General Awareness

BUSINESS AND ECONOMY - June 2022

Jun 2022

Apr 23, 2026

L&T signs green ammonia supply deal with Japan’s Itochu

Larsen & Toubro (L&T) has signed a long-term agreement with Japan’s Itochu Corporation for the annual supply of 300,000 tonnes of green ammonia. The deal will be executed through L&T Energy GreenTech and supports India’s clean energy export ambitions. Green ammonia is produced using renewable energy-generated hydrogen and is considered a key low-carbon fuel for shipping and other sectors. The arrangement advances India’s energy export strategy and strengthens bilateral ties in clean energy, aligning with broader government goals to expand renewable capacity, reduce emissions, and develop infrastructure for green hydrogen and its derivatives.

Deal: 300,000 tonnes of green ammonia annually
Partnership between L&T and Itochu Corporation
Supply from Gujarat via L&T Energy GreenTech
Supports India’s green energy export goals
Green ammonia produced from renewable energy
Aims to decarbonize shipping and industry

HDFC Life reappoints Vibha Padalkar as MD & CEO for five-year term

HDFC Life Insurance Company Limited announced that its board, on 21 April 2026, approved the reappointment of Vibha Padalkar as managing director and chief executive officer for another five-year term. The decision aims to ensure continuity of leadership during a dynamic period for the Indian insurance sector. The term extends to 21 April 2031, subject to approval by shareholders at the upcoming annual general meeting and clearance from the Insurance Regulatory and Development Authority of India (IRDAI). The company emphasized that the reappointment will maintain strategic direction, governance standards, and ongoing initiatives in product development, distribution expansion, and risk management.

Board approval date: 21 April 2026
Reappointment as MD & CEO for five years
Term ends 21 April 2031
Subject to shareholder approval and IRDAI clearance
Aims to ensure leadership continuity
Supports growth in product and distribution strategies

Apr 22, 2026

UN Projects India's Economy to Grow 6.4% in 2026

The United Nations ESCAP forecast India’s economy to grow by 6.4 percent in 2026 and 6.6 percent in 2027, reinforcing India's position as one of the fastest-growing major economies. The Economic and Social Survey of Asia and the Pacific 2026, released by UN ESCAP, cites strong domestic demand, services expansion, and policy support as main drivers. The report notes 7.4 percent growth in 2025, aided by rural consumption, GST rate cuts and frontloading of exports before US tariffs rose in 2025. It also mentions a modest export decline to the United States in late 2025 due to tariffs, while domestic services and rural demand supported growth.

Forecasts 6.4% growth in 2026 and 6.6% in 2027
Strong domestic demand and services growth cited
7.4% growth in 2025 noted
GST cuts and export frontloading mentioned
Exports to the US declined in late 2025 due to tariffs

SBI Projects GDP Growth at 6.8–7.1% for FY27

On 21 April 2026, the State Bank of India (SBI) released its latest growth projection, predicting a GDP expansion of 6.8 to 7.1 percent for fiscal year 2026-27 (FY27). The note cites robust domestic demand, services expansion, and policy support as key drivers, despite global headwinds from energy prices and geopolitical tensions. The SBI forecast remains above many international estimates and supports expectations of steady investment, consumption and export growth. Analysts warn about risks from external shocks, inflation volatility, and fiscal consolidation, but still anticipate a healthy growth path into FY27.

Forecast range: 6.8%–7.1% for FY27
Domestic demand and services lead growth
Policy support cited as a driver
External risks include tariffs and energy prices
Outlook remains relatively positive

BSE Housing Finance Index Launched to Track Sector Performance

The BSE Housing Finance Index was launched on 20 April 2026 by BSE Index Services to track the performance of housing finance companies listed in the broader market. The index focuses on firms providing home loans and related services as homes and real estate expand in India. It uses a subset of stocks from the BSE 1000 and includes only housing finance players. The index will be reconstituted twice a year, in June and December, to reflect market changes. Analysts expect the new benchmark to help investors gauge sector health and support fund flows into housing finance and affordable housing initiatives.

Index launched on 20 April 2026
Tracks housing finance companies from BSE 1000
Reconstitution twice a year: June and December
Aims to gauge sector health for investors
Supports housing finance and affordable housing funding

Apr 21, 2026

POSCO, JSW Steel Sign $7.3 Billion Steel Plant Deal

South Korea’s POSCO Group and India’s JSW Steel signed a final agreement to invest 10.7 trillion won (about $7.3 billion) to build an integrated steel plant in India, with each company holding a 50 percent stake. POSCO plans a 5.3 trillion won investment. The project aims to create a production hub and strengthen supply chains in the region and follows a 2024 memorandum of understanding and a 2025 non-binding heads of agreement. Officials say the venture could boost jobs and technology transfer, reinforcing ties between Indian manufacturing and foreign steel giants.

