News on Indian Economy
The Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) have announced the project to link the fast payment systems. The linkage is targeted for operationalisation by July 2022, the RBI said in a statement.
India will get this month the third set of Swiss bank account details of its nationals under an automatic exchange of information pact with Switzerland and this will include for the first time the data about real estate properties owned by Indians there, officials said on Sunday.
The central government has increased the financial support from Rs nine crore to Rs 70 crore to ensure more Ayush colleges are opened across the country, Union Minister for Ayush and Ports, Shipping & Waterways, Sarbananda Sonowal, said on Saturday. The Minister was addressing a conference on ‘Diverse and Fulfilling Career Paths in Ayush Systems: Education, Entrepreneurship & Employment Focus on North eastern States’ in Guwahati.
According to India Exim Bank, India’s merchandise exports during the second quarter of FY22 is expected to be $98.45 billion and non-oil exports to be $85.63 billion as against $74.02 billion and $66.73 billion respectively logged during the previous year corresponding period.
India’s foreign exchange reserve grew $8.895 billion to reach new record high of $642.453 billion in the week ended September 3, 2021, showed data shared by Reserve Bank of India (RBI).
Shri Ashwini Vaishnaw, Hon’ble Union Minister of Railways, Communication, Electronics & Information Technology, and Shri Dharmendra Pradhan, Hon’ble Union Minister of Education, Skill Development & Entrepreneurship, flagged off the new modern LHB Rake of Train No. 08445/08446 Bhubaneswar-Jagadalpur-Bhubaneswar, Hirakhand Express, today evening, through video conferencing from Rail Bhawan, New Delhi.
On Thursday, Indian Sugar Mills Association (ISMA) stated that India, the global second largest manufacturer of sugar, has the potential to export 6 million tonnes of sugar in the 2021-22 season, which is starting next month.
The Raksha Mantri described ELF near the International Border as a shining example of the Government’s commitment to protect the unity and sovereignty of the nation. “This highway and landing field will further cement the basic infrastructure along the western border and strengthen national security. Such emergency fields will provide more edge to the operational and civil assistance of our forces. It will also play a crucial role in facing natural calamities,” he said.
The BharatPe, Mswipe, PhonePe, Paytm, Aceware are participating in this drive to issue UPI IDs, QR code and provide digital training. Digital Payment Aggregators will handhold the street vendors to bring about enhanced adoption of digital transactions and behaviour change. To promote digital transactions instruction has been issued to the Lending Institutions (LIs) to handover a durable QR Code and train the beneficiaries for conducting digital receipt and payment transactions within a week of disbursement.
Under the decisive leadership of Hon’ble Prime Minister Shri NarendraModi, Government of India has decided to budget Rs 56,027 crore in this Financial Year FY 21-22 itself in order to disburse all pending export incentives due to exporters. This amount includes claims relating to MEIS, SEIS, RoSL, RoSCTL, other scrip based schemes relating to earlier policies and the remission support for RoDTEP and RoSCTL for exports made in the 4th quarter of FY 20-21. Benefits would be disbursed to more than 45,000 exporters, out of which about 98% are small exporters in the MSME category.
