News on Indian Economy
New Delhi is wary about awarding new technology business to Chinese firms both because of security fears and a desire to get Indian manufacturers to produce more telecoms equipment.
According to the ‘Society of Indian Automobile Manufacturers’ (SIAM), passenger vehicle sales in India increased by 17.92% YoY, to 2,81,380 units in February 2021 compared to February 2020. In February 2020, passenger vehicle wholesales stood at 2,38,622 units.
India’s economy should come roaring back to life in 2021 after a recession-induced by COVID-19 and allow the country to reclaim its status as the fastest-growing major economy if the OECD projection of 12.6 per cent expansion in GDP is realised, according to a report by CNN Business on Tuesday.
The Government is fully committed for the overall development of Union Territory of Jammu and Kashmir and has taken several steps in this regard
The Union Minister of Railways, Commerce & Industry and Consumer Affairs, Food & Public Distribution, Shri Piyush Goyal flagged off 3000 HP Cape Gauge Locomotive indigenously developed by Banaras Locomotive Works, Varanasi via video conferencing along with Minister of Transport and Communications, Government of Mozambique, Shri Janfar Abdulai, Union Minister of Skill Development and Entrepreneurship, Dr. Mahendra Nath Pandey and other dignitaries present at the event site.
NITI Aayog and Rocky Mountain Institute (RMI) India released a new report ‘Mobilising Electric Vehicle Financing in India’, which highlights the role of finance in the India’s transition to electric vehicles (EVs) and analyses that the transition will require a cumulative capital investment of US$ 266 billion (Rs. 19.7 lakh crore) in EVs, charging infrastructure, and batteries over the next decade.
With an investment of Rs 250 crore, the German manufacturer aims to capitalise on the recovering automotive market in India by manufacturing sunroofs for models on sale in the country and for export. The company will also establish a testing centre here with the aim of introducing technologies as well as in-house projects.
A new bridge between India and Bangladesh opened on Tuesday will boost trade and connectivity and make Agartala, the capital of the northeastern state of Tripura, the Indian city closest to an international sea port.
India’s vehicle scrappage policy will allow owners to scrap their 20-year old vehicles and avail incentives on the purchase of new personal vehicles. In case of commercial vehicles, the scrappage policy will be applicable for 15-year old vehicles without a fitness certificate.
Trishul Military Airbase, Bareilly belongs to the Indian Air Force and the land was handed over to the Airport Authority of India for construction of the interim civil aviation operations. The Government of India sanctioned Rs. 88 crores under the UDAN scheme for the development of the interim civil aviation operations. The upgradation was undertaken by the AAI with a cost of Rs. 65 crores.
