News on Indian Economy
The Asian Development Bank and the Government of India today signed a $2.5 million project readiness financing (PRF) loan to support project preparation and design activities to upgrade major district roads in Sikkim that will help improve connectivity to important towns, rural areas, and pilgrimage and tourist destinations in the northeastern state.
The Secretary, Department of Food & Public Distribution Shri Sudhanshu Pandey today briefed the media persons about the progress of food grains distribution under PMGKAY-III, food grain procurement and One Nation One Ration Card scheme.
Startup India is a flagship initiative of the Government of India launched by the Prime Minister Shri Narendra Modi on 16 January, 2016. The initiative is intended to catalyse startup culture and build a strong and inclusive ecosystem for innovation and entrepreneurship in India. Department for Promotion of Industry and Internal Trade (DPIIT) acts as the nodal Department for the Startup initiative. As on June 3, 2021, 50,000 startups across have been recognized as startups by DPIIT, of which 19,896 have been recognized since April 1, 2020.
India’s merchandise exports in May 2021 was US$ 32.21 billion, an increase of 67.39% over US$ 19.24 billion in May 2020 and an increase of 7.93% over US$ 29.85 billion in May 2019. India’s merchandise exports in Apr-May 2021 was US$ 62.84 billion, an increase of 112.29% over US$ 29.6 billion in Apr-May 2020 and an increase of 12.44% over US$ 55.88 billion in Apr-May 2019.
In a breakthrough, the Indian Farmers Fertiliser Cooperative Limited (IFFCO) on Monday launched the Nano Urea Liquid, a nutrient to provide nitrogen to plants as an alternative to the conventional urea.
On Monday, according to a new report, last mile delivery market in India is expected to reach US$ 6-7 billion by 2024, following a parallel trend with markets in the US and China where the penetration has attained >10%.
According to the commerce and industry ministry data, production of natural gas, refinery products, steel, cement and electricity jumped by 25 per cent, 30.9 per cent, 400 per cent, 548.8 per cent and 38.7 per cent in April, as against (-) 19.9 per cent, (-) 24.2 per cent, (-) 82.8 per cent, (-) 85.2 per cent and (-) 22.9 per cent in April 2020, respectively.
The New Khurja-New Bhaupur section of Eastern Dedicated Freight Corridor set a new record as a freight train averaged a speed of 99.4 kmph. This is faster than the average speed of Rajdhani trains.
Indian Institute of Technology, Ropar (IIT Ropar) in Punjab has developed a first-of-its-kind IoT device – AmbiTag that records real-time ambient temperature during the transportation of perishable products, vaccines and even body organs and blood. That recorded temperature further helps to know whether that particular item transported from anywhere in the world is still usable or perished because of temperature variation. This information is particularly critical for vaccines including Covid-19 vaccine, organs and blood transportation.
Last week in the market valuation, eight of the top-10 most valued firms collaboratively added Rs. 1,39,566.52 crore (US$ 19.28 billion). Top performers were Reliance Industries, Tata Consultancy Services and Infosys.
