News on Indian Economy
Information technology businesses maintained their sales growth momentum in the third quarter of 2021-22, with a year-over-year gain of 20.7%. Furthermore, in the October-December period of 2021-22, sales of non-IT services companies increased by 22% year over year.
India’s electronic goods sector’s main exports include mobile phones, IT hardware (laptops, tablets), consumer electronics (TV and audio), industrial electronics, and car electronics and has increased over 88% to US$ 12,400 million in 2021. India’s merchandise exports climbed by 23.69% to US$ 34.06 billion in January 2022. India’s merchandise exports increased by 46.53% to US$ 335.44 billion in 2021-22 (April-January).
India’s merchandise export in February 2022 was USD 33.81 billion, an increase of 22.36% over USD 27.63 billion in February 2021 and an increase of 21.88% over USD 27.74 billion in February 2020.
Under the Jal Jeevan Mission, the Union government has delivered tap water to around 5.77 crore rural homes in the last two and a half years making the total to 9 crore rural families in the country, according to the Jal Shakti Ministry.
According to figures from the Ministry of Commerce and Industry, the country’s merchandise exports increased by 26.4% to US$ 25.33 billion in February, owing to strong performance in industries such as gems and jewellery, engineering, textiles, and chemicals.
According to data analysed by Sortlist, India has risen to third place in the world for creative sector jobs, with the country best renowned for its involvement in the media and entertainment industries. There are over 700 Indian creative agencies, with over 0.2 for every 100,000 population. Website design is the most commonly promoted service.
In the fortnight ended February 11, bank credit increased by 7.86% to Rs 115.45 lakh crore (US$ 1.53 trillion), while deposits increased by 9.11% to Rs 161.28 lakh crore (US$ 2.14 trillion), according to RBI data.
Several other agreements were also signed today between the two nations, including an MoU between APEDA and DP World & Al Dahra on the UAE side regarding “Food Security Corridor Initiative” and an MoU between GIFT city (IFSCA) and Abu Dhabi Global Market (ADGM).
According to official data, almost 15.26 lakh new members joined the Employees’ State Insurance Corporation (ESIC) – run social security plan in December 2021, compared to 10.39 lakh the previous month, providing insight into formal sector employment in the country.
India’s fresh fruit exports have also increased significantly. Fresh grapes are the most commonly exported item in the fresh food category. Fresh Grapes had a US$ 314 million export value in 2020-21.
