News on Indian Economy
Minister of state for electronics and IT (MeitY) Sanjay Dhotre said Wednesday that the government is drafting an approach paper on the National Level Blockchain Framework which discusses the potential for distributed ledger technology and the need for a shared infrastructure for different use cases.
Indian Oil Corp., the country’s top refiner, announced on Nov. 12 that it was in the process of negotiating with Rosneft to increase oil purchases and expand investments in Russian oil refining projects, amid political tension in the Middle East that is affecting energy supplies.
“We aren’t thinking about that at all yet,” Deputy Minister for Economy, Trade and Industry Hideki Makihara, said in an interview with Bloomberg. “All we are thinking of is negotiations including India.”
The semi-high speed train sets are being manufactured at the Integral Coach Factory (ICF). Two rakes have already been put into service, the government informed the Lok Sabha.
The deal covers strategic cooperation covering the use of Tejas’ optical transmission, access and data-switching products for domestic and export markets by jointly capitalising on the emerging opportunities in defence communication, strategic communication, smart city, homeland security, metro and state network projects under the Make-in-India programme.
India and Germany will collaborate on solar energy projects amongst other projects as part of bilateral cooperation in energy and urban development sectors
Highlighting the potential of energy storage in India, Gupta said that the NITI Aayog is also focusing on Make in India for cells used in battery in electric vehicles along with policy for demand creation and measures to incentivize investments. He highlighted that energy efficiency is one of the priority areas which the government is focusing on.
FDI from Japan forms up to 8% of India’s total FDI (2000 to 2017). The number of Japanese companies operating in India went up to nearly 1,370 in 2017 from a mere 550 in 2008. Japanese investments have grown from $266 million in 2005 to $4,709 million in 2017.
According to the data provided by Capitaline, this is higher than the 20.81 per cent stake held by foreign institutional investors (FIIs) in these companies in the June quarter and the 20.50 per cent in the September quarter last year.
Considering that India’s diaspora is the largest in the world, at 17.5 million (as of mid-2019), this ranking in terms of remittances is not surprising. India’s remittances were 14% of the global remittance figure of $689 billion. China was next in line, with remittances of $67.41 billion (which is 5.4% of the global remittance figure).
