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On Friday, metal and mining giant, Vedanta, declared that it will invest Rs 1 lakh in Odisha for setting up an aluminum plant and an aluminum refinery in the state. The group led by Anil Agarwal, has already injected Rs 1 lakh crore across assets in the state.
As per a statement from Vedanta, the new investment will drive the establishment of a 6 million tonne per annum (MTPA) alumina refinery and a 3 MTPA green aluminum plant.
This will create around 2 lakh jobs in Odisha and aid the state in achieving its goal of emerging as a USD 500 Billion economy by 2030.
The statement also states that the metal of the future- aluminum- its demand will probably double by 2030.
Vedanta believes that just like Jharsuguda, Rayagada will be the most developed area in Odisha.
Furthermore, Vedanata will also inaugurate education centers, skill development centers, hospitals, and play schools in the statencollaboating with the Odisha government.
Reserve Bank of India Governor Shaktikanta Das has announced in a statement that an interest rate slash at this shade could mean” extreme risky”. He has got all the time in this world to join the wave of mitigating by global policymakers.
At the India Credit Forum in Mumbai on Friday, Das told Bloomberg News Deputy Editor-in-Chief, said that, there are significant risks associated with the outlook although inflation is anticipated to be moderate.
Although inflation and growth dynamics are well balanced, policymakers need to remain careful about price pressures. For almost two years, the key interest rate has been kept unchanged by the Reserve Bank of India. However, it hinted last week that it will be preparing to switch its policy stance to neutral.
This follows the US Federal Reserve reducing the interest rates, and other central banks around the world, doing the same, with Thailand being the latest to surprise with a slash this week. Das said, “A rate cut at this stage can be very premature and can be very, very risky. When your inflation is 5.5% and your next print is also expected to be high, you can’t cut the rate at that stage.”
On Friday, Zee Entertainment Enterprises Ltd (ZEEL) re appointed Punit Goenka as the Managing Director (MD) AND Chief Executive Officer for a five-year term. In a BSE filing, ZEEL mentioned that Punit Goenka’s re-appointmnet has been approved by the company board room, starting form January 1, 2025.
Zee Entertainment Enterprises Ltd (ZEEL) on Friday announced the reappointment of Punit Goenka as
The filing read, “Based on the recommendation of the Nomination & Remuneration Committee and subject to approval of members of the company, the board of directors...at its meeting held today, considered and approved the reappointment of Punit Goenka as MD & CEO of the company.”
In June 2023, Goenka and his father were accused of diverting assets of Essel Group companies l, leading the company to exclude Goenka and his father and Essel Group Chairman Subhash Chandra from securing pivotal positions.
On Friday, India's oil minister, Hardeep Singh Puri said that the country is set to acquire investments worth $87 billion within the next ten years to meet the nation's escalating demand for petrochemicals.
At the India Chem 2024 event held in Mumbai, Puri expressed, “As more citizens enter the middle class, the demand for a diverse range of products, many of which are derived from petrochemicals, is set to rise significantly.”
He mentioned that India's per capita petrochemical consumption is at a level much below compared to other developing nations. This opens doors for further investments in the sector.
India expends around 25 to 30 million metric tons of petrochemicals and products annually. The chemical and petrochemicals sector, which currently stands at a value of $220 million, is anticipated to witness a steep growth to $300 billion by 2025.
