News on Indian Economy
As the world runs out of space to store the flood of oil, petroleum minister Dharmendra Pradhan on Tuesday held a virtual meeting with his UAE counterpart Sultan Al Jaber to discuss the possibility of tanking up India’s strategic petroleum storage capacity with crude from ADNOC (Abu Dhabi National Oil Company) to take advantage of the price crash.
One of the FTAs in question is the planned Regional Comprehensive Economic Partnership (RCEP), an initiative which was supposed to cover 16 countries and some 40% of the global economy – so definitely a very significant trade discussion.
The annual exercise is larger than the Berlin airlift in terms of tonnage hauled till date. For the next 3-4 months, 1,000 tankers will each make 10-12 trips on an average to Kargil and Leh from the company’s Jammu, Jalandhar and Sangrur terminals to create stockpiles of petrol, diesel, jet fuel, kerosene and LPG. Hindustan Petroleum will move some 20,000 kl from its Bhatinda refinery.
NHAI has accomplished construction of 3,979 km of national highways in the financial Year 2019-20. This is the highest ever highway construction achieved in a financial year by NHAI.
Export of essential commodities including fruits and vegetables, which takes place by sea routes, bounced back to near-normal levels with the monago consignment to the Middle East.
Iran’s Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) announced on Sunday that the first India-Iran-Afghanistan intermodal transport, using Transports Internationaux Routiers (TIR) has been completed.
The country’s second largest national oil marketer Bharat Petroleum Corp Ltd has developed a novel technology to test the quality of crude oil at a fraction of the cost and time that it takes now through the lengthy lab tests.
Each year India celebrates April 5 as National Maritime Day (NMD), when SS Loyalty, the first ship of the Scindia Steam Navigation Company, set sail from Mumbai for the United Kingdom in 1919 and thus created nautical history.
Western Coalfields (WCL), a subsidiary of Coal India, has registered the highest-ever single-day coal production of 4.29 lakh tonne on 27 March 2020 amid the countrywide lockdown to contain Corona virus.
Under NBM, the government envisages providing broadband access to all villages, including those in Gujarat and Madhya Pradesh by 2022.The Central government’s plan to provide broadband services in all villages of the country is likely to see an investment of Rs seven lakh crore with 90% of the contribution coming from industry players.
