Economy & Market

The Sad Story of the Stimulus

Published

7 years ago

January 6, 2020

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The shock is enormous, the people are left stunned, and the economy is reeling. Clearly, the The shock is enormous, the people are left stunned, and the economy is reeling. Clearly, the pandemic is taking an unprecedented toll on our bodies and minds. is taking an unprecedented toll on our bodies and minds. But there is this foreboding that something more disastrous is looming on the horizon. This apprehension is gaining ground from the ever declining GDP growth projections for the year 2020-21; In March, experts were talking about a 2 per cent growth for FY21, in April it became 0 per cent, in May it went down to -2 per cent, and today in early June, the forecast has plummeted to -5 per cent, with some naysayers pegging it at -10 per cent. While none of these numbers shock us any more, there are two major points to be remembered in this context.

Firstly, this recession is definitely going to hit India more than other countries, because we are entering this Covid-infested recession with two years of slowdown already having wounded our economy severely. This is aptly described as "We were already hurtling downhill, but now we are going to be thrown over the cliff".

And may be that is why even a projected -10 per cent decline in GDP does not shock us anymore. But we are in awe of what this means for the future. We are scared because we try to figure out the implications even as we have no past experience, nor any notion of what this may mean to our citizens and our existence. Understandably, this has not happened before, in our lifetime, and we have no precedents to fall back on. But the bottom line is clearly that India will be one of the worst hit nations in the aftermath of this war with the virus, and with its coffers already weakened by successive years of stretched finances, India’s ability to claw out of this economic hole may be seriously impaired.

The second point to note is more profound and definite, and this has to do with our battle with poverty. I heard it said somewhere that pushing for economic growth is our moral obligation to the poor. Every 1 per cent additional growth of GDP per capita is said to lift three million people out of poverty and unfortunately the reverse is also true. As it is, the drooping growth of the last two years have been a great lost opportunity for us to improve the lot of lots of our underprivileged fellow countrymen. But that misfortune now looks like small change when we consider the deep impact of a 10 to 15 per cent swing of GDP growth number. Such an economic calamity will push at least 30 million people back into poverty, and take us backwards many years in our long and arduous developmental journey.

Like governments around the world, India has also announced a flurry of "stimulus" measures totalling up to an apparently massive 20 lakh crore package, purportedly hitting the golden mark of 10 per cent of our GDP. However, independent observers have analysed this to be really between 1.3 to 1.9 lakh crore only, the rest being deferments and credit lines, etc. The package has also been criticised for being silent about creating demand, which was the need of the hour. Given this background, it is now projected that recovery of our economy has to wait at least till next calendar year.

The cement industry was already impacted by the general economic slowdown in the economy. We noted that the production of cement in FY19 has shown a degrowth of 0.8 per cent already against a 13 per cent growth in the year before. And now with the Covid-19 pandemic, and what with the fact that the stimulus package has not done much to excite consumption, cement production is expected to decline by 25 to 30 per cent during FY21 and capacity utilisation is expected to be only about 45 per cent. If this does happen, this will be one of the steepest ever fall in capacity utilisation and production that the industry would have ever experienced.

Concrete

Fornnax Wins AIRIA’s Special Export Award for Rubber Machinery in 2025-26

Published

5 days ago

October 19, 2026

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Fornnax Technology Pvt. Ltd. has been honoured with the Special Export Award – Rubber Machinery for 2025–26 by the All-India Rubber Industries Association (AIRIA), in recognition of its highest exports of tyre recycling plants to the European region.

With more than a decade of experience in India’s tyre recycling industry, Fornnax has contributed to the development of advanced recycling technologies and infrastructure. The company currently holds a 90% market share in India’s domestic tyre recycling sector, while exports account for 30% of its business, spanning markets such as Europe, Australia and the GCC.

The award marks another milestone for Fornnax, whose tyre recycling lines and advanced shredding technologies are supporting the growth of the circular economy in India and international markets.

Commenting on the recognition, Mr. Jignesh Kundaria, Founder and Director of Fornnax, said:

“This honour from AIRIA is a reflection of an incredible journey we have undertaken over the years. When we started Fornnax, there was no established recycling industry in India to follow. We chose to build for the future instead. Today, when you see India’s tyre recycling sector, it has already transformed into a dynamic, high-growth industry and we are extremely proud to have played our part in building it.”

Unlike standalone equipment suppliers, Fornnax focuses on developing complete, high-capacity recycling infrastructure. Its integrated systems combine multiple stages of shredding and size reduction to enable efficient, continuous operations. This system-level engineering approach helps recycling operators improve throughput, equipment reliability and operational consistency.

