Economy

This was co-chaired by Shri Vinod Kumar Tiwari, Additional Secretary, Ministry of Coal, from the Indian side and by Mr. Paul Trotman, Head of Resources Division from the Australian side. In his opening remarks Shri Tiwari provided overview of the coal sector in India and presented emerging scenario for future. He highlighted the priority areas to be included for possible collaborations in coal and mining sectors in both the countries.

According to a renowned industry analyst, India’s palm oil imports in 2021/22 are projected to decline 9% from the previous year due to increased domestic supply, as farmers expand the area planted with oilseeds in response to record high prices.

Know-your-customer (KYC) approvals for 9.5 million new applications have already been received by the public sector oil marketing companies that are executing the system, according to oil ministry officials. Before commencing services, institutions must go through a KYC procedure to check the details of the intended recipient. A recipient’s KYC approval gets them one step closer to receiving the desired benefit.

First Advance Estimates of production of major Kharif crops for 2021-22 have been released by the Ministry of Agriculture and Farmers Welfare. The Union Minister of Agriculture and Farmers Welfare Shri Narendra Singh Tomar said that the record foodgrain production of 150.50 million tonnes is estimated in kharif season. He said that, there has been bumper production due to hardwork of farmers, proficiency of scientists and farmer friendly policies of the Government in the leadership of Prime Minister Shri Narendra Modi.

India might soon expand its market value by $400 billion, with Indian start-ups generating $10 billion through IPOs so far in 2021 and 150 private companies lining up to list on the country’s stock exchange, Goldman Sachs has predicted.

According to the Quick Estimates released by the Directorate General of Commercial Intelligence and Statistics (DGCI&S), the overall export of Agricultural and Processed Food Products Export Development Authority (APEDA) products has witnessed 21.8% growth in terms of US$ during April-August 2021 over the same period of the previous year.

Foundation for Environment Education in Denmark (FEE) which accords the globally recognized eco-label – Blue Flag certification, has also given re-certification for 8 nominated beaches Shivrajpur-Gujarat, Ghoghla-Diu, Kasarkod and Padubidri-Karnataka, Kappad-Kerala, Rushikonda- Andhra Pradesh, Golden-Odisha and Radhanagar- Andaman and Nicobar, which were awarded the Blue Flag certificate last year.