News on Indian Economy
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.
Public Sector Indian Renewable Energy Development Agency (IREDA) under Ministry of New and Renewable Energy reported an all-time high annual Profit Before Tax (PBT) of 570 crore rupees in the financial year 2020-21 that was severely affected by Covid 19 Pandemic. The PBT of the company was Rs. 241 crores during FY 2019-20. The company has posted Profit After Tax (PAT) of Rs. 346 crores as against Rs. 215 crores in the last financial year, registering a massive growth of 61%.
According to Google CEO, Mr. Sundar Pichai, Google and Reliance Jio partnered to develop affordable smartphones in India and the development is going at a rapid pace.
Foreign direct investment (FDI) in computer software and hardware jumped over threefold to $26.14 billion during 2020-21 on account of significant growth in the country’s technology space, according to data from the Department for Promotion of Industry and Internal Trade. The sector received $7.67 billion FDI in 2019-20 and $6.41 billion in 2018-19, the data showed.
Shri Hariman Sharma, a progressive farmer, hailing from Paniala village of Bilaspur district, Himachal Pradesh, who developed this innovative apple variety – HRMN 99 has become a source of inspiration not only for thousands of farmers in the region but also for horticulturists of Bilaspur and other lower hill districts in the State –areas which earlier could never dream of growing apples.
Ample employment opportunities for Khadi artisans have helped them fight the financial distress once again, as most parts of the country remain under lockdown during the second wave of Covid-19 pandemic. Despite a severe jolt to the manufacturing and service sectors between March and May this year, Khadi and Village Industries Commission (KVIC) has bagged purchase orders worth over Rs. 45 crore that would support the livelihood of lakhs of Khadi artisans. The purchase orders have come from the Ministry of Tribal Affairs, Indian Railways and Air India.
In a major boost to India’s non-basmati rice exports potential, two consignments 4.5 MT of patented ‘village rice’ sourced from Kumbakonam, Thanjavur district, Tamil Nadu by a start-up Udaya Agro Farm was exported today to Ghana & Yemen via air & sea routes.
The country’s foreign exchange reserves rose by USD 2.865 billion to a record high of USD 592.894 billion for the week ended May 21, boosted by gold and currency assets, RBI data showed on Friday.
According to the International Data Corporation’s (IDC) Worldwide Quarterly Wearable Device Tracker report, wearables market (earwear, wristband, and watch) in India increased by 170.3% YoY in the first quarter of 2021, driven by strong demand among users in the country. The market recorded a shipment of 11.4 million units in the first quarter of 2021.
The Pension Fund Regulatory and Development Authority (PFRDA) here today announced crossing the milestone of Rs. 6 lakh crore (Rs 6 trillion) (US$ 82.47 billion) of Assets Under Management (AUM) under the National Pension System (NPS) and Atal Pension Yojana (APY), after 13 years. The AUM growth of last Rs. 1 trillion (US$ 13.74 billion) has been achieved in just 7 months.
