Weekly Media Update

1. (This document comprises news clips from various media in which Balmer Lawrie is mentioned, news
related to GOI and PSEs, and news from the verticals that we do business in. This will be uploaded on
intranet and website every Monday.)
2023 likely to be a year of India’s arrival
on the world stage, says RBI
The year 2023 will be a year for the Indian
economy to strengthen its position on the global
stage while the rest of the world grapples with an
impending recession, war and inflation, the
Reserve Bank of India said in its state of the
economy report. The distinction of being the most
populated country — home to a sixth of the world’s
working population — could only heighten the
prospects of surpassing Germany and Japan by
2027, RBI said, citing a forecast by the
International Monetary Fund. “In closing, 2023
may well be the opening ajar of a window in which
India’s time on the world stage is arriving,” RBI
said in its commentary. In April 2023, India’s
population will be the largest in the world,
projected at 1.4 billion. “With a median age of 28,
this is India’s chance to seize the demographic
dividend and herald its emergence as an economic
powerhouse of the future,” RBI said. India will be
a $3.7 trillion economy in 2023, maintaining its
lead over the UK as the fifth largest global
economy.
The Economic Times - 20.01.2023
https://epaper.timesgroup.com/article-
share?article=20_01_2023_005_007_etkc_ET
World economy is headed for a
recession in 2023, says researcher
The world faces a recession in 2023 higher
borrowing costs aimed at tackling inflation
cause a number of economies to contract,
according to the Centre for Economics and
Business Research. The global economy
surpassed $100 trillion for the first time in 2022
but will stall in 2023 as policy makers continue
their fight against soaring prices, the British
consultancy said in its annual World Economic
League Table. “It’s likely that the world
economy will face recession next year as a
result of the rises in interest rates in response
to higher inflation," said Kay Daniel Neufeld,
director and head of Forecasting at CEBR. The
report added that, “The battle against inflation
is not won yet. We expect central bankers to
stick to their guns in 2023 despite the economic
costs. The cost of bringing inflation down to
more comfortable levels is a poorer growth
outlook for a number of years to come." The
findings are more pessimistic than the latest
forecast from the International Monetary Fund.
Mint - 17.01.2023
https://www.livemint.com/economy/world-
economy-is-headed-for-a-recession-in-2023-
says-researcher-11672020398719.html
Fragmentation could cost global
economy up to 7% of GDP: IMF report
A severe fragmentation of the global economy
after decades of increasing economic integration
could reduce global economic output by up to 7%,
but the losses could reach 8-12% in some
countries, if technology is also decoupled, the
International Monetary Fund said in a new staff
report. The IMF said even limited fragmentation
could shave 0.2% off of global GDP, but said more
work was needed to assess the estimated costs to
the international monetary system and the global
financial safety net (GFSN). The note, released
late Sunday, noted that the global flows of goods
and capital had levelled off after the global
financial crisis of 2008-2009, and a surge in trade
restrictions seen in subsequent years. "The
COVID-19 pandemic and Russia's invasion of
Ukraine have further tested international relations
India may benefit despite recession
likely in 2023: WEF Survey
A global recession is likely to occur in 2023, but
pressures on food, energy and inflation may be
reaching their peak, according to the World
Economic Forum (WEF)’s Chief Economists
Outlook survey released on Monday.
Nevertheless, the report noted that some South
Asian economies, including Bangladesh and
India, could benefit from global trends like the
diversification of manufacturing supply chains
away from China. According to the WEF, cost-
cutting measures will be taken by businesses
around the world in response to economic
headwinds, but chief economists are upbeat
about inflation and robust balance sheets. The
majority of the Community of Chief Economists
at the World Economic Forum predict that
geopolitical tensions will continue to shape the
WEEKLY MEDIA UPDATE
Issue 586
24 January 2023
Tuesday

2. and increased scepticism about the benefits of
globalization," the staff report said. It said
deepening trade ties had resulted in a large
reduction in global poverty for years, while
benefitting low-income consumers in advanced
economies through lower prices.
Business Standard - 17.01.2023
https://www.business-
standard.com/article/international/fragmentation
-could-cost-global-economy-up-to-7-of-gdp-imf-
report-123011600028_1.html
world economy and that there will be more
monetary tightening in the United States and
Europe. A global recession is expected in 2023,
according to nearly two-thirds of chief
economists, 18 per cent of whom think it is
extremely likely—more than twice as many as
in the previous survey, which was conducted in
September 2022.
