News on Indian Economy
Hon’ble Prime Minister Shri Narendra Modi yesterday announced a Special economic and comprehensive package of Rs 20 lakh crores – equivalent to 10% of India’s GDP. He gave a clarion call for आत्मनिर्भर भारत अभियान or Self-Reliant India Movement. He also outlined five pillars of Aatmanirbhar Bharat – Economy, Infrastructure, System, Vibrant Demography and Demand.
Now that everything has come to a standstill, and the whole world is worried about the new paradigm, can Bharat step up to pacify and reassure the world by reinventing itself?
“Even as we work through the current crisis, we are focused on the future and are investing towards it,” Daniel Mazon, vice chairman and managing director for Indian subcontinent at Philips India, told ET.
In a major initiative Union Ministry of MSME has launched CHAMPIONS portal www.Champions.gov.in, a Technology driven Control Room-Cum-Management Information System. The system utilising modern ICT tools is aimed at assisting Indian MSMEs march into big league as National and Global CHAMPIONS.
National Fertilizers Ltd, a PSU under the ministry of Chemicals and Fertilizers registered a 71 per cent growth in fertilizer sale in the month of April 2020. Despite the stringent restrictions in country in April due to COVID-19 lockdown. Company recorded fertilizer sale of 3.62 lakh MT in April’ 20 compared to 2.12 lakh MT in the same period last year.
Launching the new mandis through video conferencing, Tomar said efforts should be made to strengthen eNAM to benefit the farmers. He said eNAM portal has been envisioned by Prime Minister Narendra Modi for ambitious use of technology for the benefit of farmers.
Electronics and technology giant, Apple Inc, plans to move almost a fifth of its production capacity from China to India. According to reports, the company wants to reap the benefits of the Indian government’s new production-linked incentives (PLI) scheme to encourage local production in the country.
The department of economic affairs in the finance ministry is looking at options, including the possibility of mandating the “approval route” for Chinese foreign portfolio investment (FPI) as well. FPI investors typically acquire smaller shares and keep churning their investment. The government will initiate the steps in consultation with markets regulator Sebi.
The Roads and Buildings (R&B) Department has resumed work on several important projects like Govt Medical Colleges at Kathua, Rajouri, Doda, two colleges in Kashmir valley and longest bridge over river Chenab at Pargwal in Akhnoor sector besides several hospitals and other major projects in the Union Territory of Jammu and Kashmir.
At the same time, NTPC Koldam in Himachal Pradesh is emerging as one of the best hydropower stations in the country for FY20-21.Earlier, on 13th April 2020, country’s largest power station, NTPC Vindhyachal had achieved 100% plus PLF.
