News on Indian Economy
In just over a year since they completed fabrication of a prototype engine, Skyroot Aerospace, a firm founded and led by former Isro scientists, has successfully tested India’s first privately developed fully Cryogenic rocket engine — ‘Dhawan-I’ — running on two high-performance rocket propellants, Liquid Natural Gas (LNG) & Liquid Oxygen (LoX).
The arguments come as authorities race to finalise a bill Prime Minister Mr. Narendra Modi’s government intends to introduce to parliament in the session beginning November 29, 2021. The bill may stipulate a minimum amount for investments in digital currencies, while prohibiting their use as legal tender, according to people who were aware of the development.
The Food Corporation of India (FCI) has played a pivotal role in ensuring food security during the Covid pandemic. During the Rabi Marketing Season 2021-22, the Corporation has recorded an all time high wheat procurement of 433.44 lakh MT, recording 11% increase over last year’s procurement.
India intends to finalise the phyto-sanitary certification process which will allow the import of US cherries and alfalfa hay for animal feed into India.
Ohmium International, through its Indian subsidiary, has shipped its first unit of electrolyzer from India to the United States, which it says is the first step towards establishing India as a global hub for green hydrogen generation.
The Foundation Stone of 1320 MW Buxar Thermal Power Plant was laid by Hon’ble Prime Minister of India Shri Narendra Modi on 9th March 2019. Shri Sharma informed that the progress of the Project is being continuously monitored by Hon’ble Union Minister for Power & NRE, Sh. R. K Singh. He exhorted all stakeholders to enthusiastically strive hard to commission the Project prior to the scheduled timeframe.
India and the United States held the 12th Ministerial-level meeting of the India-United States Trade Policy Forum (TPF) in New Delhi on November 23, 2021 with a view to advancing the goal, to “develop an ambitious, shared vision for the future of the trade relationship”, as announced by PM Mr. Modi and President Mr. Biden at their September 24, 2021 meeting.
Udaan, India’s largest business-to-business (B2B) e-commerce platform, announced that its food and FMCG business expanded 95% year-over-year in October, aided by its ‘Mega Bharat Sale’ for small retailers. The FMCG business saw a YoY growth of ~115% with major demands coming from Bharat.
India’s exports rose 18.8% to US$ 20.01 billion during the three week period of this month (November 1-21), owing to strong growth in sectors such as petroleum products, engineering goods, chemicals and gems and jewellery, according to the preliminary data of the commerce ministry.
India’s projected 8.1% growth rate in Q2FY22 is the highest growth across all economies. The average GDP growth of 28 selected economies has slowed to 4.5% in Q3 (2021) as against 12.1%. Also at an annual rate of 9.3-9.6%, India’s real GDP growth would now be 1.5%-1.7% greater than the pre-pandemic level of FY20.
