News on Indian Economy
According to a JLL India forecast, the year 2022 is likely to surpass the US$ 5 billion thresholds, which was achieved by Indian real estate annually between 2017 and 2020.
The Minister further stated that as per the data sourced from National Payments Corporation of India (NPCI), India’s own payment platform, UPI has emerged as the country’s favourite digital payment choice, with over 22 billion transactions registered during FY 2020-21, showing 4 times growth over the last 3 years. Also, AePS inter-bank transactions during FY 2020-21 registered a 9-fold growth, over the past 4 years.
Industry body Retailers Association of India (RAI) stated that retail sales in India increased by 9% in November 2019 compared to pre-pandemic levels, indicating an upswing in business despite concerns about Omicron variant spread and the third wave of the pandemic.
On Monday, December 20, as part of its foreign growth strategy, Japan’s Osaka Gas Co announced that it has joined India’s urban gas distribution market by investing in the local business of Singapore-based AGP International Holdings (AG&P).
According to the corporate affairs ministry, corporations have spent Rs 1.09 lakh crore (US$ 14.3 billion) on different CSR initiatives, including those linked to health, education, and poverty eradication, under the companies law in the previous seven financial years.
Mr. Nitin Gadkari, Union Minister for Road Transport & Highways (MoRTH), stated that investors should have confidence in India’s infrastructure sector and invest boldly as “the economic viability is intact since the internal rate of return in the road sector is very high.”
According to data given by the Directorate General of Civil Aviation, IndiGo carried 57.06 lakh passengers in November, accounting for 54.3% of the domestic market, while SpiceJet flew 10.78 lakh passengers, accounting for 10.3% of the market (DGCA).
India is working on at least six free trade agreements, including one with the United Arab Emirates that can create a gateway for Indian trade to the Middle East and Africa.
According to the ministry, six berths will be reserved in the sleeper class of long-distance Mail/Express trains and a reservation quota of six berths in third-tier AC (3AC) coaches of Garib Rath/Rajdhani/Duronto/fully air-conditioned Express trains have been allocated for female passengers, irrespective of their age, travelling alone or in a group.
India and Taiwan have begun talks on a free trade pact and creating a semiconductor manufacturing hub in the country as part of efforts to meet the burgeoning demand for the chips needed for products ranging from cellphones to cars.
