News on Indian Economy
tate-run engineering firm Bharat Heavy Electronics Limited (BHEL) recently announced its tie-up with SwissRapide AG to bring magnetic levitation trains commonly called Maglev trains to India.
Textile Sector in India provides largest source of employment in the country with over 4.5 crore people employed directly and another 6 crores people in allied sector including large number of women and rural population through various schemes and public programmes
Sensing the importance of such small satellites, Isro is planning to launch a small satellite launch vehicle (SSLV) that will be used extensively to launch small and nano-satellites, Saraswat said during a presentation at the inaugural session of the International Space Conference and Exhibition ‘Ushering the New Era in Indian Space Sector’, organised by the Confederation of Indian Industry, on Tuesday. Currently, Saraswat said, the Indian space economy is valued at $7 billion, which is around 2% of the global space economy worth $348 billion.
India has entered into Air Bubble agreements with 10 countries viz. USA, Canada, France, Germany, UK, Maldives, UAE, Qatar, Afghanistan and Bahrain, till 13.09.2020.
A few days ago, Ministry of Micro Small and Medium Enterprises (MSME), had announced expanding and doubling the support to Artisans who might be interested in making Agarbatti. Taking these efforts further, the Ministry has now come out with new guidelines for two more schemes which include ‘Pottery Activity’ and ‘Beekeeping Activity’.
State Bank of India’s (SBI) digital start-up YONO (You only need one) is being valued at US$40 billion and the bank is aiming to start it as a separate entity as a long-term plan. At present, the YONO platform has 2.76 crore users and has sourced Rs 20,000 crore personal loans and Rs 24,000 crore agriculture gold loans, with 50% leads for home loans and MSME loans being generated on the platform. Furthermore, it is adding 70,000 customers daily and providing loans worth Rs 70 crore per day.
Veer Savarkar International Airport, Port Blair is soon going to have a new terminal building. The airport currently handles 18 lakh passengers annually. Considering the surge in the passenger traffic, Airports Authority of India has undertaken the work for construction of New Integrated Terminal Building at a cost of Rs. 700 crores.
During the last three years and the current year, the Government has accorded administrative approval and financial sanction for construction of twelve (12) nuclear power reactors – ten (10) indigenous 700 MW Pressurized Heavy Water Reactors (PHWRs) to be set up in fleet mode & two (02) units of Light Water Reactors (LWRs) to be set up in cooperation with Russian Federation to enhance nuclear power capacity in the country.
The Department for Promotion of Industry and Internal Trade (DPIIT) in coordination with Governments of States and Union Territories (UTs), is working on improving business regulatory environment in States and UTs. The exercise involves identifying reforms which bring Ease of Doing Business (EoDB), in consultation with the States and UTs.
Recently, Government has taken various steps in addition to ongoing schemes to boost domestic investments in India. These include the National Infrastructure Pipeline, Reduction in Corporate Tax, easing liquidity problems of NBFCs and Banks, various policy measures to boost domestic manufacturing.
