News on Indian Economy
Despite the challenges of Brexit and the COVID-19 pandemic, the number of Indian companies operating in the UK and their job creation numbers have increased over the past year, according to the “India Meets Britain Tracker,” which was published on Thursday.
Hero MotoCorp has formed a partnership with Taiwan’s Gogoro Inc to develop electric vehicles for the Indian market. The two companies will establish a battery swapping joint venture to bring Gogoro’s battery swapping platform to India and will collaborate on EV development to bring Hero-branded, powered-by-Gogoro Network vehicles to the domestic auto market.
For the first time in the post-pandemic period, India reached the top of Mint’s emerging markets tracker in March, the latest data shows. Strong manufacturing momentum, healthy export growth, and buoyant stock markets pushed up India’s rankings in the league table that tracks 10 large emerging markets across seven key parameters each month.
India has consistently maintained trade surplus in the agricultural products over the years. India’s agricultural and allied exports during 2019-20 were Rs. 2.52 lakh Crores and imports were Rs. 1.47 lakh Crores. Even, during the difficult time of Pandemic, India took care not to disturb the world food supply chain and continued to export. The export of Agri and allied commodities during Apr,2020 – Feb,2021 were Rs. 2.74 lakhCrore as compared to Rs. 2.31 Crore in the same period last year indicating an increase of 18.49%.
Omega Seiki Pvt. Ltd., part of Anglian Omega Group of companies, today announced that it will be bringing advanced chemistry cells to India in association with New York based company C4V. C4V plans to become the first lithium-ion cell maker with solid state technology in India as a part of PM Modi’s ambitious Rs 18,000 crore PLI scheme.
In a big boost for Make in India, South Korean technology major Samsung has begun the production of mobile display panels at its factory in Uttar Pradesh (UP)’s Noida, reports Economic Times.
The Cabinet Committee on Economic Affairs, chaired by Prime Minister Shri Narendra Modi, has given its approvalfor the proposal of the Department of Fertilizers for the formulation of exclusive subsidy policy for Urea produced through coal gasification route by Talcher Fertilizers Limited (TFL).
The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi has given its ex post facto approval to the Memorandum of Understanding (MoU) between the Director General of Trade Remedies, Republic of India and the Bangladesh Trade & Tariff Commission, People’s Republic of Bangladesh on the establishment of a framework of cooperation in the area of trade remedial measures signed on 27th March, 2021 at Dhaka.
The MRA intends to develop mutually beneficial relationship in the best interest of members, students and their organizations and is expected to provide an opportunity to the ICAI members to expand their professional horizons and to foster working relations between the two accounting institutes. The two accountancy institutes will have an opportunity to play the leadership role in addressing new challenges facing the profession in a globalized environment.
Minister of Railways, Commerce & Industry, Consumer Affairs and Food & Public Distribution Mr. Piyush Goyal today launched the Start-up India Seed Fund Scheme (SISFS). The Fund aims to provide financial assistance to Start-ups for proof of concept, prototype development, product trials, market entry, and commercialization. The Scheme was announced by the Hon’ble Prime Minister, Mr. Narendra Modi on 16th January 2021 in his Grand Plenary address of ‘Prarambh: Start-up India International Summit’, marking the five-year anniversary of the Start-up India initiative. Rs. 945 Crore corpus will be divided over the next 4 years for providing seed funding to eligible Start-ups through eligible incubators across India. The scheme is expected to support an estimated 3,600 Start-ups through 300 incubators.