Business World - 17.01.2023
https://www.businessworld.in/article/India-
May-Benefit-Despite-Recession-Likely-In-
2023-WEF-Survey/16-01-2023-462015/
India Inc Q3 revenue seen rising 14% on
volume surge, price hikes
India Inc’s revenue is expected to rise around 14%
year-on-year for the December quarter to Rs 10.9
trillion, following a steady surge in volumes and
price hikes, and driven primarily by the consumer
discretionary segments. On a sequential basis, the
revenue is seen rising 0.9% and profitability by
140 basis points (bps), according to a Crisil report.
“Revenue growth in the third-quarter growth
would be driven by consumer discretionary items
such as airlines and automobiles, while
construction-linked ones such as steel, aluminium
and some industrial commodities such as
petrochemicals would underperform,” said Hetal
Gandhi, director (research), Crisil Market
Intelligence and Analytics. India Inc’s operating
margins are likely to contract 270 bps y-o-y,
though slower than in the past two quarters, as
easing commodity prices provided some succour
amid moderating revenue growth, the report said.
However, this would mark the fifth quarter of a y-
o-y contraction. On a sequential basis, operating
margins would rise for the first time in six quarters
to 18-19% in the third quarter from 17.2% in the
quarter ended September.
The Financial Express - 18.01.2023
https://www.financialexpress.com/industry/india-
inc-q3-revenue-seen-rising-14-on-volume-surge-
price-hikes/2951425/
GDP to touch $26 Tr, per capita income
seen at $15k by 2047
India’s GDP will reach $26 trillion (in market
exchange terms), and its per capita income will
touch $15,000 by 2047, firmly establishing
India among the ranks of developed economies,
said an EY report. The study, titled “India@100:
Realizing the Potential of a $26 Trillion
Economy,” was launched by Ashwini Vaishnaw,
the railway and IT minister, on the sidelines of
the World Economic Forum in Davos,
Switzerland. The research recommended a
sustained focus on reforms to lessen the impact
of existing geopolitical conflicts, inflationary
pressures, and a slowing global economy while
highlighting key enablers that will drive
progress over the next 25 years. “In line with
Prime Minister Narendra Modi’s vision, India has
commenced its journey into 'Amrit Kaal', a
uniquely auspicious period, representing India’s
opportunity to herald a new world era. There is
an unparalleled impetus on developing world-
class infrastructure supported by growth and
investment-oriented policies and reforms to
establish India as a manufacturing and
technology hub,” said Vaishnaw.
The Economic Times - 19.01.2023
https://epaper.timesgroup.com/article-
share?article=19_01_2023_012_019_etkc_ET
Economists pencil in FY24 fiscal deficit at
5.8% to 6% of GDP
The upcoming Union budget is expected to peg the
fiscal deficit for 2023-24 at between 5. 8% and
6% of the gross domestic product (GDP) with the
government having pressed ahead with fiscal
consolidation despite spending pressures,
economists have said. The Centre is expected to
meet the budgeted fiscal deficit estimate of 6. 4%
of GDP for the current fiscal year, they added.
Reduction in fiscal deficit in the next financial year
would be backed by a reduction in subsidy
spending, though capital and welfare expenditures
could go up as the government prepares the
Indian government to tap brakes on
capex growth
The Indian government is set to tap the brakes
on a torrid pace of capital investment growth in
the coming fiscal year as a slowing economy
limits spending power by weakening tax
revenue, according to a Reuters poll of
economists. Food and fertiliser subsidies that
help two-thirds of India’s 1.4 billion people will
also be scaled back, according to the survey.
Prime Minister Narendra Modi’s government has
more than doubled capital spending since fiscal
2019-20 in a bid to make India a more
attractive destination for global manufacturing.

3. ground for next general elections and assembly
elections in multiple states, economists said. The
overall tax receipts for FY24 are seen lower than
2022-23 and market borrowings are likely to stay
high, they said. State Bank of India and rating
agency Crisil see slightly lower fiscal consolidation
in FY24 and have pegged the estimate at 6% of
GDP. Most others see FY24 fiscal deficit at 5.75-
5.9% of GDP.
