News on Indian Economy
Amid chances of China possibly losing its tag of preferred manufacturing hub following coronavirus, around 1,000 foreign companies are engaged in discussions at various levels with the Indian authorities. At least 300 of these companies are actively pursuing production plans in sectors such as mobiles, electronics, medical devices, textiles and synthetic fabric, according to top government sources.
Wheat crop harvesting reached around 67 per cent of the total area under cultivation so far and summer crop sowing is also in progress despite a nationwide lockdown as timely intervention by the central and state governments has ensured that there is minimal or no disruption to the farm activities, said the Union Agriculture Ministry.
Despite lot of movement restrictions due to National level COVID-19 lockdown, with the concerted efforts of Department of fertilizers, Railways, States and Ports, production and supply of fertilizers in the country is going on to meet demand of the farmers. As such highest number of 41 rakes of fertilisers were moved on last Friday, 17.4.2020 during lockdown period.
The Indian peninsula has a vast coastline of 5,423 km and an additional 2,094 km around the 1,256 islands in the Andaman and Lakshadweep group of islands. With 200 miles of Exclusive Economic Zone the country has gained a territory of around 100,000 sq km of water surface for economic exploitation. A number of rivers pour into these seas around peninsular India. It has been estimated that around 14,500 km length of rivers are navigable throughout the year.
India’s decision on Saturday to amend FDI rules requiring government approval for entities from countries that share a land border — read more specifically as China — is not only an attempt to protect vulnerable assets from predatory acquisitions but a recognition that in the wake of the Covid-19 crisis India needs to draw a careful line between economic openness and national security.
The export order to France is valued at around Rs 50 crore.Jindal Steel & Power (JSPL) has secured a contract to supply 12,000 tonne of special grade rail blooms to France Rail Hayange.
The Aleris deal enables diversification of its metals downstream portfolio into premium markets
The Ministry of New and Renewable Energy(MNRE) has initiated action in big way towards setting up new hubs for manufacturing renewable energy equipments in the country to meet both domestic and also cater to global demand.
Acting on Prime Minister Narendra Modi’s suggestion for a truck aggregator to help transport farm produce to markets amid the lockdown, the Centre on Friday launched the Kisan Rath App bringing together 5 lakh trucks and 20,000 tractors.
According to the report, the Korean consulate in Indian city of Chennai has been working with many requests from their companies with established units in China. While, some are still in their preliminary stages, others have reached the advanced stages of discussion.
