Economy

As stated by the Russian oil producer, the nation’s largest oil firm, Indian Oil Corporation (IOC), renewed their deal to buy up to 2 million tonnes of crude oil in 2022 from Russia’s Rosneft. IOC signed a deal with Rosneft Oil Company in February 2020 to import up to 2 million tonnes of oil via the port of Novorossiysk. In 2021, IOC bought just one parcel or shipload when a supply of up to 1.7 million tonnes of crude oil was envisaged, as the cost of transporting the oil made it uneconomical when compared to alternatives.

Central government has disbursed Rs. 2,071 crore (US$ 275 million) loan for 4,003 projects as a part of Agriculture Infrastructure fund, Agriculture minister Mr. Narendra Singh Tomar mentioned in a written reply to the parliament.

Mills have contracted to export 33 lakh tonnes of sugar without the government subsidy so far in the 2021-22 marketing year, it added.

The Women in Aviation International (WAI) – India Chapter conducts many awareness programs across the country in collaboration with the Ministry of Civil Aviation, industry and leading women aviation professionals, with special focus on young schoolgirls, especially from low income families. Globally, according to the International Society of Women Airline Pilots, around 5% of pilots are women. In India, the share of women pilots is significantly higher – at over 15%.

India’s messaging on cryptocurrencies has so far been mixed however the proposed bill that is likely to be introduced in the winter session of parliament allows New Delhi to bring in a progressive regulatory framework that could propel the country to the forefront of blockchain, as stated by the leaders of global crypto exchanges.

The export of products under the Agricultural and Processed Food Products Export Development Authority (APEDA) ambit grew from US$ 11,671 million between April-November 2020-21 to US$ 13,261 million between April-November 2021-22. Under AEPDA basket products, the target for exports has been fixed at US$ 23,713 million between 2021-22.

In the next 11 months, yet to be invested, ancillary digital asset-related business can be a significant component for India’s US$ 1.1 trillion growth story. The market capitalization of the digital asset market was around US$ 1.5 billion in 2013. According to the report released by US India Strategic and Partnership Forum (USISPF) and crossTower, the market capitalization of the digital asset market is approximately US$ 3 trillion today. The report claims that most of India’s total economic growth in the coming 11 months may be from ancillary digital asset businesses, which are yet to see investments.

To another question he replied that the total excise duty, including cesses collected from petroleum products, during the past seven financial years (2014-15 to 2020-21) stood at about Rs. 16.7 lakh crore (US$ 221.8 billion).