The Economic Times - 19.01.2023
https://epaper.timesgroup.com/article-
share?article=19_01_2023_007_008_etkc_ET
But private investment has lagged New Delhi’s
lead for about a decade. Now, that the robust
pace of government investment is set to slow to
barely half its previous rate in the fiscal year to
March 2024, according to the January 13-20
poll of 39 economists. Capex is set to increase
in fiscal 2023-24 by about 17 per cent to Rs
8.85 lakh crore, from an estimated Rs 7.50 lakh
crore in the current fiscal year, itself up roughly
35 per cent on a year before.
The Telegraph - 24.01.2023
https://www.telegraphindia.com/business/indi
an-government-to-tap-brakes-on-capex-
growth-key-subsidies/cid/1911696
Exports decline 12.2% in Dec as global
slowdown hits demand
India’s goods exports dropped 12.2% in December
from a year earlier to $34.5 billion as the
deepening global slowdown dented consumer
demand across most of the developed world and
many emerging economies. The drop in imports
was less as the growing Indian economy continued
to ship in inputs and goods. Imports declined to
$58.2 billion in December against $60.3 billion in
the same month last year. India's merchandise
trade deficit in December widened to $23.9 billion
against $21.1 billion a year ago. “US and Europe
are facing recessionary trends. In China, there is
huge demand reduction. So, we are facing a lot of
headwinds,” commerce secretary Sunil Barthwal
said. “Our export competitiveness has held its
head high despite the strong headwinds we’re
facing." During April-December this fiscal, the
country’s overall exports rose 9% to $332.8 billion
while imports were up a quarter to $551.7 billion.
“Encouragingly, non-oil, nongold exports rose,
albeit only slightly, despite global growth
headwinds and the decline in exports across Asia,”
Rahul Bajoria of Barclays said in a note.
The Economic Times - 17.01.2023
https://epaper.timesgroup.com/article-
share?article=17_01_2023_009_003_etkc_ET
Inflation Dips to 22-month low in Dec
as food prices cool down
India’s wholesale inflation eased almost a
percentage point to a 22-month low of 4. 95%
in December, helped by a sharp drop in food
prices from a year earlier, official data released
on Monday showed. This should help further
drive down consumer inflation, which eased to
a 12-month low of 5.72% in December.
Inflation based on the Wholesale Price Index
(WPI) has slipped below 5% for the first time
since Feb 2021. It was 5. 85% in November.
“Similar to CPI, WPI is also losing momentum,
driven by both base effects and falling food
prices,” said Rahul Bajoria, MD and head of
emerging markets Asia (excluding China)
economics, Barclays. The declining inflation
should allow the Reserve Bank of India (RBI) to
soften its rate increase in the monetary policy
review next month or even pause tightening to
support growth. The RBI raised its policy rates
by 35 basis points (bps) to 6.25% on December
7 following three successive 50 bps increases
earlier. A basis point is 0.01 percentage point.
The Economic Times - 17.01.2023
https://epaper.timesgroup.com/article-
share?article=17_01_2023_009_013_etkc_ET
Gross borrowing likely to hit Rs 16
trillion next fiscal
The Indian government will borrow a record Rs 16
lakh crore (trillion) in the fiscal year to March
2024, according to a Reuters poll of economists,
who said infrastructure spending and fiscal
discipline ought to be its highest budget priorities.
The federal government’s gross indebtedness has
more than doubled in the past four years as Prime
Minister Narendra Modi’s government has spent
heavily to cushion the economy from the effects of
the Covid-19 pandemic and to provide relief to the
poor. The February 1 budget will be the last full-
fledged one before national elections in 2024 and
EPFO may fix threshold for ETF returns
The Employees’ Provident Fund Organisation
(EPFO) will consider mandating a 10% return
threshold for booking profit in its equity
investments via exchange-traded funds (ETFs).
It will also redeem ETFs frequently based on this
threshold instead of at one-go sale to avoid
market fluctuations. The retirement fund body,
which has been investing up to 15% of its
corpus in ETFs since 2015-16, will also try to
lengthen the investment tenure to five years
instead of the current four years to ensure
better returns. The Finance Investment and
Audit Committee of the EPFO has proposed the

4. before elections in several large populous states
that will be key tests for the ruling BJP. But a fall
in tax revenue and expected slowing economic
growth next fiscal year will limit the government’s
ability to cut borrowing in the near term. Gross
borrowing next fiscal year is expected to hit Rs 16
lakh crore, up from an estimated Rs 14.2 lakh
crore in 2022-23, according to the median forecast
of 43 economists.
