India economy & business news in brief for Dec 1: Economists predict Indian economy to exceed growth estimates after strong Q2
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HERE are news in brief on Indian economy & business for Friday, December 1, 2023:
The Indian economy is projected to grow at a 6.7-7 per cent rate in the fiscal year ending March 31 next year, several economists have opined, upping their projections after the country exceeded growth estimates for the July-September quarter. India’s economy expanded 7.6 per cent in the July-September quarter, trouncing estimates of a 6.8 per cent growth, data released on Thursday showed. Stronger-than-expected growth in the first half of the year, coupled with continued government spending and some revival in private investment, has prompted economists to raise their growth forecast to higher than the government’s estimate of 6.5 per cent.
The government of the south Indian state of Andhra Pradesh has built a unique programme as part of its mission to enable 20 million people with enterprises needing skilled labour. Built-in partnership with the Andhra Pradesh State Skill Development Cooperation (APSSDC), the Skills Cascade Ecosystem is one of the differentiators of the state’s focus on revamping and revitalising skilling institutes in the state. The objective of the Skills Cascade Ecosystem is to make Andhra Pradesh a knowledge & skills hub of the world. Andhra Pradesh chief minister YS Jagan Mohan Reddy will launch a range of initiatives in the coastal city of Visakhapatnam, and the ‘AP Skills Universe application’ is one among them.
FinEdge, India’s leading tech enabled investment management company has achieved a major milestone of managing over 1000 crores of goal-based investments for its 18,000 clients spread across 1,800 cities in the country. This significant milestone marks a testament to FinEdge’s innovative bionic business model and proprietary tech-led Dreams into Action Investing platform. Speaking on the achievement, Harsh Gahlaut, CEO, FinEdge said, “We have used the last few years to develop our tech platform and software to provide exceptional value to our clients. Along with this 1000 crore milestone, we have completed the design and development of all our tech tools and are now looking at scaling up with an aim to onboard 1,00,000 clients over the next few years.”
India’s power and new and renewable energy minister R K Singh on Friday said the developed countries whose per capita emission of greenhouse gases is twice or thrice the world average must reduce it, and this should be discussed at the ongoing COP28 or the UN Climate Change Conference. The issue of phasing out of coal power plants by India was a “diversionary tactic topic” of “anti-development forces”, and the country’s per capita emission is one of the lowest in the world, the minister said, talking to reporters on the sidelines of a conference on ‘Energy Transition in India – Road Travelled and Opportunities Ahead’ in Gandhinagar in the western state of Gujarat.
India’s Hindustan Unilever Limited (HUL) has unveiled strategic changes in its Management Committee (MC), with a goal of enhancing focus on the Beauty and Personal Care (BPC) division and boosting its digital agenda for future readiness. Effective April 1 next year, the Beauty and Personal Care division will transition into dedicated Beauty & Wellbeing (B&W) and Personal Care (PC) businesses, HUL said in a press release. Madhusudhan Rao, executive director of B&W and PC, has decided to retire, and in his stead, Harman Dhillon and Kartik Chandrasekhar will join the HUL MC as executive directors for Beauty & Wellbeing and Personal Care, respectively, from April 1.