Gas consumption in India grew by 11% annually in 2024, causing a rise in LNG imports to meet increasing demand. Sectors such as industry, oil refineries, residential, commercial, and transport saw significant growth. Heatwaves also increased gas use for power generation. This aligns with India's low-carbon economy goals but raises energy security concerns due to declining domestic production.
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India's economy is projected to grow between 6.3-6.8% in 2025-26 amid global uncertainties, according to a finance ministry report. The Eco Survey highlights the need for structural reforms and deregulation, emphasizing the significance of rural demand and private investment for growth, despite geopolitical and trade challenges.
Byju’s interim resolution professional Pankaj Shrivastava has convened a committee of creditors meeting to vote on a permanent resolution professional. Glas Trust Company, holding 99.41% voting rights, can pass its preferred nominee. Previous resolution decisions were criticized by NCLT, leading to potential disciplinary action and Misconduct investigation, amid insolvency proceedings involving dues owed to BCCI.
Flipkart cofounder Binny Bansal has introduced Opptra, a startup focused on franchise business portfolios for branded consumer goods. Opptra will use AI-driven localisation and e-commerce expertise to expand brands across Asia and globally. The company leverages a global supply chain integrating automation and smart logistics, aiming for swift market penetration through a balance of online and offline channels.
Banks will be closed in Gujarat, Mizoram, Maharashtra, Karnataka, Madhya Pradesh, Tamil Nadu, Rajasthan, Uttar Pradesh, West Bengal, New Delhi, Chhattisgarh, and Jharkhand on April 10, 2025.
Post-Covid, Japanese companies are increasingly considering India as a manufacturing base under the 'China Plus One' strategy to reduce reliance on China. Deloitte Japan's CEO highlighted India’s potential not just as a production hub but also as a gateway to high-growth markets in the Middle East and Africa. The Japanese government supports this diversification move.
UCO Bank reported a 27.1% rise in Q3 net profit to Rs 638.83 crore, along with a 15.5% increase in total income at Rs 7,405.89 crore. For the nine months ending December 2024, net profit surged 58.9%, while gross NPA ratio improved to 2.91%.
Public sector banks (PSBs) in India have seen their gross non-performing assets (GNPA) ratio fall to a historic low of 3.1% as of September 2024. This improvement is attributed to the 4R strategy, recapitalization efforts, and reforms. PSBs' profitability has surged, with net profits reaching ₹1.4 lakh crore in FY24.
The Union Cabinet has greenlit an Rs 11,440 crore revival package for Rashtriya Ispat Nigam (RINL), addressing its debt issues. The package includes equity infusion and loan conversion to preference shares. This move aims to stabilize production, protect jobs, and ensure operational efficiency at the Visakhapatnam Steel Plant.
Stock markets worldwide saw declines on Monday due to fears of President Trump's tariffs set to take effect on Wednesday. The S&P 500 dropped by 0.6%, while the Nasdaq composite fell by 1.6%. Concerns about inflation and global economic slowdown led to significant sell-offs in major indices globally, reflecting growing economic uncertainty.
Tesla's global sales recorded a decline for the first time in at least nine years, dropping 1.1% to 1.79 million vehicles in 2024. Despite incentives, waning demand and increased competition contributed to the drop. Fourth-quarter sales missed expectations, with the average sales price falling, impacting profit margins.