The Telegraph - 24.01.2023
https://www.telegraphindia.com/business/gross-
borrowing-likely-to-hit-rs-16-trillion-next-
fiscal/cid/1911698
10% threshold, which means the retirement
fund body will only redeem ETFs if the
annualised returns are 10% or higher. Once
approved by the central board of trustees (CBT)
of the retirement body, the threshold would be
finalised, a member of the EPFO board told ET.
According to a senior government official, the
redemption policy will bring in transparency to
the system as well as redemptions.
The Economic Times - 18.01.2023
https://epaper.timesgroup.com/article-
share?article=18_01_2023_009_015_etkc_ET
Russia 4th largest source of imports;
$50bn seen in FY23
Imports from Russia have jumped five times to
$32. 9 billion during April-December, making it the
fourth largest trading partner. If current pace of
increase persists, Russia’s imports could hit $50
billion, just shy of the value of goods shipped from
the US, which is the third largest source of imports
for India. At the same time, if the US and the UAE
maintain their pace of growth during the last
quarter of the current financial year, they could
end the year with exports to India adding up to
$56 billion and $54 billion, respectively. During
April-December 2022, the two countries saw
exports to India rise by around 25% each. Russia
has moved up from being India’s 20thlargest
source of imports last financial year due to the
massive surge in crude petroleum flows as the
government went bargain hunting to contain the
cost of fuel, while also seeing this as an
opportunity to push export of petrol and diesel to
countries such as the Netherlands and Brazil.
Fertilisers are the major contributor to higher
imports from Russia.
The Times of India - 17.01.2023
https://epaper.timesgroup.com/article-
share?article=17_01_2023_013_011_toikc_TOI
Oil Minister Puri Requests fuel retailers
to reduce prices if int’l crude rate
stabilises
Oil minister Hardeep Singh Puri on Sunday
“requested” state-run oil companies to consider
reducing fuel prices if international crude prices
stabilise in the coming days and their losses
were gone. “I would request the oil companies
(state-run fuel retailers) that in the coming
days, if international oil prices remain under
control and their under-recoveries were gone,
they could look at some (fuel) price reduction,”
Puri told reporters on Sunday. But it may be too
soon to expect a cut as trade data indicates
companies are making a profit of Rs 5 on a litre
of petrol but still losing about Rs 13 on diesel.
This is a marked improvement from the time
when the losses had risen to Rs 17. 4 on a litre
of petrol and Rs 27. 7 on diesel in June last year
as oil and product prices spiked above $100 per
barrel after Russia’s invasion of Ukraine but
pump prices remained unchanged. Puri said fuel
prices have remained stable as the public sector
retailers, as “good corporate citizens” decided
against burdening consumers by raising pump
rates.
The Times of India - 23.01.2023
https://epaper.timesgroup.com/article-
share?article=23_01_2023_015_011_toikc_TO
I
Oil market faces bigger surplus even as
China economy reopens
Global oil markets face a bigger surplus this
quarter than previously expected, with demand
still constrained despite China's bid to reopen its
economy from Covid lockdowns. World supplies
will exceed consumption by roughly 1 million
barrels a day in the first three months of the year,
the International Energy Agency said in a monthly
report. While the organization made a modest
upgrade to its outlook for China after the easing of
restrictions, it doesn't expect to see annual
demand growth there until the second quarter. “As
China faces a challenging winter, its exit path will
Marketing losses of India’s oil PSUs to
ease: Moody’s
With the international prices of petrol and diesel
cooling due to economic slowdown concerns,
marketing losses for the three Indian oil
companies will ease, said Moody’s Investors
Service. In a report, Moody’s said the marketing
losses for Indian Oil Corporation Ltd (IOCL),
Bharat Petroleum Corporation Ltd (BPCL) and
Hindustan Petroleum Corporation Ltd (HPCL)
will go down. “Still, overall earnings for fiscal
2023 ending on 31 March 2023 will be weak
because of marketing losses in the first half,
when net realised prices did not increase as

5. unquestionably be bumpy and drawn-out,” the
Paris-based adviser said. “Hardship and
disruptions therefore look set to prevail in the
near-term” in the country. Oil prices have had a
rocky start to the year as Beijing's lifting of
restrictions triggered a new surge of virus
infections that threatens to derail efforts to restart
the economy. Brent futures traded near $87 a
barrel on Wednesday.
