News on Indian Economy
That trend reversed in 2020, however, when the pandemic pummelled fuel demand and forced Indian refiners to make committed oil purchases from the Middle East under term contracts, shunning spot purchases. As India shifts gears again after Pradhan’s call for faster diversification, refineries are looking for new suppliers, the oil ministry official said.
Indian Railways has logged highest ever electrification of sections covering 6,015 Route Kilometer (RKM)in single year during 2020-21.
India’s merchandise exports in March 2021 were USD 34.0 billion as compared to USD 21.49 billion in March 2020, anincrease of 58.23%.Exports during April-March2020-21 were USD 290.18 billion, as compared to USD 313.36 billion during the same period of last year, exhibiting a negative growth of 7.40%.
In the closing month of this fiscal year 2020-21, Indian Railways surpassed the last year’s loading that is 1224.45 compared to last year’s 1205.04 which shows the growth of 2%. Indian Railways earned 116634.9 from freight loading compared to last year’s earning 113477.9 which sees the growth of 3%.
The gross GST revenue collected in the month of March 2021 is at a record of ₹ 1,23,902 crore of which CGST is ₹ 22,973 crore, SGST is ₹ 29,329 crore, IGST is ₹ 62,842 crore (including ₹ 31,097 crore collected on import of goods) and Cess is ₹ 8,757 crore (including ₹ 935 crore collected on import of goods).
According to a study released on Wednesday, digital payments will rise significantly over the next few years, accounting for 71.7% of all payments in India by 2025.
The aim of the 2021 Working Capital Survey was to assess the financial health and prospects of small businesses in countries around the world. The global economy is forecast to increase 5.5% in 2021 and 4.2% in 2022, according to the International Monetary Fund (IMF).
Sources said in recent years the Indian Railways’ import component of manufacturing parts have reduced steadily and now it’s around 1.6% of total value of items. They said efforts have been undertaken to reduce this share of imports further and some of the last few remaining items like wheels and axles are now going to be fully manufactured in India.
In a statement, Rosatom said the equipment manufactured by European suppliers of JSC ASE for Kudankulam Nuclear Power Project (KNPP) coming up in Kudankulam in Tirunelvelli district was loaded on the Industrial Ruby marine vessel at the Hamburg port.
With a view to enhancing ease of doing business and transparency, the DPIIT has revamped its Industrial Entrepreneurs Memorandum (IEM) portal. The upgraded portal offers single IEM for one company to capture details of all its locations and sectors.
