India’s BEML Ltd., a state-owned heavy equipment maker, posted a more than 18% increase in fourth-quarter profit as input costs declined and expenses dipped. Consolidated profit for the three months ended March 31 climbed to 1.58 billion rupees ($19.12 million) from 1.33 billion rupees a year earlier, the company said in an exchange filing, as net profit margin for the quarter expanded to 11.36% from 7.92% in the previous year.

The drop in costs associated with raw materials – a near-25% dip – was the primary factor in the lowered expenses. BEML’s lower total expenses of 11.29 billion rupees also somewhat offset the 17.6% decrease in consolidated revenue from operations of 13.88 billion rupees, which was the result of a slowdown in project realisation. Also contributing to the drop in revenue was the decline in BEML’s order book to 85.70 billion rupees, a 1.6% decrease from the previous quarter due to intense competition.

Founded in 1964, BEML is a multi-technology conglomerate that produces and supplies a wide range of products and services to several sectors including defence, mining, railway and metro, aerospace, etc. It focusses on modernising and enabling domestic/international production of key components and sub-systems. Its Chairman and Managing Director is Deepak Kumar Hota and he is responsible for leading the company into a future of sustainable growth.

The company announced a 5-rupee per share dividend to its shareholders. To conclude, the drop in expenses coupled with the slight decline in revenue, enabled BEML to show an impressive profit growth despite the slowdown in orders.

India’s steel demand is set to grow 7.5% in 2023-24, according to the Indian Steel Association (ISA). Steel consumption for the fiscal year is expected to reach 128.9 million tonnes, up from 119.9 million the previous year. This is attributed to a surge in domestic construction, railways and capital goods sectors.

The surge in demand can be attributed to India’s robust economic growth. Industries such as automotive and consumer durables have seen an uptick in demand, further driving steel consumption. According to a Reuters poll, economic growth is forecast to average 6.0% in the current fiscal year and 6.4% in 2024-25.

JSW Steel Ltd is India’s largest steelmaker by capacity. Last week, the company’s top executive estimated that steel demand in India would grow by 7%-8% this year. India is the world’s second biggest crude steel producer, and output reached its record high of 125.3 million tonnes in 2022-23. Despite this, India’s steel exports dropped to a five-year low last financial year.

The Indian Steel Association (ISA) is a leading industry body, established in 2014 and based in New Delhi. It provides services such as policy advisory, data tracking and analysis, and market research regarding prices, trends and demand. ISA also works to promote the development of the Indian steel industry, while advocating for the best interests of its members.

Mayank Bhardwaj is an editor who works with Reuters and was involved in the article about India’s steel demand. He has extensive experience in financial news, having worked in the past with Bloomberg News. His primary areas of expertise include corporate finance, banking and economic forecasting. He works collaboratively with reporters, focusing on translating market stories into engaging reportage.

The All India Bank Employees Union (AIBEA) has addressed a letter to RBI Governor Shaktikanta Das regarding a few banks that are allegedly requiring the public to provide proof of identification and other details when exchanging Rs2,000 notes. The union has expressed their disapproval over banks not following the instructions issued by the RBI and mentioned that this practice is creating needless stress at the bank branches.

In the circular S-234, the RBI had asked banks to receive the requisition along with identity proof from the public while exchanging Rs2,000 notes. Later, after updating the circular to S-239 on May 22, the RBI stated that exchange of Rs2,000 notes should be provided to the public in the usual manner, and without demanding any request slip or identity proof, since they still remain legal tender.

Ashok Mukherjee, the former deputy chief secretary of the State Bank of India Staff Association, has claimed that a few private and public sector banks have been requesting customers to provide ID proof along with other documents, which is not as per the RBI orders.

AIBEA is an organization that represents the unions of the bank employees in India. Established in 1946, it strives to uphold the rights and responsibilities of both the employees and the employers to create a harmonious environment in the banking sector. AIBEA’s main function is to protect the banking employees from exploitation while also helping them resolve issues related to service, rights and laws.

Deputy Chief Secretary Ashok Mukherjee is the former head of the State Bank of India Staff Association and has worked fervently to protect the rights of the banking employees. He has been at the forefront in many movements that are aimed at revising the banking laws in order to ensure fair practice in the banking sector. Over the years, he has fought several legal battles in order to safeguard the banking employees’ rights and benefits.