The Economic Times - 19.01.2023
https://epaper.timesgroup.com/article-
share?article=19_01_2023_005_007_etkc_ET
much as international prices because of fuel
price caps,” it said. The rupee’s depreciation
against the US dollar further hit profits as oil
prices and a large portion of refiners’
borrowings are in dollars, Moody’s said. A
decline in crude oil prices from levels earlier in
the current fiscal year will lower feedstock costs
and improve profitability in the next few
months. The three companies also benefit from
the continued use of Russian crude oil, which is
trading at a discount to Brent crude.
Nonetheless, oil prices are likely to remain
volatile over the next 12 months, Moody’s said.
Sarkaritel.com - 19.01.2023
https://www.sarkaritel.com/marketing-losses-
of-indias-oil-psus-to-ease-moodys/
Increased E&P, import diversity, biofuels
part of plan, says Puri
India, the world’s third largest energy consumer,
is increasing domestic oil and gas exploration,
diversifying import basket, switching to alternate
sources and using gas and green hydrogen as a
pathway to energy transition and security, Oil
Minister Hardeep Singh Puri said Sunday. Puri,
who was here for an event showcasing age-old
boats on the ‘ghats’ of the holy city switching to
CNG instead of polluting diesel, said India is
projected to contribute fourth of the world’s
energy demand growth in next couple of decades.
While the nation is dependent on imports to meet
85 per cent of its oil needs and 50 per cent of its
natural gas requirements, India is mixing ethanol
extracted from sugarcane and other agri produce
in petrol to cut overseas reliance. It will achieve
20 per cent ethanol blending in petrol by 2025,
Puri said. “Our energy security strategy is based
on four pillars of diversification of energy supplies,
increasing exploration and production footprint,
using alternate energy sources, and meeting
energy transition through the gas-based economy,
green hydrogen and EVs,” he said.
Millennium Post - 23.01.2023
https://www.millenniumpost.in/business/increase
d-ep-import-diversity-biofuels-part-of-plan-says-
puri-506217
China's COVID-19 reopening set to
push 2023 oil demand to new high: IEA
The lifting of COVID-19 restrictions in China is
set to boost global oil demand this year to a new
record high, the International Energy Agency
(IEA) said on Wednesday, while price cap
sanctions on Russia could dent supply. "Two
wild cards dominate the 2023 oil market
outlook: Russia and China," the Paris-based
energy watchdog said in its monthly oil report.
"Russian supply slows under the full impact of
sanctions (while) China will drive nearly half this
global demand growth even as the shape and
speed of its reopening remains uncertain."
Weak industrial activity and mild weather
helped cut oil demand by nearly a million
barrels per day in the OECD developed
countries in the last quarter of 2022. But
despite possible but likely mild recessions in
Europe and the United States, China's expected
reopening is set to fuel rebounds in nearby
Asian economies and see it take the lead from
India as the world's leader in oil demand
growth. "The preeminent driver of 2023 GDP
and oil demand growth will be the timing and
pace of China's post-lockdown recovery," the
IEA said.
The Economic Times - 19.01.2023
https://energy.economictimes.indiatimes.com/
news/oil-and-gas/chinas-covid-19-reopening-
set-to-push-2023-oil-demand-to-new-high-
iea/97089657
India's Russian oil binge drags down
OPEC's share to lowest in 2022
Russia became the third-largest oil supplier to
India in 2022, making up about 15 per cent of total
purchases, dragging down OPEC's share to the
lowest in more than a decade, data obtained from
industry sources show. Refiners in India, the
world's third-biggest oil consumer and importer,
Huge sanctions are looming for the fuel
that powers the world
An unprecedented chunk of the global diesel
market, the workhorse fuel of the global
economy, is just weeks away from being subject
to aggressive sanctions. From Feb 5, the
European Union, the G-7 and its allies will
attempt to impose a cap on the price of Russia’s

6. have been gorging on Russian oil sold at a discount
after some Western companies shunned buying
from Moscow following its invasion of Ukraine last
February. In 2021, Russia was at the 17th spot,
supplying about 1 per cent of India's overall
imports. Last month India's oil imports from
Russia surged to an all-time high of 1.25 million
barrels per day (bpd), about a quarter of overall
4.9 million bpd purchase, the data showed. India's
December oil imports were the highest in seven
months as refiners were drawn to Russian oil due
to the deeper discounts offered ahead of a Dec. 5
embargo by Europe and a price cap by the
European Union and G7 nations to cut Moscow's
oil revenue.
