HERE ARE THE TOP 5 STORIES OF THE WEEK

 IMF SCALES DOWN INDIA’S ECONOMIC GROWTH FORECAST

The International Monetary Fund (IMF) has slashed India’s economic growth forecast for the

current fiscal year by 300 basis points to 9.5%, down from 12.5% in April. The IMF attributed

the downward revision to a lack of access to vaccines and the possibility of new coronavirus

outbreaks.

 MHADA TO PROVIDE PREFABRICATED HOMES TO FLOOD VICTIMS IN MAHAD

The Maharashtra Housing and Area Development Authority (MHADA) will construct ready-

to-move-in prefabricated homes for residents of Taliye village near Mahad whose homes

were previously destroyed by floods and landslides. This task has been assigned to Housing

Minister Jitendra Awhad by Chief Minister Uddhav Thackeray and Nationalist Congress Party

Chief Sharad Pawar.

 VEDANTA TO INVEST RS. 6,611 CRORE FOR BHARAT ALUMINIUM EXPANSION

Vedanta, an oil and gas and metals company, announced that it would fund Rs 6,611 crore in

the next 18-24 months to expand the smelter capacity at Bharat Aluminium Company Ltd

(Balco). After the expansion, the smelter capacity of Balco would grow by 414 kilo tonnes

Per Annum (ktpa).

 INDIA’S CEMENT INDUSTRY OUTLOOK IN FY22 IS BRIGHT: KUMAR BIRLA

Chairman of UltraTech Cement, Kumar Mangalam Birla, told the media that the Indian

cement industry is on growth path, led by various government’s initiatives. The cement

industry is likely to have bright prospects in this financial year (FY).

 JINDAL STEEL AND POWER REVISES POWER ARM’S DIVESTMENT

Jindal Steel and Power Ltd (JSPL) has received a revised offer of Rs 7,401 crore for the

divestment plan of the company’s subsidiary Jindal Power Ltd (JPL) from Worldone Private

Ltd for its thermal power arm.

That’s all for this week, stay tunned at constructionworld.in for more updates.

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