News on Indian Economy
Software as a service (SaaS) businesses in India are projected to achieve revenue of US$ 18-20 billion and capture 7-9% of the global SaaS market by 2022, as they invest in technology to drive the next growth phase, with heavy COVID-19 tailwinds driving collaboration and efficiency platforms and remote working shifting companies to digital channels.
Ananth is the first Indian company to tap the global market after India opened up its space sector, allowing private firms to build satellites and rockets and offer space services from the country.
The Asian Development Bank (ADB) and the Government of India today signed a $132.8 million loan to strengthen and modernize the distribution network and improve the quality of power supplied to households, industries, and businesses in India’s northeastern state of Meghalaya.
The government has settled ₹ 22,293 crore to CGST and ₹ 16,286 crore to SGST from IGST as regular settlement. The total revenue earned by Central Government and the State Governments after regular settlement in the month of November 2020 is ₹ 41,482 crore for CGST and ₹ 41,826 crore for the SGST.
In the month of November 2020, Indian Railways loading was 109.68 million tonnes which is 9% higher compare to last year’s loading for the same period (100.96 million tonnes). In this period Indian Railways earned Rs. 10657.66 Crores from freight loading which is also Rs. 449.79 Cr.(4%) higher compare to last year’s earnings for the same period (Rs. 10207.87 crores).
The Indian growth story continues to expand as is demonstrated by the trends in FPI, FDI and Corporate Bond Market flows that indicate and underline the beliefs of investors in the strength and resilience of Indian economy.
A bilateral fast track process for investment was introduced by India and France on Friday. Mr. Hardeep Singh Puri, Union Minister for Housing and Urban Affairs, and Mr. Franck Riester, French Minister Delegate for International Trade and Economic Attractiveness, also addressed ways to improve trade and investment ties in the midst of the coronavirus pandemic economic recovery.
The self-sustainability measures initiated by Khadi and Village Industries Commission (KVIC) in wake of the Covid-19 pandemic have begun yielding results. The distressed migrant workers who were engaged with KVIC’s Honey Mission in Uttar Pradesh in the month of August, have reaped their first honey harvest and are awaiting a bumper yield in the months from December to March.
India has continued to innovate in Renewable Energy deployment by increasing capacities and adopting practical solutions, newer technologies and market mechanisms. Our adoption of floating solar, wind-solar hybrid contracts, peaking power, and venture into Round-the-Clock (RTC) procurement contracts are indications of such innovation.
The government is mulling a proposal to bring a FAME-like scheme for hydrogen-powered systems, to push the hydrogen economy in a big way, Niti Aayog member V K Saraswat said on Friday. Addressing a virtual event organised by industry body FICCI, Saraswat said the government is planning to form an overarching committee for steering the hydrogen economy in its totality.