The recognition reinforces Fornnax’s commitment to developing engineering technologies that contribute to a more efficient and circular recycling ecosystem.

Looking ahead, the company aims to expand its international presence while continuing to develop advanced shredding and recycling solutions to address the growing volumes and evolving requirements of the global recycling industry.

For more information, visit: www.fornnax.com

Concrete

Wonder Cement appoints Mahesh Singh as VP Corporate Brand Communication

Published

2 weeks ago

October 9, 2026

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Singh brings 20+ years of brand and marketing experience, and will lead integrated corporate brand communication initiatives at Wonder Cement

New Delhi

Wonder Cement, a leading cement manufacturer, has appointed Mahesh Singh as Vice President – Corporate Brand Communication. In his new role, he will oversee corporate brand strategy and communication, including digital and performance marketing, public relations, trade, events, exhibitions, sports and experiential marketing.

Singh brings over two decades of experience across marketing and communications, with roles spanning the automotive industry, agencies and entrepreneurship. He spent more than a decade with Honda Motorcycle & Scooter India, working across integrated communication, media, digital, retail and consumer engagement. His stint also included helping build the company’s digital marketing capabilities.

He moved to dentsu X India as Vice President – Strategy & Planning, working across categories such as automotive, auto components, electric vehicles, FMCG, consumer electronics, BFSI, apparel and brand consulting. His responsibilities included media and marketing strategy, product launches, content, performance marketing and consumer activations.

Singh subsequently took an entrepreneurial route with Radiant Brands before joining Shriram Ltd (SPR Autotech) as Head – Marketing & Communications. There, his remit included brand and corporate strategy, communications, PR and ORM, retail identity, loyalty programmes and events.

At Wonder Cement, Singh will be responsible for bringing together the company’s corporate brand communication initiatives across digital, performance marketing, PR, trade, sports and experiential platforms. The role will focus on creating an integrated approach to communication across consumers, trade partners and other key stakeholders.

The appointment brings to Wonder Cement a marketer whose career has spanned the brand, agency and entrepreneurial sides of the communications ecosystem.

Wonder Cement, part of the RK Group, is a cement manufacturer with roots in Rajasthan and a focus on quality, trust and transparency. The company has grown to six manufacturing plants, and a cement capacity of 21.5 MTPA. With more than 2,000 employees and a network of over 5,000 dealers, its operations span manufacturing, distribution and customer engagement, with a focus on consistent product quality and efficient execution.

Concrete

JSW Cement commissions additional 1 MTPA grinding unit at Nagaur

Published

2 weeks ago

October 8, 2026

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With this commissioning, JSW Cement’s total cement grinding capacity has increased to 25.10 MTPA,
Mumbai

JSW Cement, one of India’s leading green cement producers and part of the diversified JSW Group, today announced the successful commissioning of an additional 1.00 MTPA cement grinding unit at Nagaur, Rajasthan. The commissioning marks another significant milestone in the Company’s growth strategy.

With this commissioning, JSW Cement’s total cement grinding capacity has increased to 25.10 MTPA, while its total clinker manufacturing capacity, including clinker capacity at its joint venture, JSW Cement FZC, stands at 9.74 MTPA.

JSW Cement had commenced operations in North India in March 2026 with the Nagaur Integrated Plant, comprising a 3.30 MTPA clinkerisation unit and 2.50 MTPA cement grinding unit. With the commissioning of the additional 1.00 MTPA cement grinding unit, the plant’s total cement grinding capacity has increased to 3.50 MTPA, enhancing the company’s ability to cater to the growing cement demand across Rajasthan, Haryana, Punjab and the National Capital Region (NCR). The expansion has been funded through a strategic mix of equity and long-term debt.

During the quarter ended 30th September 2026, JSW Cement has also commissioned the Alternate Fuel Handling System and the Waste Heat Recovery system (WHRS) at the Nagaur Integrated Plant.

Nilesh Narwekar, CEO, JSW Cement, said: “The commissioning of additional 1.00 MTPA grinding capacity at Nagaur is a key strategic priority for us and will accelerate JSW Cement’s expansion into North India. We look forward to servicing the growing needs of the region and contributing to the economic growth of Rajasthan, Haryana, Punjab and the NCR area. I am delighted to share that the company has commissioned this grinding unit within the expected timeline, showcasing our project execution capabilities. Further, the Alternate Fuel Handling System and the Waste Heat Recovery system (WHRS) are expected to substantially reduce our production costs going forward.”