News on Indian Economy
Eyeing indigenous production of containers amid a global surge in demand, the Centre is looking to develop Bhavnagar in Gujarat as a container hub and has set up pilot projects for its manufacturing, Union Minister Mansukh Mandaviya said.
The public sector bank (PSB) in an update has said that it has come across reports, wherein cybercriminals are reported to have created online fixed deposits in customers’ accounts in an attempt to carry out social engineering frauds. The State Bank of India has advised its customers to control access to their account by not sharing personal details like password/ OTP/ CVV/ Card Number etc. with anyone. It said that the bank would never ask for these details over phone or email or SMS.
Union Minister Jitendra Singh on Saturday said that the Shahpur-Kandi dam project will become functional by November 2022 and India will then be able to fully utilise the waters of the Ravi river in its territory.
Indian Railways has recorded the highest loading in freight transportation. The Ministry of Railways in a release informed that in the financial year 2020-21, the Indian Railways transported the loading of 1232.64 Million Tonnes (MT).
Outstanding bank deposits stood at ₹151.13 trillion as on 26 March, the last fortnight of the financial year, showed data released by the Reserve Bank of India (RBI). This translates into a growth of 11.3% from the same period last year. In contrast, non-food credit grew at a sluggish pace of 5.5% year-on-year (y-o-y) to ₹108.9 trillion.
India`s goods exports posted a 297.2 percent increase (year-on-year) in the first seven days of this fiscal to $6.79 billion and by 8.42 percent (YoY) over the corresponding period of 2019-20. Imports in the first week of 2021-22 (April 1-7) increased 244.2 percent to $ 9.66 billion and decreased by 0.65 percent (YoY) over 2019-20 during the week.
Handa’s plan would also get a push from India’s goal to lure manufacturers from China and Transport Minister Nitin Gadkari in March also promised a new battery policy ‘soon’.
Megha Engineering & Infrastructures Ltd (MEIL) on Wednesday said its first indigenously-made oil drilling rig has started operation at Kalol oil fields in Ahmedabad, Gujarat. The rig, which became operational on Wednesday, is part of an order worth Rs 6,000 crore for 47 drilling rigs.
The Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved the Ministry of New & Renewable Energy’s proposal for implementation of the Production Linked Incentive (PLI) Scheme ‘National Programme on High Efficiency Solar PV (Photo Voltic) Modules’ for achieving manufacturing capacity of Giga Watt (GW) scale in high efficiency solar PV modules with an outlay of Rs.4,500 crore.
Ministry of Finance is committed to provide financial inclusiveness and support to the marginalized and hitherto socio-economically neglected classes. Financial needs of all stakeholders ranging from the budding entrepreneurs to the hard-working farmers has also been catered to through various initiatives. A key initiative towards this is Pradhan Mantri MUDRA Yojana (PMMY), which has given wings to the dreams and aspirations of millions, along with a feeling of self-worth and independence.
