News on Indian Economy
The government has amended certain Indian Accounting Standards (Ind-AS), including the standard relating to leases amid the coronavirus pandemic.
Ind-AS 103, 116 and some other standards have been amended by the Corporate Affairs Ministry.
Kashmir Valley’s Saffron has got the much-awaited geographical indication (GI) certification from the central government in a fillip to the homegrown spice, which is likely to fetch higher prices in the international markets.
Indian Railways is on a mission to RFID Tag all wagons by December 2022.
The Indian Railways will complete this process of fitting radio-frequency identification tags (RFID) in all the wagons by December 2022. These tags will be used for tracking all wagons.
So far 23000 wagons have been covered under RFID project. The Project is still in progress and continuing, although this work has been slowed for some time due to pandemic Covid 19. Government has fixed the deadline for fitting of RFID in all the wagons of Indian Railway till December 2022.
Currently, Indian Railway is maintained such data manually, which leaves scope for errors. Using RFID devices will be easier for the railways to know the exact position of all the wagons, locomotives and coaches.
While the RFID tag will be fitted in the rolling stock, trackside readers will be installed at stations and key points along the tracks to read the tag from a distance of about two meters and transmit the wagon identity over a network to a central computer. In this way, each moving wagon can be identified and its movement tracked.
So far 23000 wagons have been covered under RFID project. The Project is still in progress and continuing, although this work has been slowed for some time due to pandemic Covid 19. Government has fixed the deadline for fitting of RFID in all the wagons of Indian Railway till December 2022.
Union Minister of Agriculture and Farmers’ Welfare ShriNarendraSingh Tomartoday inaugurated the ‘World Class State of Art Honey Testing Laboratory’ established by National Dairy Development Board (NDDB)in Anand(Gujarat) with support of National Bee Board (NBB)
L&T Construction & Mining Machinery achieved a milestone with the erection and commissioning of Komatsu PC3000-6 electrical shovel, their first 300-ton electrical shovel supplied in India, at Gevra, India’s largest mines under South Eastern Coalfields.
The Union Ministry of Finance has sanctioned over Rs 8,700 crore under a special scheme, ‘SWAMIH’ to ensure completion of about 60,000 houses.
The electric vehicle (EV) market is estimated to be a Rs 50,000 crore (US$ 7.09 billion) opportunity in India by 2025, with two- and three-wheelers expected to drive higher electrification of the vehicles in the medium term in the wake of COVID-19, according to a report by Avendus Capital.
The original proposal by the Navy to have an airport for its fighter aircraft has been expanded so that civil aircraft can be operated from here. The site for the proposed airport is on 97.1 acres of land in Ankola Taluk between Alageri and Bhaviker villages.
India plans to build a solar power park in Sri Lanka as part of a strategy to project its presence in the Indian Ocean Region (IOR) amid Chinese attempts to lure nations into its ‘Belt and Road’ initiative, said two people aware of the development.
The growth for India’s digital payments has come on the back of multiple retail payment products launched including Bharat QR, Aadhaar Enabled Payment System, National Electronic Toll Collection, Bharat Bill Payment System, and Rupay Cards.
