News on Indian Economy
Japanese manufacturers will now be eligible for subsidies if they shift production out of China to India or Bangladesh, in an expansion of a government program aimed at diversifying the country’s supply chains.
Electricity demand in India has recovered on account of the recovery in rural areas and the increase of demand for electricity in the country. ICRA rating agency has stated that the growth has improved to about 98 per cent of pre-COVID-19 level in August.
Apparel Export Promotion Council (AEPC) Chairman A. Sakthivel, quoted that the apparel exports from the India is likely to expand by about 40 per cent in the current financial year.
Water is a precious resource and water scarcity is looming large over the entire Nation. Agriculture, which consumes around 70% of Water, for irrigation purpose, is the most vulnerable sector of the Economy owing to this crisis. To address this issue there has been discussion on implementing solar pump in almost every farmland.
The Ministry of Shipping is aiming to promote Indian shipbuilding industry and also have discussion with some leading countries for Make in India shipbuilding. In the meantime, this decision of the Government will be a big move towards realizing Make in India in shipbuilding.
Union Minister of Commerce and Industry Shri Piyush Goyal today 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.
This procurement will utilize 5 Million USD from the recent grant provided by the Asian Development Bank (ADB). EESL has received financing from ADB towards the cost of scaling up and financing high priority areas like Demand Side Energy Efficiency Sector Projects.
Ministry of Road Transport and Highways has surpassed its target for construction of National Highways in the country till the past weekend. During April to August this year, 3181 kilometre NH length was constructed against the target of 2771 kms for this period. This includes 2104 kms by State PWDs, 879 kms by NHAI, and 198 kms by NHIDCL.
As India battles the Covid-19 pandemic, its pharmaceutical industry and health care services have seen a strong growth. Companies such as Ipca showed improved sales and profitability led by its export’s formulations and APIs (active pharmaceutical ingredient) business which jumped by 72 percent year-on-year (y-o-y). The demand for malaria drug Hydroxychloroquine Sulfate (HCQ) to treat Covid-19 had led the momentum in APIs for Ipca
India is emerging as one of the preferred destination for International garment companies to shift their base from China.
