News on Indian Economy
After operationalising the country’s first cutting edge technology equipped oil rig, made under the ‘Make in India’ and ‘Atmanirbhar Bharat’ initiatives of Prime Minister Narendra Modi, at it’s Kalol oil field, the Oil and Natural Gas Corporation (ONGC) will have it’s second oil rig operational within twenty days, according to the company.
As part of a Comprehensive Economic Cooperation Agreement (CECA), India and Australia are looking to conclude an early harvest scheme — covering tariff cuts on items that account for nearly half the trade as well as easier rules for service sectors — by December, over a decade after talks first started.
The RBI is studying various aspects of a digital currency including its security, impact on India’s financial sector as well as how it would affect monetary policy and currency in circulation, according to the governor.
India’s wearables market grew 118.2% YoY in the June 2021 quarter at 11.2 million units with robust shipments from homebased brands in earwear and watches propelling this growth, according to research firm IDC.
This transmission line corridor shall provide a strong connectivity between Northern Region (NR) and Western Region (WR) and facilitate reliable flow of power, benefitting the overall social and economic system, by enabling reliable flow of power to industries and households in Northern Region, Western Region and the entire country. With the commissioning of this link, the inter-regional power transfer capacity of national grid has enhanced by 4200 MW, taking the total capacity to 110750 MW in the country.
for strengthening of aviation infrastructure in the respective states. AAI has embarked upon development and expansion of airports in the country at a cost of Rs. 20,000 Crore in the next 4-5 years in order to meet the growing passenger demand in the country.
Infosys Ltd became the fourth Indian firm to reach a market capitalization (m-cap) of US$ 100 billion on Tuesday. The IT services company has joined the likes of TCS, Reliance Industries, and HDFC Bank in surpassing the US$ 100 billion market value threshold.
According to SBI’s research report Ecowrap, India’s gross domestic product (GDP) is anticipated to expand at about 18.5% in the first quarter of this fiscal year, lower than the RBI’s forecast of 21.4%.
According to property consultancy JLL, the capacity of the data centre sector is anticipated to double by 2023 to over 1,000 MW to satisfy growing demand amid rapid development in digitalisation.
“In 2020-21, India got the greatest amount of FDI it has ever received. It increased by 10% to US$ 81.72 billion, with FDI totaling US$ 12.1 billion in May 2021, which is 203% more than May 2020.” He mentioned this while speaking to a group of industrial groups about encouraging exports.
