News on Indian Economy
The ministers also reviewed ongoing projects and plans including the participation of Indian companies such as Indian Oil Corporation in Russias state-owned Rosneft’s Vostok oil project in the Russian Arctic, Novatek’s deal to supply of LNG to H-Energy, cooperation between Gail and Gazprom, joint projects with Gazpromneft, and supply of crude oil by Rosneft to Indian Oil.
Using the digital payment infrastructure, around 39 crore poor people received financial assistance of Rs 34,800 crore (US$ 4.94 billion) under the Pradhan Mantri Garib Kalyan Package (PMGKP) as on 5th May, 2020, announced by Union Finance Minister Smt Nirmala Sitharaman on 26th March, 2020 to protect them from the impact of the lockdown due to COVID 19.
India has emerged as the world’s second largest manufacturer of personal protective equipments (PPE) in just two months amid a concerted push to ramp up production to ensure self sufficiency in this critical domain, India Today has reported.
During the period, around 2.7 crore Post Office Savings Bank transactions were carried out involving more than Rs 40,000 crore, while 1.3 crore India Post Payments Banks (IPPB) transactions were carried out worth Rs 2,854 crore.
In the wake of the economic situation created by the COVID-19 pandemic, a policy on import substitution is being mulled by the Modi government. According to Union Minister for MSME and Road Transport and Highways, government is considering introducing a policy on import substitution. Moreover, he urged India Inc to upgrade technologically and
India exported approximately $5.4 billion worth formulations made from paracetamol between April 2019 and January 2020
While unveiling the e-book Shri Singh said, “we have pledged in COP-21 that we will bring down energy intensity of economy by 33 to 35% compared to 2005 levels by 2030. Now, with our energy efficiency initiatives we have already reduced the energy intensity of our economy by 20% compared to 2005 levels which is a very good performance indeed.”
Indian commerce and industry minister Piyush Goyal recently urged Indian missions abroad to help identify business opportunities for domestic firms, exporters and make India a preferred investment destination. The minister, along with external affairs minister S Jaishankar, interacted with 131 missions through video conference, a ministry statement said.
According to IAMAI’s ‘Digital in India’ report, India had 504 million active Internet users, who logged onto the web at least once in the last one month, at the end of November 2019. In rural India, the number of accessing Internet daily had grown by 30 million from March 2019, it added.
Proactive measures are being taken by Border Roads Organisation (BRO) to complete the work on strategic Atal Tunnel in the Pir Panjal ranges of Himachal Pradesh, which is at the crucial stage of construction.
