News on Indian Economy
International Tractors Ltd-owned Sonalika Tractors has become the first manufacturer to commercially launch a field-ready electric tractor for the domestic market with an introductory price of ₹5.99 lakh (ex-showroom) today.
‘The EV market is expected to expand at a CAGR of 44% between 2020 and 2027 and is forecasted to touch 6.34 million units of annual sales by 2027,’ the IESA report said. Similarly, annual demand for batteries is expected to increase by 32% to reach 50 GWh by 2027, with 40 plus GWh for lithium-ion batteries.
India and Japan on Tuesday signed an agreement to enhance cooperation between their steel industries with the aim of ramping up domestic production and greater coordination in the global market, which is dominated by China.
India has become the 6th country in the world to join the club of countries producing high horsepower locomotives indigenously with these powerful e-locos being manufactured within the nation. Two ultramodern maintenance depots in Uttar Pradesh’s Saharanpur and Maharashtra’s Nagpur are also on the way.
Union Ministry of Power has promulgated rules laying down the rights of power consumers in the country. While issuing these rules here today via Press Conference, Mr. R.K.Singh, the Union Minister of State (Independent Charge) for Power and New & Renewable Energy, said, “These rules shall empower the consumers of electricity and added that these Rules emanate from the conviction that the power systems exist to serve the consumers and the consumers have rights to get the reliable services and quality electricity.”
Indians are the most positive about employment and pay increase prospects in 2021 in the Asia Pacific region, job site ‘Indeed’ said on Monday, citing its global report. In reference to their counterparts in Australia (20%) and Singapore, Indian employees (56%) are more than twice as optimistic about their chances of having a pay raise next year (23 per cent).
Year-on-year comparison shows that October, 2020 has registered a healthy 56% growth in terms of net payroll addition as compared to net subscriber growth of 7.39 lakh registered during the month of October 2019, indicating robust recovery to pre Covid-19 levels.
Ministry of Ports, Shipping and Waterways (MoPSW) has been working continuously for the promotion of Coastal Shipping under Sagarmala Programme. The Sagarmala programme is the flagship programme of the Ministry to promote port-led development in the country through harnessing India’s 7,500 Km long coastline and potentially navigable waterways.
The Anji Khad Bridge stands at a height of 331 metres above the river bed. The total length of the bridge is 473.25 metres. It has been designed to handle heavy storms of strong winds due to the high altutide. The geology of the region is extremely complex, making it impossible for an arch bridge to be constructed. Due to this, the bridge has a single pylon. The pylon had to be constructed on a vertical slope by using micropiles of 40 metres in depth.
Prime Minister Narendra Modi on Saturday said that sentiment has shifted from ‘Why India’ to ‘Why not India’. He also urged India Inc to invest more in research and development (R&D).
