India GDP forecast: UN revises India’s 2024 growth forecast to 6.9%

A strong domestic economy will push India’s growth to 6.9% in 2024 from 6.2% projected earlier, the United Nations said in its latest World Economic Situation and Prospects report’s mid-year update. “India’s economy is forecast to expand by 6.9 per cent in 2024 and 6.6 per cent in 2025,29 mainly driven by strong public investment … Read more

Birla eyes $1.2 billion from Novelis IPO

Billionaire Kumar Mangalam Birla‘s Hindalco Industries is considering seeking about $1.2 billion in a planned IPO of US aluminium products maker Novelis, people familiar with the matter said, in what could be one of the year’s biggest share sales. Hindalco may target a valuation of about $18 billion for Atlanta-based Novelis, the people said. The … Read more

India not xenophobic, but one of the most welcoming nations: S Jaishankar

External affairs Minister S Jaishankar rejected US President Joe Biden’s description of India as “xenophobic” and grouping it with countries said to be economically troubled. “First of all, our economy is not faltering,” he said at the ET Roundtable on Friday. “India is always… India has been a very unique country… I would say actually, … Read more

Google CEO Pichai nears billionaire status

Alphabet CEO Sundar Pichai is on the cusp of achieving a rare milestone for a non-founder tech executive: a 10-figure fortune. Since Pichai, 51, became CEO of Google in 2015, the stock has surged more than 400%, significantly outperforming the S& and Nasdaq over the same period. It hit a fresh record on Friday after … Read more

NBFCs: RBI updates guidance note on operational risk management, extends it to NBFCs

The Reserve Bank of India on Tuesday updated its “guidance note” on operational risk management for the financial sector, and also extended it to the NBFCs, including housing finance companies. The 2005 ‘Guidance Note on Management of Operational Risk’ covered only commercial banks. The Reserve Bank of India (RBI) said an operational disruption can threaten … Read more