The Economic Times - 19.01.2023
https://energy.economictimes.indiatimes.com/ne
ws/oil-and-gas/indias-russian-oil-binge-drags-
down-opecs-share-to-lowest-in-2022/97076189
fuel exports — the latest punishment for its
invasion of Ukraine. That will coincide with an
EU prohibition on almost all imports of Russian
oil products. Similar measures are already in
place on the country’s crude shipments, but it is
the cap and ban on refined fuels — and in
particular diesel — that has some oil-market
watchers concerned about the potential for
price spikes. Prior to its invasion of Ukraine,
Russia was Europe’s largest external supplier of
the fuel, and the continent has continued to buy
in big volumes right up to the cut-off. As a
result, the sanctions are likely to see a great
rerouting of global diesel flows — aided by
Russia’s new crude buyers sending fuel back to
Europe.
The Economic Times - 17.01.2023
https://energy.economictimes.indiatimes.com/
news/oil-and-gas/huge-sanctions-are-looming-
for-the-fuel-that-powers-the-world/97016820
India's gas imports to rise on easing
global prices: Petronet LNG
India's liquefied natural gas (LNG) imports are set
to recover as global prices ease, the chief
executive of the country's top gas importer
Petronet LNG Ltd said. Asian spot LNG prices have
fallen due to mild weather in Europe and ample
inventories, from an average of $30-$35 per
million British thermal units (mmBtu) in the
December quarter to around $17/mmBtus, A.K.
Singh said. India wants to raise the share of gas
in its energy mix to 15% by 2030 from 6.2% at
present. However, a spike in global gas prices last
year, triggered by the Russia-Ukraine conflict, cut
demand for cleaner fuel from price-sensitive
Indian customers. "Now the export cargoes are
hovering at $17 (million British thermal units). We
definitely expect that we will get the movement of
more cargoes coming to our country." Singh said
at the company's earnings press conference. "In
previous months it was a lot of volatility," he
added. India's gas imports in October and
November declined by about a fifth to about 1.8
million tonnes from this fiscal year's peak of 2.2
million tonnes in May, according to government
data. Data for December has not yet been
released.
Business Standard - 21.01.2023
https://www.business-
standard.com/article/economy-policy/india-s-
gas-imports-to-rise-on-easing-global-prices-says-
petronet-lng-123012001353_1.html
Domestic air passenger traffic up
13.7% in Dec
India's domestic passenger traffic grew 13. 69
per cent year-on-year to 127. 35 lakhs in
December, according to DGCA monthly traffic
data released on Thursday. The number of
passengers flown by the Indian airlines in
December 2021 was recorded at 112. 02 lakh,
as per data. IndiGo, which carried 69. 97 lakh
passengers during the month, lost the market
share further at 55. 7 per cent, while Air India
and Vistara carried 11.71 lakh and 11.70 lakh
passengers, with a market share of 9.1 per cent
and 9.2 per cent, respectively. AirAsia flew 9.
71 lakh passengers with a market share of 7. 6
per cent during the month, the DGCA data
show. The two other budget carriers – SpiceJet
and Go First carried 9. 64 lakh and 9.51 lakh
passengers in December 2022. Also, SpiceJet
saw the highest load factor on its flights among
all domestic airlines, with 92. 7 per cent of the
seats on its aircraft fil-led during the month
under review. New entrant Akasa Air also
carried 2.92 lakh passengers with a 2.3 per cent
market share.
The Economic Times - 20.01.2023
https://epaper.timesgroup.com/article-
share?article=20_01_2023_004_003_etkc_ET
Dr G Jawahar joins BEML Limited as Director (HR)
Dr G Jawahar has assumed charge of Director (HR) and member of the Board of BEML Limited, a
Defence Public Sector Undertaking under the Ministry of Defence. Prior to joining BEML, he was
Executive Director at Power Finance Corporation (PFC) Limited. According to an earlier order from

7. DoPT, he has been appointed to the post for a period with effect from the date of his assumption of
charge of the post till the date of his superannuation i.e. May 31, 2026, or until further orders,
whichever is earlier. A veteran HR professional with over 33 years of experience in various facets of
HR from three major Power PSUs like NHPC Limited, Power Grid Limited and PFC Limited he made a
significant impact on the long-term functioning of HR. He has a rich understanding in bringing new
policies, strategies & practices, evolving career growth initiatives and training requirements.
PSU Watch - 18.01.2023
https://psuwatch.com/dr-g-jawahar-joins-beml-limited-its-as-director-hr/