Bhubaneswar, 07/01/2025: The Odisha government has approved five major investment projects worth a combined ₹44,793 crore, expected to generate 23,005 jobs across the state, signaling a strong push toward industrial growth and economic development. The approvals were granted during a high-level clearance authority (HLCA) meeting chaired by Chief Minister Mohan Charan Majhi, covering key districts including Jajpur, Dhenkanal, and Cuttack. The projects span sectors such as refinery and petrochemicals, green energy equipment, biotechnology, steel, and chemicals, highlighting Odisha’s strategic focus on diversified industrial development. One of the flagship initiatives is a large unrefined oil storage facility to be developed in…
Author: editor
Rayagada (Odisha), January 6, 2025: Vedanta Aluminium’s stall emerged as one of the major attractions at the Chaiti Mahotsav in Rayagada, Odisha, a festival renowned for celebrating the state’s rich tribal heritage. Organised annually since 2005, the three-day festival brings together artisans, performers, and self-help groups (SHGs) from across India, offering a vibrant platform for cultural preservation and socio-economic development. Vedanta Aluminium’s stall featured a captivating fusion of heritage arts, including Saura paintings, Dokra art, traditional tribal crafts, and products created by SHGs under Project Sakhi, an initiative aimed at empowering women as micro-entrepreneurs. By providing a platform for local…
Bhubaneswar, 06/01/2025: The Krushi Odisha Mela, an annual flagship event organized by the Department of Agriculture & Farmers’ Empowerment, Odisha, showcased the state’s agricultural achievements and explored the future of farming. Held at Biju Patnaik Ground in Bhubaneswar, this three-day event brought together farmers, government officials, agri-tech partners, and other stakeholders to celebrate successes in agriculture and discuss innovative solutions for sustainable farming. A key session titled “Transforming Agriculture Through Digital Interventions” highlighted how technology is revolutionizing farming practices in Odisha and positioned the state as a leader in agricultural digitization. The session was chaired and inaugurated by Shri Prem…
Bhubaneswar, 04/01/2025: Odisha has taken another important step towards empowering women entrepreneurs and enhancing financial inclusion. A high-level meeting chaired by Hon’ble Deputy Chief Minister Smt. Pravati Parida brought together senior officials and bank representatives from across the state to explore ways of strengthening financial support for women-led businesses and Self-Help Groups (SHGs). The discussions centered on expanding access to loans for SHGs, extending targeted support to “Lakhpati Didis” for building sustainable livelihoods, and identifying measures to overcome challenges in order to improve future outcomes. Thanks to the consistent efforts of the Mission Shakti Department, Odisha has emerged as a…
New Delhi, 03/01/2025: India’s banking sector has witnessed a remarkable turnaround in its financial health, with non-performing assets (NPAs) declining sharply to ₹4.8 lakh crore by March 2024. This is a significant improvement compared to ₹9.4 lakh crore in 2019, reflecting a consistent and steady reduction in stressed loans over the past five years. The trend signals stronger balance sheets, better lending practices, and improved recovery mechanisms in the banking industry. According to the Reserve Bank of India’s (RBI) report for 2023-24, the gross NPA ratio of all commercial banks dropped to 2.7% by March 2024, down from a concerning…
New Delhi, 03/01/2025: India’s manufacturing sector, which has been a key driver of the economy in 2024, saw growth ease to its lowest level in a year in December. According to the monthly HSBC India Manufacturing Purchasing Managers’ Index (PMI), released on Thursday, both new business orders and output expanded at a slower pace, though the sector continues to show resilience and solid momentum heading into 2025. The seasonally adjusted PMI for December stood at 56.4, compared to 56.5 in November. While this represents a marginal dip and the slowest pace of expansion in 12 months, the reading remains well…
Bhubaneswar, Odisha, 02/01/2025: Rajib Sekhar Sahoo, a highly regarded financial expert and chartered accountant, has been appointed as the new Chairman of the Indian Chamber of Commerce (ICC) Odisha State Council. His appointment is expected to bring strong leadership and strategic vision to the council at a time when Odisha is emerging as a key destination for industrial growth and investment. Sahoo, the principal partner at SRB & Associates, one of India’s leading chartered accountancy firms, has built a distinguished career with extensive experience in banking, finance, and corporate governance. Known for his sharp insights into business and industry, he…
New Delhi, India, 01/01/2025: The downstream aluminium sector stands to benefit significantly from recent anti-dumping duties imposed on anodized aluminium frames for solar panels and modules imported from China. The Aluminium Association of India (AAI) lauds this move by the Indian Government as it promises greater market access for domestic players. Anti-dumping duties on anodized aluminium frames will aid the domestic aluminium industry by reducing reliance on Chinese imports. Industry representatives are advocating for further measures in the 2025 Budget to bolster market access and establish a self-sufficient aluminium sector. This anticipated growth in investments, job creation, and MSME development…
Bhubaneswar, 01/01/2025: Facing a significant revenue shortfall, the state-run power trading utility, Grid Corporation of Odisha Limited (GRIDCO), has proposed a 54 paise per unit increase in the bulk supply tariff (BSP) for the 2025-26 financial year. The company has projected its aggregate revenue requirement (ARR) for the upcoming fiscal year at ₹14,820.37 crore and has requested the Odisha Electricity Regulatory Commission (OERC) to approve a new BSP of 381.84 paise per unit, up from the current 328.20 paise per unit. GRIDCO justifies the proposed hike by highlighting a projected revenue deficit of ₹1,728 crore at the existing tariff. The…
India, December 31, 2024: Bharat Petroleum Corporation Ltd (BPCL), one of India’s leading state-owned oil refiners, is increasingly sourcing crude oil from the Middle East as supplies of cheaper Russian oil, which the company has relied on in recent years, begin to decline. According to Vetsa Ramakrishna Gupta, BPCL’s Chief Financial Officer, the company is missing two to three shipments of Russian oil each month. To bridge this shortfall, BPCL has turned to suppliers in countries such as Oman. Currently, Russian crude accounts for approximately 35–37% of the feedstock processed at BPCL’s three refineries, which together have a combined capacity…