News on Indian Economy
India’s Commerce and Industry Minister Piyush Goyal said on Monday that the country is attempting to strengthen bilateral trade relations with a number of countries and that it hopes to begin trade negotiations with Canada within the next two to three months.
India exported goods worth US$ 37.29 billion in December, the highest ever in a month, as demand for items such as engineering products continued to rise
“Our economy is currently growing at a rate of more than 8%. India has received unprecedented foreign investment. In the GST collection, old records have also been broken. We have also established new paradigms in terms of exports, particularly agricultural,” PM Modi stated.
Asian Paints has risen to become the world’s second most valuable paints firm. The company’s market capitalization increased by 22% to US$ 43.7 billion at the end of December 31, compared to US$ 35.6 billion a year earlier. In terms of m-cap, it now ranks 450th in the world. On the BSE, the company’s stock ended the day 0.5% higher at Rs 3,382 per share.
The planned agreement will give LIOC, a subsidiary of Indian Oil Corporation (IOC), a 50-year lease on 14 tanks and a 49 percent stake in 61 other tanks held jointly with the state-run Ceylon Petroleum Corporation (CPC). The remaining 24 tanks will be kept by the Sri Lankan government. The cost of restoring per tank is estimated to be around $1 million.
Faradion is one of the leading global battery technology businesses, according to Reliance New Energy Solar Ltd (RNESL), and has a competitively superior, strategic, wide-reaching, and large IP portfolio spanning numerous elements of sodium-ion technology.
In the first seven months (April-October) of the current financial year (2021-22), India’s wheat exports in terms of volume rose by more than 527 per cent to 3.2 Million Tonne (MT) from 0.51 MT reported during April-October period of 2020-21. In terms of value, India’s wheat exports in the current fiscal (April – October) rose by 546 per cent to $ 872 million from $ 135 million reported during the same period of the previous fiscal.
The gross GST revenue collected in the month of December 2021 is Rs 1,29,780 crore of which CGST is Rs 22,578 crore, SGST is Rs 28,658 crore, IGST is Rs 69,155 crore (including Rs 37,527 crore collected on import of goods) and cess is Rs 9,389 crore (including Rs 614 crore collected on import of goods).
Exports of agricultural and processed food products under Agricultural and Processed Food Products Export Development Authority (APEDA) basket rose to USD 20,674 million (Rs 15,30,50 crore) during 2020-21, from USD 17,321 million (Rs 83,484 crore) in 2011-12, according to data by the Directorate General of Commercial Intelligence and Statistics (DGCI&S).
Despite the strong second wave of the COVID pandemic, housing sales are expected to climb 15-20% above 2020 levels in the calendar year 2021. As infection rates began to decline in July, property sales began to increase. The market for gated communities is expected to surge in 2022, according to real estate developers. Despite the pandemic’s business difficulties, the sector rebounded strongly.
