News on Indian Economy
Green energy provider, Vikram Solar, on Wednesday said it has bagged a 300-megawatt (MW) solar plant project for Rs 1,750 crore from National Thermal Power Corporation Limited (NTPC) under the CPSU-II scheme.
In pursuance to the Government’s decision vide Press Note on 8th April 2020 to issue pending income tax refunds up to Rs 5 lakh in order to help taxpayers in a COVID-19 pandemic situations, the Central Board of Direct taxes (CBDT) today said that it has already issued over 10.2 lakh refunds totalling to around Rs. 4,250 crore as on 14th April 2020.
The acquisition of Ohio-based aluminium rolled products maker Aleris Corp was completed by billionaire Kumar Mangalam Birla’s Hindalco Industries through its subsidiary Novelis Inc. The enterprise value of the deal, at US$ 2.8 billion, which is slightly higher than the initial estimate of US$ 2.58 billion. With this deal, Hindalco is now one of the world’s largest aluminium makers.
The Solar Energy Corporation of India (SCI) has invited bids for selection of solar power developers for setting up solar PV power projects.
Hyundai Mobis, the South Korean group’s main parts supplier, will create a second R&D center near an existing lab in the city of Hyderabad, a tech hub in central India. The company will lift the number of technicians by 20% yearly from the current 700.
In the month of March 2020, COVID-19 lockdown has affected the final testing, certification and shipment of materials. In spite of this, MIDHANI has sustained sales turnover of Rs 711.37 crore (provisional) for FY20 as compared to Rs 710.85 crore for FY19.
The employees, including 9 women, are happy to continue working on offshore installations as a nationwide lockdown restricts bringing in their replacement.
Iron ore shipments from Indian ports in FY20 touched its peak in the last six years. At the end of February, the ports had carried 50 million tonnes of the key ingredient in steel making.
In order to ensure that weaker sections of the society continue to get the basis amenities and do not get impacted during the lock down period due to COVID 19, Rs 1.70 lakh crore (US$ 24.32 billion) Pradhan Mantri Garib Kalyan Package (PMGKP) was announced by Union Finance Minister Smt Nirmala Sitharaman on 26th March 2020 to protect such people from the impact of the lockdown.
Keeping in view the need of making marketing of commodities easier for farmers, e-NAM was envisioned and launched by Prime Minster in 21 mandis on 14th April, 2016 which has now reached 585 mandis across 16 States and 02 UTs.
