India's economy is projected to grow at 7.3 per cent in 2021, even as it is estimated to contract by 9.6 per cent in 2020 as lockdowns and other efforts to control the Covid-19 pandemic slashed domestic consumption, the UN has said. The World Economic Situation and Prospects 2021, produced by the United Nations
Department of Economic and Social Affairs (UN DESA), said the world economy was hit by a once-in-a-century crisis a Great Disruption unleashed by the Covid-19 pandemic in 2020. Read more
India is considering easing foreign investment rules for sectors ranging from construction to animation to lure overseas capital needed to create jobs in an economy cratered by the pandemic, people with knowledge of the matter said. A proposal to allow limited liability partnerships to invest in the construction of townships, roads, hotels and hospitals is under discussion, the people said, asking not to be identified citing rules. Read more
In an interview with Dev Chatterjee and Aditi Divekar, L&T’s MD & CEO, S N Subrahmanyan said the company has done quite well despite the Corona lockdown. "Our strong revenue for the quarter indicates return to pre-Covid levels and we are expecting a sharp pick-up in the ongoing quarter in project finalisations due to pent-up project proposals which are pending in the power transmission & distribution, water, metro rail, roads & elevated corridors. Though we don't give any guidance, we certainly expect to finish the current quarter with positive growth in sales," Subrahmanyan said. Read more
Rating agency Standard & Poor's has upgraded the outlook on Vedanta Resources
from "negative" to "stable" on reduced refinancing risk. The upgrade also reflects the company's strengthened ability to meet its debt obligations over the next 12-18 months. Strong operating momentum and sizable free cash flow generation at Vedanta Ltd also improve liquidity at the holding company level. Read more
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