News on Indian Economy
India has potential to export motherboards, technically called printed circuit board assembly(PCBA), worth up to Rs 8 lakh crore between 2021-26, mobile devices industry body ICEA and EY said in a joint report.
Union Minister for Road Transport, Highways and MSMEs Shri Nitin Gadkari virtually inaugurated and laid foundation stones for 15 National Highways projects in Nagaland today. Chief Minister Shri Nephi Rio, MoS-RTH Gen (Dr) V K Singh, MPs, MLAs, senior officers from Centre and the State were present on the occassion. *These NH Projects has a length of about 266 KM involving cost of about Rs 4127 crore.*
On Thursday, Google India said that artificial intelligence itself could add US$ 500 billion to the economy and help to better predict floods and diagnose diseases accurately. The company has allocated US$ 10 billion to extend India’s digital footprint, a top official said.
The Indian services sector rebound was extended in November as new work orders assisted growth in business activity and the jobs increase in nine months, a monthly survey said on Thursday.
Situations for Indian companies will improve in 2021, as post-lockdown economic activity gathers pace and earnings rise on the back of robust demand recovery across sectors. This underpins the “stable” viewpoint of Moody’s Investors Service for Indian companies in 2021.
India’s major stock exchange, National Stock Exchange of India Ltd (NSE), launched the first Crude Degummed Soybean Oil (CDSO Futures) agricultural commodity futures contract on December 1, 2020. The CDSO Futures agreement is a monthly expiry futures contract with a 10 metric tonne (MT) trading lot size and a Kandla price basis.
Indian Oil Corporation (IOC) has launched 100 Octane petrol in India. Branded as XP100, this premium-grade petrol will initially be available in only 10 cities — Delhi, Gurgaon, Noida, Agra, Jaipur, Chandigarh, Ludhiana, Mumbai, Pune, and Ahmedabad.
Software as a service (SaaS) businesses in India are projected to achieve revenue of US$ 18-20 billion and capture 7-9% of the global SaaS market by 2022, as they invest in technology to drive the next growth phase, with heavy COVID-19 tailwinds driving collaboration and efficiency platforms and remote working shifting companies to digital channels.
Ananth is the first Indian company to tap the global market after India opened up its space sector, allowing private firms to build satellites and rockets and offer space services from the country.
The Asian Development Bank (ADB) and the Government of India today signed a $132.8 million loan to strengthen and modernize the distribution network and improve the quality of power supplied to households, industries, and businesses in India’s northeastern state of Meghalaya.
