News on Indian Economy
The government has reportedly cleared a USD 100 billion proposal that allows manufacturers to export smartphones made in India to other parts of the world. Smartphone brands such as Samsung, Lava, Karbonn and contract manufactures Foxconn, Wistron, Pegatron are cleared to export smartphones made in India.
After a gap of about 6 months due to the Corona pandemic, “Hunar Haat” will restart from 09th October 2020 with the theme of “Local to Global” and focus on indigenous exquisite Indian toys.
India has initiated a probe into the alleged dumping of Vitamin C, used by pharmaceutical firms for the production of medicines, from China following complaint by a domestic manufacturer.
Bajaj Healthcare Ltd has filed the application before the commerce ministry’s investigation arm DGTR, seeking initiation of the probe.
Industry insiders reckon that while this is a loss to the local gaming community, it also offers other battle royale games like Fortnite, Call of Duty, Garena Free Fire, and homegrown Rogue Heist. the opportunity to attract users.
Union Minister of Commerce and Industry Shri Piyush Goyal met the Office-bearers of various Export Promotion Councils (EPCs), to discuss the issues concerning the country’s global trade, ground level situation, and problems being faced by the exporters. Shri Goyal has been holding a series of discussions with the EPCs, particularly since the lockdown. The Commerce Secretary Dr Anup Wadhawan, DGFT Shri Amit Yadav and other senior officers of the Ministry were present in the meeting.
Indian companies have raised a record $31 billion in equity capital in 2020, as banks strengthen their balance sheets to prepare for future economic uncertainty and corporates tap into the elevated global liquidity levels. The record raising comes despite India’s economy contracting 23.9% in the June-quarter, year on year, which puts it on track for the first annual contraction since 1980.
Estimates suggest that India’s mobile games market will be worth $1.1 billion by 2020, and number of users projected to become 628 million by then. The rise in the popularity of gaming is partly due to the increased accessibility that the public has to them; at the tap of a screen, one can download games onto a smart device. Many game developers such as Moon Frog, 99Games, PlaySimple and Mech Mocha are capitalizing on the growth in smartphone usage to build their businesses.
The firm added that it plans to invest Rs 500 crore over the next five years in the facility that would produce 5,000 tonnes of anode material annually. It plans to triple this capacity to 15,000 tonnes in 2021 and to 50,000 tonnes per annum by 2025.
Taking a holistic approach and looking to the enhanced interest of the stakeholders, Ministry of Micro Small and Medium Enterprises (MSME), further expanded the reach and support to Artisans, involved in Agarbatti making, and to the Agarbatti Industry, by issuing new guidelines on 4th September, 2020. Further to its launching the support program on 30.07.20, Ministry has looked at all aspects of the industry, beyond just supply of machines for making Agarbatti.
Start-Up Village Entrepreneurship Programme (SVEP) is implemented by Deendayal Antyodaya Yojana –National Rural Livelihoods Mission (DAY-NRLM), Ministry of Rural Development, as a sub-scheme since 2016.
