The Index of Industrial Production (IIP) grew by 10.9 per cent in January this year as against 8.5 per cent in the corresponding month last year.
Infrastructure assets worth over Rs 1.62 lakh crore are expected to be monetised during the current fiscal, Parliament was informed on Monday. The government had last year announced a Rs 6 lakh crore National Monetisation Pipeline (NMP) to unlock value in infrastructure assets across sectors, ranging from power to road and railways in four years till 2025. In a written reply to the Lok Sabha, Minister of State for Finance Pankaj Chaudhary said about Rs 97,000 crore worth of public assets were monetised in the last fiscal (2021-22).
In the October-December quarter (Q3) of FY24, Hindalco reported flat consolidated revenue year-on-year (Y-o-Y) at Rs 52,800 crore. Copper revenue rose due to higher shipments and better Average Selling Price (ASP). Revenue from the aluminium vertical and Novelis declined 3 per cent and 6 per cent Y-o-Y, respectively.
It is the low cost of iron ore extracted from their adivasi homeland mines that enables steelmakers like Tata Steel and Essar, and miners like NMDC, not only to be among the most profitable companies in India, but also gives it the financial muscle to make huge overseas acquisitions. Ultimately, it is the poor adivasi who pays for it with his home and hearth and gets no credit for it! Either from the State, which connives in their exploitation, or the industry that lords over their resources, says Mohan Guruswamy.
Naxals allegedly set on fire a conveyor belt of National Mineral Development Corporation in Chhattisgarh's Dantewada district in the wee hours on Wednesday causing production disturbance to the tune of 40,000 tonnes.
Promising Central Bureau of Investigation probe into mining, chit fund and other scams in Odisha, Congress on Friday said it would review all MoUs signed by BJD government in the state in last 10 years, provide pucca houses to landless and allowance to unemployed youths if voted to power.
"I have always felt that Lord Ram has been shielding me and my family from all the bad times and I strongly believe that it is him, who chose me for the auspicious task," Yogiraj, who has received effusive praise for his work, told PTI.
India plans to double coal production by 2020
India's economic growth surged to 20.1 per cent in the April-June quarter of this fiscal, helped by a low base of the year-ago period, despite a devastating second wave of COVID-19. The gross domestic product (GDP) had contracted by 24.4 per cent in the corresponding April-June quarter of 2020-21, according to data released by the National Statistical Office (NSO) on Tuesday. The government had imposed a nationwide lockdown at the onset of the COVID-19 pandemic last year.
Essar Steel aims to participate in the indigenisation of products used in naval defence
The Indian economy will grow by 6.9 per cent in 2011-12 against 8.4 per cent in the last financial year according to government estimates.
The slowdown has mainly been on account of poor performance by the manufacturing and mining sectors.
The approval was announced by Environment Minister Greg Hunt, who said "after undertaking a thorough assessment and consideration under national environment law, I have approved the Carmichael Coal Mine and Rail Infrastructure project, subject to 36 strict conditions".
The headline for corporate profit growth has been very encouraging in the July-September quarter (Q2) of 2023-24 (FY24), with the combined net profit of listed companies up by 38 per cent year-on-year. However, the earnings distribution has been very lopsided, with most of the growth coming from public-sector oil-marketing companies (OMCs), banks, non-bank lenders, automobile (auto) companies, and cement producers. By comparison, companies from information technology services, fast-moving consumer goods (FMCG), retail, and consumer durables were disappointed, experiencing a sharp slowdown in net sales growth and a relatively muted increase in reported net profit.
India's industrial production growth slipped to five-month low of 1.1 per cent in March from 5.8 per cent in February 2023, mainly due to poor performance of power and manufacturing sectors, according to official data released on Friday. The previous lowest level of growth was recorded in October 2022 at a contraction of 4.1 per cent. The factory output growth measured in terms of the Index of Industrial Production (IIP) stood at 2.2 per cent in March 2022.
Former Finance Minister P Chidambaram on Monday said the high growth that Indian economy has logged in the first quarter of the current fiscal was on account of the UPA policies and the new government must give it the due credit.
