Private sector investment is expected to increase as capacity utilization in several key sectors has exceeded 80%. Economic growth is expected to reach 6.7% in the current financial year, according to the newly elected CII President R. Dinesh. The Reserve Bank of India is likely to maintain status quo on interest rates in the next bi-monthly monetary policy, Dinesh added.
Out of 1,605 infrastructure projects in India valued above INR 150 crore, 379 have been delayed, resulting in cost overruns of over INR 4.64 lakh crore as of April 2023, according to the Ministry of Statistics and Programme Implementation. The ministry has revealed that the expenditure incurred on these projects was INR 14.13 lakh crore, equivalent to 51.39% of the anticipated cost of the projects.
The government is planning to file draft papers for an initial public offering of state-owned Indian Renewable Energy Development Agency (IREDA) by September, a top official said. "We have appointed the merchant bankers and they will proceed with valuation. We should be able to file the DRHP in 3-4 months, could be by September," Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey told PTI.
Deputy Chief Minister Devendra Fadnavis after signing the MoU said, Pune was gradually becoming a hub for financial services and the latest development involving Bajaj Finserve would boost the sector. "I think it is the largest investment in recent times taking place in the fintech sector," Fadnavis said about the MoU.
Ashwani Kumar has been appointed as the new MD and CEO of city-based public sector UCO Bank with effect from June one. Prior to this, he was the executive director of the state-owned Indian Bank and is a qualified chartered accountant, a statement by the bank said on Saturday.