News on Indian Economy
India’s foreign exchange reserve grew $8.895 billion to reach new record high of $642.453 billion in the week ended September 3, 2021, showed data shared by Reserve Bank of India (RBI).
Shri Ashwini Vaishnaw, Hon’ble Union Minister of Railways, Communication, Electronics & Information Technology, and Shri Dharmendra Pradhan, Hon’ble Union Minister of Education, Skill Development & Entrepreneurship, flagged off the new modern LHB Rake of Train No. 08445/08446 Bhubaneswar-Jagadalpur-Bhubaneswar, Hirakhand Express, today evening, through video conferencing from Rail Bhawan, New Delhi.
On Thursday, Indian Sugar Mills Association (ISMA) stated that India, the global second largest manufacturer of sugar, has the potential to export 6 million tonnes of sugar in the 2021-22 season, which is starting next month.
The Raksha Mantri described ELF near the International Border as a shining example of the Government’s commitment to protect the unity and sovereignty of the nation. “This highway and landing field will further cement the basic infrastructure along the western border and strengthen national security. Such emergency fields will provide more edge to the operational and civil assistance of our forces. It will also play a crucial role in facing natural calamities,” he said.
The BharatPe, Mswipe, PhonePe, Paytm, Aceware are participating in this drive to issue UPI IDs, QR code and provide digital training. Digital Payment Aggregators will handhold the street vendors to bring about enhanced adoption of digital transactions and behaviour change. To promote digital transactions instruction has been issued to the Lending Institutions (LIs) to handover a durable QR Code and train the beneficiaries for conducting digital receipt and payment transactions within a week of disbursement.
Under the decisive leadership of Hon’ble Prime Minister Shri NarendraModi, Government of India has decided to budget Rs 56,027 crore in this Financial Year FY 21-22 itself in order to disburse all pending export incentives due to exporters. This amount includes claims relating to MEIS, SEIS, RoSL, RoSCTL, other scrip based schemes relating to earlier policies and the remission support for RoDTEP and RoSCTL for exports made in the 4th quarter of FY 20-21. Benefits would be disbursed to more than 45,000 exporters, out of which about 98% are small exporters in the MSME category.
Taking steps forward towards the vision of an ‘Aatmanirbhar Bharat’, Government led by Hon’ble Prime Minister, Shri Narendra Modi, has approved the PLI Scheme for Textiles for MMF Apparel, MMF Fabrics and 10 segments/ products of Technical Textiles with a budgetary outlay of Rs. 10,683 crore. PLI for Textiles along with RoSCTL, RoDTEP and other measures of Government in sector e.g. providing raw material at competitive prices, skill development etc will herald a new age in textiles manufacturing.
According to two sources aware with the latest proposal, India would pay auto companies ~ US$ 3.5 billion in incentives over a five-year period under a revamped scheme to encourage the production and export of clean technology vehicles.
The government’s various initiatives have resulted in rapid growth in the fintech industry, which is expected to triple in value to Rs. 6,20,700 crore (US$ 82.7 billion) by 2025, according to Minister of State for Finance Mr. Bhagwat K Karad.
According to sources aware of the development, Apple Inc. is producing 70% of the mobile phones it sells in the domestic market in India, as part of a significant push toward “Make in India.”
