News on Indian Economy
The Power Minister stated that the country has been transformed from a Power Deficit to Power Surplus Nation as at present the total installed capacity in country is 3.77 lakh MW as compared to Peak Demand of 1.89 lakh MW.
Prime Minister Narendra Modi on Tuesday said India has identified more than 574 port projects at a cost of 82 billion USD or ₹6 lakh crore for implementation during 2015 to 2035.
Flipkart stated on Tuesday that it plans to expand its grocery services to > 70 cities in the next six months in order to capitalize on the country’s booming e-grocery market.
Exports of electronics goods by India reached an all-time high of ₹8,806 crore in December 2020. Mobile phones accounted for most of these exports by value, at 35%. The value of the export of mobile phones by India was ₹3,061 crore, which is 50% higher than in December 2019.
While addressing the governing council meeting Mr. Piyush Goyal said that there is a need to change the approach of the country towards standardization, he said the Prime Minister Mr. Narendra Modi has given the three mantra for faster economic development i.e. SPEED, SKILL and SCALE. Now it is time to add fourth dimension of “STANDARD” in to this.
Secretary, Department of Food & Public Distribution (DFPD), Government of India, chaired a meeting of State Food Secretaries today to discuss the arrangements for procurement of Wheat during the ensuing Rabi Marketing season 2021-22 and that of Rice (Rabi Crop) of KMS 2020-21.
Speaking on the occasion, the Prime Minister invited the world to come to India and be a part of India’s growth trajectory. India is very serious about growing in the maritime sector and emerging as a leading Blue Economy of the world. Through the focus areas of upgradation of infrastructure, boosting reform journey, India aims to strengthen the vision of Aatamnirbhar Bharat, he said.
Paytm, a digital payments company, reported on Monday that it has reached 1.2 billion monthly transactions, attributed to the development in offline payments and financial services. With a 15% month-over-month growth rate, the group announced to have the largest market share in offline merchant payments.
On Friday, BharatPe, the Fintech services company stated that it had already exceeded its target of facilitating the disbursement of Rs. 1,000 crore (US$ 137.07 million) of business loans to its merchant partners in FY21.
According to an ET article by Amit Kapoor & Sandeep Goyal, Chair, Institute for Competitiveness, India and Fellow, Institute for Competitiveness, India, respectively, the successful development of an indigenous supply chain of Personal Protective Equipment (PPE) kits in mere 60 days is an example for local manufacturers that self-reliance in a high-quality product is an achievable goal. (Representative Image)
