News on Indian Economy
In one of the most concrete signs of the robust recovery in the formal sector of the Indian economy post the onset of the Covod-19 pandemic, India’s net profit-to-GDP ratio surged to a four-year high, according to data compiled by NSE.
An aggregate of 59.5 million renewable energy certificates (RECs) worth INR 9,266 crore (USD 1.24 billion) has been traded on the two Indian power exchanges since these market-based instruments’ launch in 2010, according to a study by the CEEW Centre for Energy Finance (CEEW-CEF).
The Central government, through a series of closed-door meetings and negotiations in the first two weeks of April, ramped up production of the essential drug Remdesivir from 10,000 vials to 3.25 lakh vials a day. Sources in the government have revealed the details of what went behind exponentially increasing production capacity and making the drug affordable as the pandemic raged in India.
In a major boost to Chennai’s road connectivity, the Union government has approved a ₹50,000-crore expressway project for developing faster connectivity between Tamil Nadu’s capital and Gujarat’s Surat. The project will cut down travel time between Chennai and Surat by six hours and distance by 330 km, enabling drivers to avoid congested roads running around Bangalore, Pune and Mumbai.
India’s engineering goods exports to 23 key markets, including the US, China and Germany recorded positive year-on-year growth in April 2021, EEPC India said on Saturday.
India’s natural gas production jumped 22.7 per cen in April after Reliance Industries Ltd and its partner BP Plc ramped up output from their eastern offshore KG-D6 block, government data released on Friday showed.
In a major step towards harnessing exports potential of agricultural and processed food products from north-eastern region, a shipment of 1.2 metric tonne (MT) of fresh jackfruit was exported from Tripura to London on Friday(21st May 21).
The Ministry of Electronics and IT (Meity) is going to come out with incentive schemes for setting up display and semiconductor fabrication units in the country in the next six months. According to Ministry of Electronics and Information Technology (Meity) secretary Ajay Prakash Sawhney, the government is already doing the preparatory work and talking to the industry about the support required to set up the fabs. Separate expression of interests (EoIs) has been floated for display and semiconductor fabs and companies, both global and local, are showing keen interest to set up units in India.
The Reserve Bank of India (RBI) has approved the transfer of a surplus of Rs 99,122 cr to the Centre for the accounting period of nine months ended 31 March 2021 (July 2020-March 2021). This decision was taken under the Chairmanship of Governor Shaktikanta Das, at the 589th meeting of the Central Board of Directors of RBI on 21 May 2021.
India may impose anti-dumping duty on Phthalic Anhydride imported from China, Indonesia, South Korea and Thailand, based on an application filed by IG Petrochemicals Limited, SI Group India Private Limited and Thirumalai Chemicals. The Directorate General of Trade Remedies under the commerce and industry ministry, has recommended duty between $40.08- 140.17 per MT on the imports of the chemical intermediate used in the plastic industry.
