping up oil production to pre-sanctions levels

Bloomberg, Tehran
PUBLISHED ON JAN 22, 2021 04:47 PM IST
  • Iran has been subject to tough US sanctions since 2018, when the administration of then-President Donald Trump unilaterally withdrew from an international deal that restricted the Middle Eastern country’s nuclear activities. Its crude production was below 2 million barrels a day for most of 2020.
Close
In this time exposure taken from Westgate Cocoa Beach Pier in Cocoa Beach, Fla., a SpaceX Falcon 9 rocket lifts off from Pad 40 at Cape Canaveral Air Force Station, Fla., Tuesday, Nov. 24, 2020. The rocket is carrying the 16th batch of Starlink communications satellites. (Malcolm Denemark/Florida Today via AP)(AP)
In this time exposure taken from Westgate Cocoa Beach Pier in Cocoa Beach, Fla., a SpaceX Falcon 9 rocket lifts off from Pad 40 at Cape Canaveral Air Force Station, Fla., Tuesday, Nov. 24, 2020. The rocket is carrying the 16th batch of Starlink communications satellites. (Malcolm Denemark/Florida Today via AP)(AP)

Elon Musk targets telecom for next disruption with Starlink internet

Bloomberg
PUBLISHED ON JAN 22, 2021 04:40 PM IST
SpaceX has told investors that Starlink is angling for a piece of a $1 trillion market made up of in-flight internet, maritime services, and demand in China and India.
Close
Similarly, the broader NSE Nifty tumbled 218.45 points or 1.5 per cent to 14,371.90.(PTI photo)
Similarly, the broader NSE Nifty tumbled 218.45 points or 1.5 per cent to 14,371.90.(PTI photo)

Sensex tanks 746 points; Nifty ends below 14,375

PTI, Mumbai
PUBLISHED ON JAN 22, 2021 04:15 PM IST
Axis Bank was the top loser in the Sensex pack, shedding over 4 per cent, followed by Asian Paints, SBI, IndusInd Bank, ICICI Bank, Bajaj Finance, HDFC and Reliance.
Close
A Google Project Loon internet balloon is seen at the Google I/O 2016 developers conference in Mountain View, California May 19, 2016.(REUTERS)
A Google Project Loon internet balloon is seen at the Google I/O 2016 developers conference in Mountain View, California May 19, 2016.(REUTERS)

Google parent-company shutting Loon, balloon-based alternative to cell towers

Reuters
PUBLISHED ON JAN 22, 2021 04:01 PM IST
Loon aimed to bring connectivity to areas of the world where building cell towers are too expensive or treacherous.
Close
The fairer sex is playing a more active role with respect to investment decisions even though that juncture where women do not have to walk that extra mile for being taken seriously in money matters is eons away.
The fairer sex is playing a more active role with respect to investment decisions even though that juncture where women do not have to walk that extra mile for being taken seriously in money matters is eons away.

How traditional finance management methods by women continue to be relevant now

By HT Brand Studio
PUBLISHED ON JAN 22, 2021 02:40 PM IST
As the role of women in shaping the finances of the household continues to evolve, it is important to know that the traditional investment tactics employed by women has also catalysed the remodeling of women’s relationship with finance because those methods continue to be relevant even today.
Close
Airbus slows production ramp-up, cites virus hit to demand (Reuters file photo)
Airbus slows production ramp-up, cites virus hit to demand (Reuters file photo)

Airbus slows production ramp-up, cites virus hit to demand

Bloomberg
PUBLISHED ON JAN 22, 2021 02:36 PM IST
Output of the A320, its best-selling model, will now rise gradually to 45 per month through the fourth quarter, Airbus said in a statement.
Close
One should focus on asset allocation to suit one’s situation and stick to it during good and bad times, and this is the right way to manage this bias
One should focus on asset allocation to suit one’s situation and stick to it during good and bad times, and this is the right way to manage this bias

Invest in mutual funds but steer clear of ‘Herd Mentality’!

By HT Brand Studio
PUBLISHED ON JAN 22, 2021 02:30 PM IST
‘Herd mentality’ impacts not only the investors, who do not have the educational background or interest, but even many educated people who get impacted from the one-way wave.
Close
Bajaj Finance Fixed Deposit is one such high-rated deposit that offers a great balance of high safety and attractive returns.
Bajaj Finance Fixed Deposit is one such high-rated deposit that offers a great balance of high safety and attractive returns.

Bajaj Finance can absorb a surge in provisions, says S&P Global Ratings

ANI, Singapore
PUBLISHED ON JAN 22, 2021 01:29 PM IST
BFL's performance in the third quarter of fiscal 2021 (ending March 31, 2021) was broadly in line with expectations.
Close
The company's revenue from operations rose to <span class='webrupee'>₹</span>1,851 crore for the quarter under consideration, up 7.81 per cent, as against <span class='webrupee'>₹</span>1,716.8 crore during the same period a year ago(Biocon/Twitter)
The company's revenue from operations rose to 1,851 crore for the quarter under consideration, up 7.81 per cent, as against 1,716.8 crore during the same period a year ago(Biocon/Twitter)

Biocon Q3 net profit falls 19% to 186.6 cr

PTI, Mumbai
PUBLISHED ON JAN 22, 2021 12:19 PM IST
The company had posted a profit of 230.3 crore for the corresponding period of the previous fiscal.
Close
Celebrations at BSE after the sensex crossed 50000 mark for the first time, in Mumbai.(PTI Photo)
Celebrations at BSE after the sensex crossed 50000 mark for the first time, in Mumbai.(PTI Photo)

Charting Sensex’ journey: How India’s benchmark index rose from 1,000 to 50,000

By Vineet Sachdev, Hindustan Times, New Delhi
UPDATED ON JAN 22, 2021 11:37 AM IST
  • The Sensex has nearly doubled from its lows in March and has risen nearly 50 times in three decades — the benchmark was on 999 on January 1, 1991.
Close
On Thursday, the rupee had settled at 72.99 against the American currency.(REUTERS)
On Thursday, the rupee had settled at 72.99 against the American currency.(REUTERS)

Rupee edges 4 paise lower to 73.03 against USD in early trade

PTI, Mumbai
PUBLISHED ON JAN 22, 2021 10:50 AM IST
The dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.03 per cent to 90.10.
Close
SHARE
Story Saved
OPEN APP