News on Indian Economy
On Tuesday, German luxury carmaker Mercedes-Benz stated it had started local production of its AMG portfolio in India and rolled out its first GLC 43 4MATIC Coupe ever produced locally. On Tuesday, the company rolled out the AMG GLC 43 4MATIC Coupe, tagged at Rs. 76.7 lakh (US$ 103.08 thousand) (ex-showroom), from its Pune factory.
Work on critical border infrastructure such as roads and bridges has gone up by nearly 75 per cent across seven states and union territories sharing borders with China and Pakistan in the last two years, defence ministry data has showed.
Leading stock exchange BSE on Tuesday said it has completed physical deliveries of gold under the India Good Delivery standard in the ‘options in good’ contracts. The exchange executed delivery of gold to the tune of Rs 1.5 crore in the ‘options in goods’ framework, marking the fifth consecutive month of deliveries at it’s designated vault in Ahmedabad, Gujarat, BSE said in a statement.
The eighth meeting of the India-UAE High Level Joint Task Force on Investments (“the Joint Task Force”) was hosted by India today, in virtual format due to the ongoing COVID-19 pandemic.
In October 2020, India’s manufacturing sector operation improved for the third straight month, with businesses growing production to the greatest extent in 13 years in the midst of robust sales growth. The IHS Markit India Manufacturing Purchasing Managers Index (PMI) increased from 56.8 in September to 58.9 in October, according to a monthly survey, and pointed to the greatest improvement in the health of the sector in over a decade.
With the completion and opening of the Rohtang Tunnel, the focus of Indian agencies involved in the construction of strategic infrastructure in the border areas has shifted to the Shinku La Pass, where a 13.5-kilometer long tunnel is proposed on the Manali-Darcha-Padum-Kargil-Leh route.
After giving highest ever monthly LHB coach production in July and Sept 2020, now this LHB coach production unit has achieved another milestone of record per day LHB outturn of 5.88 coaches in October 2020.
The IHS Markit India Manufacturing Purchasing Managers’ Index rose to 58.9 in October 2020—the highest since mid-2008—from 56.8 in September. A reading over 50 indicates economic expansion.
Path breaking e-invoice initiative which completed one month on the 31st October, is poised to revolutionize the way businesses interact with each other. According to NIC, within the first month of introduction itself, more than 495 Lakh e-invoices were generated on the NIC portal by 27,400 tax payers.
The government is looking to set up 14 more water aerodromes across the country after the successful launch of maiden seaplane service by Prime Minister Narendra Modi between the Statue of Unity near Kevadiya in Gujarat’s Narmada district and Sabarmati Riverfront in Ahmedabad.