Gross non-performing assets in system have grown to 4.1 per cent in FY14 from 3.4 per cent a year ago
There was buzz of Piyush Goyal being elevated to Cabinet rank but only Prakash Javadekar made the cut.
In terms of industries, 10 out of 23 industry groups in the manufacturing sector showed positive growth during November 2018.
During the April-July period of this fiscal, IIP growth stood at 5.8 per cent, as against 9.7 per cent in the corresponding four-month period last year.
Starting the new financial year on a positive note, the industrial growth more than doubled to 9.4 per cent in April 2004.
Titan, IndusInd Bank, Axis Bank, State Bank of India, Power Grid, NTPC and Tata Motors were among the among the major gainers. Mahindra & Mahindra, Larsen & Toubro, Nestle, JSW Steel, Infosys and Tata Consultancy Services, Tech Mahindra and Maruti were the major laggards.
A large quantity of weapons, including AK-47 rifles and mines with Pakistan-marking were recovered from the slain terrorist.
The manufacturing sector, which accounts for over 75 per cent of the total weight of the index, grew by just 5.6 per cent in May.
Elaborating on this theme, Petroleum Minister Dharmendra Pradhan pointed out that if the power sector had not been opened up through reforms initiated in 2003, India would still have been in darkness.
India's private sector activity contracted further in August, reflecting faster contractions of both manufacturing and services output, amid decline in new orders and tough economic conditions.
Private lenders have also been expanding their branch and automate teller machine networks aggressively.
The government also increased the power of the FIPB.
Factory output in March, as measured in terms of the Index of Industrial Production released today, also witnessed lower growth of 7.3 per cent, compared to 15.5 per cent expansion in the same month a year ago.
Taken aback by the attack, Orissa government promised early clearances to mega steel projects, including Mittal's.
As per use-based classification, primary good registered a growth of 7.4 per cent, intermediate goods 22.4 per cent, and infrastructure/construction goods 0.1 per cent in February 2020 as against the same period a year ago.
Enthused by higher than expected GDP numbers in the fourth quarter of 2022-23, Chief Economic Adviser (CEA) V Anantha Nageswaran on Wednesday said India's economic growth may exceed the initial estimate of 6.5 per cent in the current fiscal and the country can look for another year of solid economic performance.
During April-June this fiscal, the Index of Industrial Production grew 10.1 per cent, as against 10.4 per cent in the year-ago period.
Spotlight likely on cement, metals, road cos
The manufacturing sector, which constitutes 77.63 per cent of the IIP, contracted by 0.4 per cent in March as compared to 5.7 per cent expansion in the year-ago month.
Corporate India is more dependent than before on exporters of IT services such as Tata Consultancy Services (TCS), Infosys, and Wipro for earning foreign exchange. Such companies account for nearly 43 per cent of the forex revenues of listed firms, up from 22 per cent a decade ago. The listed IT services companies earned nearly Rs 4.2 trillion through exports in FY22, up 15 per cent from the Rs 3.65 trillion a year earlier. In comparison, the forex revenues or exports of the rest of the BSE500 companies were down 11.9 per cent to Rs 5.6 trillion last financial year.
The Lok Sabha contest in Thiruvananthapuram is shaping up to be a significant battle involving key candidates like Shashi Tharoor, Rajeev Chandrasekhar, and Panniyan Ravindran. This three-cornered fight highlights the political dynamics in Kerala's capital city, with each candidate bringing their own vision and promises for the region's development, notes Rajeev Srinivasan.
Richest Indian Gautam Adani-led group's flagship firm on Wednesday filed an offer letter with stock exchanges for a proposed Rs 20,000 crore follow-on public offer (FPO). The FPO of Adani Enterprises Ltd (AEL) is planned to open on January 27 and close on January 31, according to the offer letter. Of the Rs 20,000 crore proceeds of the FPO, Rs 10,869 crore will be used for green hydrogen projects, work at the existing airports and construction of a greenfield expressway.
Belying fears of a slowdown, industrial growth accelerated to 13.8 per cent in July from 7.2 per cent in the corresponding month last year, on the back of a 63 per cent jump in capital goods production.
