HERE ARE THE TOP 5 STORIES OF THE WEEK
IMF SCALES DOWN INDIA’S ECONOMIC GROWTH FORECAST
The International Monetary Fund (IMF) has slashed India’s economic growth forecast for the
current fiscal year by 300 basis points to 9.5%, down from 12.5% in April. The IMF attributed
the downward revision to a lack of access to vaccines and the possibility of new coronavirus
outbreaks.
MHADA TO PROVIDE PREFABRICATED HOMES TO FLOOD VICTIMS IN MAHAD
The Maharashtra Housing and Area Development Authority (MHADA) will construct ready-
to-move-in prefabricated homes for residents of Taliye village near Mahad whose homes
were previously destroyed by floods and landslides. This task has been assigned to Housing
Minister Jitendra Awhad by Chief Minister Uddhav Thackeray and Nationalist Congress Party
Chief Sharad Pawar.
VEDANTA TO INVEST RS. 6,611 CRORE FOR BHARAT ALUMINIUM EXPANSION
Vedanta, an oil and gas and metals company, announced that it would fund Rs 6,611 crore in
the next 18-24 months to expand the smelter capacity at Bharat Aluminium Company Ltd
(Balco). After the expansion, the smelter capacity of Balco would grow by 414 kilo tonnes
Per Annum (ktpa).
INDIA’S CEMENT INDUSTRY OUTLOOK IN FY22 IS BRIGHT: KUMAR BIRLA
Chairman of UltraTech Cement, Kumar Mangalam Birla, told the media that the Indian
cement industry is on growth path, led by various government’s initiatives. The cement
industry is likely to have bright prospects in this financial year (FY).
JINDAL STEEL AND POWER REVISES POWER ARM’S DIVESTMENT
Jindal Steel and Power Ltd (JSPL) has received a revised offer of Rs 7,401 crore for the
divestment plan of the company’s subsidiary Jindal Power Ltd (JPL) from Worldone Private
Ltd for its thermal power arm.
That’s all for this week, stay tunned at constructionworld.in for more updates.
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