- Thursday, March 06, 2025
By: Shubham Ghosh
Here are news in brief related to Indian economy and business for Thursday, December 1, 2022:
Tata Steel which has made investments of over Rs 75,000 crore (£7.5 billion) in Odisha will continue to invest in the state which has 25 per cent of India’s total steel making capacity, its MD & CEO T V Narendran said, Press Trust of India reported. Narendran made the remarks at the ‘Make in Odisha Conclave 2022’ in Bhubaneswar on Thursday. “The Tata group of companies, and more specifically Tata Steel, has invested over Rs 75,000 crore in Odisha in the last five years. We will continue to invest to support the growth in Odisha,” the official said.
Global consumer good major Procter & Gamble has appointed India-born Bala Purushothaman as its chief human resource officer (CHRO). Purushothaman will take on the CHRO role effective January 1, 2023, said a statement from Procter & Gamble, PTI reported. He will take over the role from Tracey Grabowski, who is retiring from the company after a career spanning over three decades, including more than four years as the Global CHRO, it added.
The Indian economy is likely to see a growth between 6.5 per cent and seven per cent in the next fiscal year if the global environment does not deteriorate, a member of the prime minister’s economic advisory council said on Thursday, providing a higher estimate than some economists, Reuters reported. Global agencies like the International Monetary Fund and the World Bank have given a forecast that India’s growth will be 6.1 per cent and six per cent, respectively, next fiscal. India posted annual economic growth of 6.3 per cent in the July-September quarter, a little above the 6.2 per cent forecast by economists polled by Reuters.
Adani Green Energy Ltd on Thursday said it has raised 27,954 million Japanese Yen (£168.4 million) through its subsidiary Adani Solar Energy AP Six to refinance its existing indebtedness, PTI reported. The project loan facility is supported by MUFG Bank and Sumitomo Mitsui Banking Corporation with equal participation, a company statement said. “This is an excellent result for AGEL, showing strong support from our lenders and demonstrates our ability to access bank debt at competitive terms in sync with the underlying asset development model to provide a long-term solution,” said Phuntsok Wangyal, CFO, Adani Green Energy. Latham & Watkins LLP and Cyril Amarchand Mangaldas acted as legal counsels for the transaction.
India’s unemployment rate rose to eight per cent in November, the highest in three months, from 7.77 per cent in the previous month, data from the Centre for Monitoring Indian Economy (CMIE) said on Thursday, Reuters reported. The urban unemployment rate rose to 8.96 per cent in November from 7.21 per cent in the previous month, while the rural unemployment rate slipped to 7.55 per cent from 8.04 per cent, the data showed.
