News on Indian Economy
Smt. Smriti Zubin Irani, Union Minister of Textiles and Women & Child Development launched the 1st ever Brand & Logo for Indian Cotton on 2nd World Cotton Day on 7th October, 2020 through Video Conferencing. Now India’s premium Cotton would be known as ‘Kasturi Cotton’ in the world cotton Trade. The Kasturi Cotton brand will represent Whiteness, Brightness, Softness, Purity, Luster, Uniqueness and Indianness.
To provide a facility for booking reserved train tickets on Amazon, Amazon India has collaborated with the Indian Railway Catering and Tourism Corporation (IRCTC).
This integration will facilitate seamless flow of data between the two portals i.e. PM SVANidhi Portal and SBI’s eMudra Portal in a secure environment and expedite the loan sanctioning and disbursement process, which will benefit the street vendors seeking working capital loan under the Scheme.
Thanks to the pandemic, with 41 million transactions a day, the country has been the world leader in real-time financial transactions, more than double that of the previous year, according to an international survey.
In a boost to Make in India, Samsung India, the country’s largest consumer electronics and smartphone maker, will start local manufacturing of TV sets by December 2020. According to a report in the Economic Times, the consumer electronics maker has written to the government seeking permission to import TV sets till December 2020 to ensure that ‘business continuity’ is not drastically impacted in the festive season.
Ministry of Electronics and Information and Technology (MeitY) has approved 16 eligible applicants under the PLI Scheme.Production Linked Incentive Scheme (PLI) for Large Scale Electronics Manufacturing notified on 1st April, 2020,extends an incentive of 4% to 6% on incremental sales (over base year) of goods under target segments that are manufactured in India to eligible companies, for a period of five years subsequent to the base year (FY2019-20).
Expanding the reach of environment friendly Compressed Natural Gas (CNG) in various areas, Minister of Petroleum & Natural Gas and Steel Shri Dharmendra Pradhan today dedicated 42 CNG stations and 3 City Gate Stations of Torrent Gas to the service of the community. All CNG stations and City Gate Stations were connected through video conference during the event with the Minister.
India’s exports rose, led by growth in outbound shipments of cereals, carpets, rice, oil and iron ore, after a six-month break in September. Exports rose 5.27 percent year-on-year to $27.4 billion in September, while imports dropped 19.6 percent, leaving a $2.91 billion trade deficit, preliminary data released by the Ministry of Trade and Industry showed. In September 2019, the trade deficit narrowed from $11.67 billion.
This ambitious railway line project is expected to be completed by 15 August 2022, providing an alternate surface link between the Kashmir Valley and the rest of India.
As a part of Prime Minister Street Vendor’s AtmaNibhar Nidhi (PM SVANidhi) Scheme, Ministry of Housing & Urban Affairs (MoHUA) has entered into an MoU with Swiggy, the leading food ordering and delivery platform in India, to onboard street food vendors on its ecommerce platform, giving them online access to thousands of consumers and help these vendors grow their businesses.
