DECEMBER 20238TOP STORIESHIMADRI SPECIALTY TO CONSTRUCT LI-ION BATTERY MANUFACTURING UNITHimadri Specialty Chemical Ltd on Dec 6 said it will invest Rs 4.8 Crore over the next five to six years to set up a manufacturing facility for lithium-ion battery components. In a legal statement, the company said its board of directors on Dec 5 approved the establishment of a manufacturing facility for the production of lithium-ion battery (LiB) units with a total production capacity of 200,000 tons per year. The cost of the project is Rs 4,800 crore in installments over 5-6 years directly and/or through subsidiaries." Most investments are internal savings and credit balance in addition.The company plans to enhance stakeholder value by participating in the Sunrise segment, which has strong growth potential."Indigenization of LIB raw materials for global and India's electric vehicle (EV) & energy storage system (ESS)," the company said while talking about the benefits of setting up this factory.It seeks to promote sustainability by reducing dependency on fossil fuels and preservation of natural resources. Kolkata-based Himadri Speciality Chemical manufactures coal tar pitch, carbon black, battery materials, specialty oil and refined naphthalene, among others. Many industries use these products. INDIA TO BE A GLOBAL MANUFACTURING HUB BY 2030: S&P GLOBALS&P Global Ratings said on Dec 5 that India will be the world's third-largest economy by 2030, but the big test for the country would be to unlock the huge opportunity and become the next major global manufacturing centerThe US rating agency expects India to be the fastest-growing major economy over the next three years, with GDP growth reaching 7 percent by 2026, up from the current fiscal forecast of 6.4 percent. India's economy grew by 7.2 percent in the fiscal year ending March 2023 in 2022-23. India's GDP grew by 7.8 percent in June and 7.6 percent in September.India will become the third-largest economy by 2030, and we expect it to be the fastest-growing economy over the next three years. The key test is whether India can become the next major global manufacturing hub, a huge opportunity. Developing a strong logistics framework is key to transforming India from a service-based economy to a manufacturing-based economy,S&P said in its report Global Credit Outlook 2024: New Risks, New Playbook and India is the 2022-2023. With a GDP of $3.73 trillion at the end of 2016, it is now the fifth largest economy in the world after the United States, China, Germany and Japan.The International Monetary Fund (IMF) has projected that India will be a $5 trillion economy and the third-largest GDP by 2027-28.S&P said that unlocking the potential of the labor market depends largely on improving the skills of workers and increasing the participation of women in the workforce. Success in these two areas will enable India to realize its demographic dividend.
< Page 7 | Page 9 >