News on Indian Economy
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.
Voltas has completed two sewage treatment plants (STP) in Bihar by Namami Gange (NMCG), funded by the World Bank. The two projects ensure proper treatment of household sewerage to prevent flowing of untreated sewage to river Ganga. Prime Minister Narendra Modi is scheduled to virtually inaugurate both these Bihar Urban Infrastructure Development Corporation (BUIDCO) STP projects in Karmalichak and Beur on September 15.
Government has decided for introducing a comprehensive and integrated ‘National Fisheries Policy, 2020’ by integrating the National Policy on Marine Fisheries, 2017 (NPMF), the Draft National Inland Fisheries and Aquaculture Policy (NIFAP) and the Draft National Mariculture Policy (NMP) along with the elements of Post Harvest.
Thyssenkrupp Elevator India has collaborated with Amplus Solar to set up an onsite solar power unit at their Pune facility in Maharashtra.
Secretary, Department of Food & Public Distribution (DFPD), Government of India, chaired a meeting of State Food Secretaries through video conference on 11.09.2020, to discuss the procurement arrangements for ensuing Kharif Marketing Season (KMS) 2020-21.
