News on Indian Economy
The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi was apprised of a Memorandum of Understanding (MoU) signed between Ministry of Railways, Government of India with DB Engineering & Consulting GMBH of Germany for technological cooperation inRailway Sector. The MoU was signed in February, 2020.
A first of its kind attempt to boost the country’s computing power, the National Super Computing Mission is steered jointly by the Ministry of Electronics and IT (MeitY) and Department of Science and Technology (DST) and implemented by the Centre for Development of Advanced Computing (C-DAC), Pune and the Indian Institute of Science (IISc), Bengaluru.
This move comes after supply chain was disrupted due to the coronavirus pandemic exposed the country’s dependence on China and raised the threat of drug shortages.
“With emphasis on ‘Make in India’ and support from local and central government, the COVID- 19 kit has been made as per WHO/CDC guidelines. It was developed and evaluated in a record time,” Hasmukh Rawal, Managing Director, Mylab Discovery Solutions said.
The de-risking trend is all set to accelerate further because of the coronavirus pandemic. The scare, however, wasn’t around five years back. What forced companies to reduce their imports from China? There are a bunch of reasons but the most prominent is the government of India’s import substitution strategy that started levying high customs duties on the import of finished products and components.
During January 2020, mineral production stood 4.4 per cent higher than the production during the same month last year.
The said cushion enables more. By official estimates, the stock of foodgrain (wheat and rice) on March 10 was 58.49 million tonnes (mt), much more than required as a buffer in normal times. Also, there are stocks of around 3 mt of pulses, 1.1 mt of oilseed and 4 million tonnes of sugar.
India’s Ministry of New and Renewable Energy has reiterated its commitment to set up nearly 26 gigawatts solar power capacity in the agricultural sector by 2022.
By January 2020, Indian Oil had been successful in the conversion from BS4 to BS6 at 80 percent of its bulk storage terminals across the country. The company has invested around Rs 17,000 crore for the upgradation of its facilities.
The union Cabinet on Friday approved three new schemes, worth over Rs 48,000 crore, to promote large-scale electronics manufacturing, electronic component, and semiconductor manufacturing in the country, Information Technology Minister Ravi Shankar Prasad said on Saturday.