Today Prime Minister Narendra Modi will preside over the eighth governing council meeting of Niti Aayog. This day-long meeting will focus on the theme of ‘Viksit Bharat @2047: Role of Team India’ and will be taking place at a new Convention Centre in Pragati Maidan, New Delhi.

The meeting will include the participation of Chief Ministers/Lt Governors from all states and Union Territories along with Union Ministers and the Vice Chairman and Members of NITI Aayog. The discussions will center around health, skill development, women empowerment and infrastructure development with the mission to transform India into a developed nation by 2047.

The event will cover eight prominent themes including Viksit Bharat@2047, Thrust on MSMEs, Infrastructure and Investments, Minimising Compliances, Women Empowerment, Health and Nutrition, Skill Development, and Gati Shakti for area development and social infrastructure. In order to gain well-rounded grassroots-level perspectives prior to the meeting, wide-ranging stakeholder consultations and brainstorming sessions with subject experts, academia and practitioners were conducted.

The 8th Governing Council Meeting provides an opportunity to create a roadmap for Viksit Bharat by 2047 in which the Centre and States can collaborate as Team India. This event holds great significance in the international context as India’s economy is among the most powerful in the world and its socioeconomic growth and transformation has a multiplier effect on the world.

In order to achieve this vision, the 8th Governing Council Meeting of Niti Aayog will emphasize on strengthening Centre-State cooperation and forging partnerships for ensuring the goal of Viksit Bharat @2047.

Niti Aayog was established in 2015 and comes under the Office of the Prime Minister of India. It serves as the Indian government’s policy think tank, aiming to achieve sustainable development goals with the help of cooperative federalism by fostering better interaction between the central and state governments.

Prime Minister Narendra Modi is the Chairman of the Niti Aayog. He has taken significant steps to ensure that the country’s progress will be according to the vision of a “New India” in 2047. PM Modi has also been actively involved in conducting consultations along with officials of various ministries, stakeholders, and experts in several sectors for the country’s overall development.

On Friday, US Ambassador Eric Garcetti inaugurated the United States Consulate in Hyderabad in a celebratory event to commemorate the 247th anniversary of American independence. With the Ambassador, Telangana Governor Tamilisai Soundararajan and US Consul General Jennifer Larson as well as Ausaf Sayeed from the Ministry of External Affairs (MEA) were in attendance. The event marks Ambassador Garcetti’s first official visit to Hyderabad since taking on the task of representing the United States as Top diplomat in India.

At the ceremony, Ambassador Garcetti stated that it was clear how much the U.S valued the city and its region, its exemplified with the USD 340 million facility. Overall, the consulate is a part of the US-India Strategic Partnership that aims to facilitate closer ties between the two countries.

During the visit, Ambassador Garcetti toured the Chowmahalla Palace, Mitr Transgender Clinic and Y-Axis Foundation. In addition, he joined a lunch at Indian School of Business, and visisted T-Hub’s facility at Raidurg. To wrap up his official trip to Hyderabad, he made time to visit the Charminar and Paigah Tombs. The US Government is providing a quarter of a million dollars to support the conservation and restoration of the six tombs spanning from the 18th to 19th centuries.

Ambassador Garcetti was the 26th to be credentialed in this post by President Droupadi Murmu on May 11, 2023. Before the role, he held the position as Mayor of Los Angeles for 8 years. After winning the election in 2013 as the youngest mayor in the city’s history, Garcetti successfully won the re-election in 2017. During his tenure, the economic growth and opportunity increased, and he also managed to bid for Los Angeles to host the Olympic and Paralympic Games in 2028 and followed an aggressive plan to improve health and the environment.

On top of that, the ambassador served as a naval officer in the reserve component for 12 years. Furthermore, he earned a B.A. at Columbia University and his Master’s degree at Columbia’s School of International and Public Affairs. He was a Rhodes Scholar at The Queen’s College, Oxford. He is married with one daughter, and a fourth-generation native of Los Angeles along with being an avid pianist and photographer.

As the US Ambassador to India, Garcetti is in an essential role in developing and strengthening the relationship between the two nations. By taking action to bridge gaps and engaging in meaningful conversations, the efforts are underway to increase cooperation between India and the United States.

US ambassador Eric Garcetti is an experienced politician, diplomat, public servant, and advocate for a closer relationship between India and the United States. Armed with a vision for the two countries to become closer allies, Garcetti is leading the charge to ensure that this relationship blossoms. He is a passionate public servant who is dedicated to making positive changes in the world.