News on Indian Economy
India’s messaging on cryptocurrencies has so far been mixed however the proposed bill that is likely to be introduced in the winter session of parliament allows New Delhi to bring in a progressive regulatory framework that could propel the country to the forefront of blockchain, as stated by the leaders of global crypto exchanges.
The export of products under the Agricultural and Processed Food Products Export Development Authority (APEDA) ambit grew from US$ 11,671 million between April-November 2020-21 to US$ 13,261 million between April-November 2021-22. Under AEPDA basket products, the target for exports has been fixed at US$ 23,713 million between 2021-22.
In the next 11 months, yet to be invested, ancillary digital asset-related business can be a significant component for India’s US$ 1.1 trillion growth story. The market capitalization of the digital asset market was around US$ 1.5 billion in 2013. According to the report released by US India Strategic and Partnership Forum (USISPF) and crossTower, the market capitalization of the digital asset market is approximately US$ 3 trillion today. The report claims that most of India’s total economic growth in the coming 11 months may be from ancillary digital asset businesses, which are yet to see investments.
To another question he replied that the total excise duty, including cesses collected from petroleum products, during the past seven financial years (2014-15 to 2020-21) stood at about Rs. 16.7 lakh crore (US$ 221.8 billion).
UPI payments had grown by 100% year-over-year in terms of value, reaching Rs. 7.7 lakh crore (US$ 102.3 billion) in October 2021. As per Mr. Rajeev Chandrashekhar, Minister of State for Electronics and Information Technology, digital payments had grown from 3,134 crore in FY2019 to 4,683 crore till mid-November 2021.
The incentive subsidies linked to the battery capacity, for e-2W are increased to Rs 15,000/ KWh (US$ 199.56/KWh) which was previously Rs 10,000/KWh (US$ 133.04/KWh).
Similarly, the bilateral trade with UAE has grown to USD 49.06 billion in 2021, from USD 29.48 billion in 2020 for the same period.
India has achieved the ambitious target of 40 per cent of installed electricity capacity from non-fossil fuel sources. The Ministry of New and Renewable Energy has said that total installed non-fossil fuel-based capacity stands at 156.83 Giga Watts in the country. It said, the country has achieved this target last month, way ahead of the target year set at Conference of the Parties-21 held in France.
The Union government on Thursday told the Parliament that the physical progress of the redevelopment of Central Vista Avenue and the new Parliament building, part of the Central vista redevelopment project, stands at 60% and 35% complete respectively.
The nation will have nine nuclear reactors by 2024 and a new nuclear project, the first in northern India, will come up 150 kms away from Delhi in Gorakhpur of Haryana, the government informed the Rajya Sabha.
Minister of state for personnel, public grievances and pensions Jitendra Singh said, “By 2024 you will have nine nuclear reactors plus 12 new additional ones which were approved during the Covid times with a capacity of 9000 MW. Five new sites are also being identified in different parts of the country.”
