News on Indian Economy
In cooperation with the government and relevant industry regulators, the FI-Index includes information on banking, investments, insurance, postal services, and pensions. The RBI stated in April that it will create the FI-Index to measure the level of financial inclusion.
According to a research by Kearney, the value e-commerce industry in India is anticipated to reach US$ 40 billion by 2030, up from US$ 4 billion in 2019. This is due to a significant growth in internet users and as more people adopt online buying. According to the report titled “Value e-commerce: the next big leap in India’s retail market,” the expanding digital footprint in tier III and IV areas, as well as rural India, along with the aspirational needs of these consumers and their changing attitudes toward online buying, present a massive opportunity.
Following the announcement by Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman in Union Budget 2020-21, the International Financial Services Centres Authority (Bullion Exchange) Regulations, 2020 were notified on December 11, 2020 which inter alia cover the Bullion Exchange, Clearing Corporation, Depository and Vaults. Government has also taken steps to notify bullion spot trading and bullion depository receipts with underlying bullion as financial products and bullion related services as financial services.
Speaking about the infrastructure development taking place in all important sectors, Mathur said “the construction of 36 helipads across Ladakh is almost complete and will prove instrumental in providing better connectivity”.
chnology. IIT Bombay invented the one-time programmable (OTP) memory based on ultra-thin deposited silicon dioxide (a few atoms thick) instead of the existing gate oxide-based OTP technology.
The Ministry of Power has circulated the “Draft Electricity (promoting renewable energy through Green Energy Open Access) Rules, 2021”. They have placed them on the Ministry of Power website – https://powermin.gov.in/ and sought comments within 30 days.
Boeing has made Hyderabad its manufacturing hub for supply of critical aviation components for its aircraft and helicopters through several precision engineering companies.
Indian Railways is likely to get its first batch of aluminium bodied coaches by February 2022. In a technological shift for railways, the Modern Coach Factory (MCF) in Raebareli is looking to manufacture aluminium coaches. The first set of 3 coaches for Kolkata Metro are expected to be ready by early next year, a railway official told TOI. Eventually, Indian Railways hopes to get aluminium coaches for Rajdhani and Shatabdi Express style premium trains.
In continuance with its thrust on promoting agricultural and processed food products exports to newer destinations, APEDA collaboration with Himachal Pradesh Horticultural Produce Marketing and Processing Corporation Ltd (HPMC) today exported first consignment consisting of five unique varieties of apples – Royal Delicious, Dark Baron Gala, Scarlet Spur, Red Velox & Golden Delicious to Bahrain.
According to market research organisations, India is nowhere near deploying 5G services, but it has already surpassed the United States as the fourth largest market for devices supporting the next-generation technology in terms of shipments.