Investment: 10.7 trillion won (~$7.3 billion) for a steel plant.
JV structure: 50/50 between POSCO and JSW Steel.
POSCO investment: about 5.3 trillion won.
Preceding approvals: MOU in 2024; HOA in 2025.
Goals: job creation, technology transfer, stronger supply chains.

Tim Cook to step down as Apple CEO on 1 September 2026

Tim Cook will step down as Apple's chief executive officer on 1 September 2026 after a 15-year tenure. He will become Executive Chairman, and John Ternus, currently head of hardware engineering, will succeed him as the next CEO. Apple says the transition will guide the company into a new era driven by artificial intelligence and next-generation hardware. Cook, who became CEO in 2011 after Steve Jobs, led Apple's expansion into wearables, services, and new product lines beyond the iPhone. Ternus joined Apple in 2001 and has overseen hardware innovations, including Apple Silicon and the revival of Mac sales.

Tim Cook will step down as Apple CEO on 1 September 2026.
Cook becomes Executive Chairman; John Ternus named next CEO.
Transition aims to advance AI and next-gen hardware focus.
Cook’s tenure began in 2011 after Steve Jobs.
Ternus leads hardware innovations and Apple Silicon development.

UN projects India’s economy to grow 6.4% this year

According to the United Nations Economic and Social Survey of Asia and the Pacific 2026, India's economy is projected to grow 6.4 percent in the current year. The UN report notes strong domestic consumption, policy support, and structural reforms as drivers. It references India’s 2025 growth at about 7.4 percent and cites front-loading of exports ahead of tariff changes in major markets. Analysts say the forecast aligns with other international projections that India will maintain robust growth despite global headwinds, helped by services expansion and infrastructure investment.

UN projects India growth at 6.4% in 2026.
Drivers include domestic consumption and policy reforms.
2025 growth estimated around 7.4%; export front-loading noted.
Forecasts suggest India remains among fastest-growing major economies.
Sustained growth supported by services and infrastructure investment.

Asit Tripathy Elected President of Odisha Steel Producers’ Association

The Odisha Steel Producers’ Association (OSPA) unanimously elected former Odisha Chief Secretary Asit Tripathy as its President during a 20 April 2026 meeting. The new industry body includes leaders from Jindal Steel, Tata Steel, Jindal Stainless, JSW Steel, and ArcelorMittal Nippon Steel (AMNS). OSPA aims to strengthen industry coordination, policy dialogue, and sustainable growth in Odisha, a major steel and iron ore producing state. Tripathy brings decades of governance, public policy, and industrial administration experience. His leadership is expected to provide strategic direction and better stakeholder engagement for long-term industrial development in the region.

Election: Asit Tripathy elected President (20 April 2026).
Members include Jindal Steel, Tata Steel, Jindal Stainless, JSW Steel, AMNS.
Goal: strengthen coordination, dialogue, sustainable growth.
Tripathy’s background: governance, policy, industrial administration.
Significance for Odisha’s steel and mining sectors.

Apr 18, 2026

LIC launches MyLIC and Super Sales Saathi apps

The Life Insurance Corporation of India (LIC) launched two digital platforms, MyLIC for customers and Super Sales Saathi for intermediaries, announced on 15 April 2026. LIC, which holds around 260 million policies, says the apps will simplify policy management and improve service efficiency. The rollout aims to empower customers and agents with paperless tools, enhancing accessibility across India. The launch event featured senior officials including M. Nagaraju, Secretary of the Department of Financial Services, with LIC’s leadership present. The initiative aligns with India’s push toward digitisation in financial services and broader consumer convenience in insurance products.

LIC launches MyLIC for customers and Super Sales Saathi for intermediaries
Announced on 15 April 2026; aims to digitalise policy management
LIC manages about 260 million policies nationwide
Officials include M. Nagaraju and LIC leaders
Aims to improve customer experience and reduce paper use
Part of a broader digitalisation drive in Indian insurance

Apr 16, 2026

Bank of Baroda Partners with Reliance Jio to Launch bob World Lite on JioPhone

Bank of Baroda (BoB) has partnered with Reliance Jio to launch bob World Lite for feature phones. The service will run on JioPhone devices, bringing essential mobile banking to millions who do not own smartphones. The initiative aims to bridge the digital divide and expand financial access across India. bob World Lite uses a lightweight, low-bandwidth design to ensure smooth performance on basic networks. It will debut on the JioPhone Prima 4G and marks a milestone in India’s digital banking space by enabling basic banking features on affordable devices.

BoB partnered with Reliance Jio to launch bob World Lite for feature phones.
The app will operate on JioPhone devices to reach non‑smartphone users.
Aims to bridge the digital divide and expand financial inclusion.
Uses a lightweight design for low-bandwidth networks.

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