News on Indian Economy
Passengers from Bengaluru airport can soon fly non-stop to San Francisco as India’s national carrier Air India is set to launch a twice-weekly service, scheduled to commence from January 11, 2021.
The Union Cabinet, chaired by the Prime Minister, Shri Narendra Modi has given its approval to the Scheme of Amalgamation of Lakshmi Vilas Bank Limited (LVB) with DBS Bank India Limited (DBIL).
Larsen & Toubro (L&T) on Wednesday said it has secured a large contract to construct the country’s longest road bridge across river Brahmaputra connecting Dhubri in Assam to Phulbari in Meghalaya.
India may attract US$ 120-160 billion per year of foreign direct investment (FDI) by 2025, leading to an increase in the ratio of FDI to GDP from 3-4% to less than 2%, a CII and EY researchers reported. Over the past 10 years, the country has seen GDP rise 6.8%, with FDI increasing to GDP at 1.8%.
On Tuesday, an industry body of syringe and needle producers stated that it has written to Prime Minister Mr. Narendra Modi offering an additional capacity of over 350 million syringes per month, depending on the requirements of the COVID-19 vaccination programme.
Approximately US$ 270.7 billion in transactions worth US$ 66.6 billion are projected to move from cash to cards and digital payments in India by 2023 and expand further to US$ 856.6 billion by 2030, Accenture said on Tuesday. The study entitled ‘Playing the Long Game in Payments Modernisation’, said that this rapid move to digital payments due to the COVID-19 pandemic is increasingly expanding the need for banks to modernise their payment systems.
The commerce and industry ministry recommended a duty of $547/MT on FDY, which is used in making shoe upper fabrics, luggage/bag and curtain fabrics, coming from China based on an application filed by the Association of Synthetic Fibre Industry.
According to a joint statement issued on Tuesday, “Marking the tenth year of cooperation between the United States and India at the Global Centre for Nuclear Energy Partnership (GCNEP) and the signing of the extension, for an additional ten years, to the Memorandum of Understanding between the Government of the United States of America and the Government of the Republic of India Concerning Cooperation with the Global Centre for Nuclear Energy Partnership, India, signed at New Delhi on November 7, 2010 (the GCNEP MOU).”
Indian pharmaceutical industry is expected to export medicines and other goods worth over $25 billion in the current financial year, up from $20.5 billion in 2019-20, said Ravi Uday Bhaskar, Director General of Pharmaceutical Export Council of India (Pharmexil) , on Monday.
India on Tuesday unveiled new development initiatives for Afghanistan, including a dam to supply water to Kabul and 150 community projects worth $80 million, even as it called for an immediate and comprehensive ceasefire in the war-torn country.
