News on Indian Economy
India has moved ahead with threading-the-needle for an ambitious global electricity grid, with the National Democratic Alliance (NDA) government on Tuesday calling for bids to roll-out the “One Sun One World One Grid” (OSOWOG) plan.
Etergo was founded in 2014 and has developed an all-electric state-of-the-art ‘AppScooter’, first launched in 2018. The AppScooter utilises swappable high energy density batteries to deliver a range up to 240 km.
The Central government is coming up with an advanced version of government procurement platform GeM. The new government procurement platform portal GeM will be more dynamic, transformational and vibrant by adding advanced features such as powerful search engine, revamped brand and product approval process and faster creation of categories for goods and services through tender analysis.
In a mega boost for Telangana’s vaccine industry, the Centre has approved the setting up of a regional testing laboratory for vaccines in Hyderabad. This key announcement was made by Telangana IT and industries minister KT Rama Rao at the inaugural of TOI’s six-day virtual conclave — ‘Reboot Telangana – Making Telangana Future Positive’, on Monday.
Alongside stricter KYC procedures during FPI registration, India may set a 10% beneficial ownership cap on foreign investment from China including Hong Kong.
Union Minister for Road Transport & Highways and MSMEs Shri Nitin Gadkari today inaugurated the breakthrough event of Chamba Tunnel under Chardham Pariyojana through video conference mode. Border Roads Organisation (BRO) achieved this major milestone by digging up a 440 m long Tunnel below the busy Chamba town on Rishikesh-Dharasu road Highway (NH 94).
Power Finance Corporation (PFC), the central PSU under Ministry of Power and India’s leading NBFC, today entered into an agreement with Narmada Basin Projects Company Ltd. (NBPCL), a wholly-owned company of Govt. of Madhya Pradesh, to fund projects worth Rs.22,000 crore for 225 MW hydro-electric projects & multipurpose projects in the State of Madhya Pradesh.
Union Minister for MSME and Road Transport and Highways, Shri Nitin Gadkari today said that the government is exploring new financial lending institutions to support small-scale units in terms of financial support. Shri Gadkari said that government is working towards strengthening the NBFCs which will help small businesses to avail easy credit in the coming time.
Reliance’s JioMart is expected to challenge its rivalling Amazon.com’s local unit and Walmart Inc’s Flipkart in the huge Indian market. JioMart will deliver groceries in more than 200 towns across the country. Currently, JioMart is available as a web version but the mobile version is expected to be available very soon.
Procurement of wheat by the government agencies surpassed last year’s figures of 341.31Lakh Metric Tonnes (LMT) to touch 341.56LMT on 24.05.2020, surmounting all impediments created due to the spread of COVID-19 virus and the country wide lockdown.
