News on Indian Economy
Indian domestic passenger traffic witnessed an increase of 8.4 per cent in February as compared to the corresponding month in 2019, according to global airlines body IATA. This indicated that the impact of novel coronavirus was minimal on the country’s aviation sector.
More than 280 units, engaged in manufacturing of essential items like pharmaceuticals and hospital devices, are operational. Besides, more than 1900 IT/ITES Units have been facilitated to enable their employees to work from home.
ONGC has produced first gas ahead of schedule from its block 98/2 subsea development in the Krishna Godavari basin, offshore eastern India.
Hydrocarbon producer Oil India Ltd plans to spend around 8.5 bln rupees on drilling 21 development wells, constructing a production facility, and laying a pipeline in its Dibrugarh Bhogpara block in Assam, a senior official of the state-owned company told Cogencis.
The output pace of India’s eight major industries accelerated in February 2020 by 5.5 per cent from a rise of 1.4 per cent reported in January 2020.
State-owned Jawaharlal Nehru Port Trust (JNPT), India’s busiest container port, handled five million twenty-foot equivalent units (TEUs) in FY20, despite of the tough fiscal year due to sluggish economic growth for most of the months and worsened lately by the outbreak of the coronavirus. JNPT, located near Mumbai, has crossed the 5 million TEU handling mark for the second year in a row.
Ministry of Corporate Affairs (MCA), has introduced the “Companies Fresh Start Scheme, 2020” and revised the “LLP Settlement Scheme, 2020” which is already in vogue to provide a first of its kind opportunity to both companies and LLPs to make good any filing related defaults, irrespective of duration of default, and make a fresh start as a fully compliant entity.
One of India’s leading private renewable energy companies, Hero Future Energies, recently commissioned a 300 megawatt solar power project at Bhadla solar power park in Rajasthan. With this project, the solar park is now complete with installed capacity of 2,245 megawatts.
The CSIR-National Chemical Laboratory will help in making raw material (Key Starting Material) to make active pharmaceutical ingredients used to make many bulk drugs in the time of Covid-19.
For phase 1 of the DFC, Rs 8,553 crore loan comes with the objective to cope up with the increase in India’s freight transport demand by building a new dedicated freight railway system between Mumbai and Delhi.
