News on Indian Economy
Digital transactions in India increased by 55% last year, compared with 48% in China and 23% in Indonesia, according to data from the Bank for International Settlements (BIS). By comparison, cashless payments grew about 10% in the UK, a developed market where card transactions are already entrenched.
Under the agreement, GDC will provide engineering and certification services while AIESL will provide the labor, equipment and facilities required to perform MRO and modification services in accordance with FAA, EASA and DGCA regulations.
Russia’s financial messaging system SPFS will be linked with the Chinese cross-border interbank payment system CIPS. While India still does not have a domestic financial messaging system, it plans to link the Central Bank of Russia’s platform with a service that is under development, the persons cited earlier told ET.
The HOG technology has been recently introduced in trains fitted with LHB coaches and hauled by electric traction. This technology caters to the power needs of the coaches such as coach lighting, air conditioning, etc by substituting the earlier technology of having two power cars in the trains known as End on Generators (EOG).
IOCL had earlier submitted a proposal seeking Environmental Clearance for its proposed 100 KLPD Ligno-Cellulosic 2G Ethanol Plant in Baholi, Panipat district of Haryana. The estimated investment in setting up the plant is Rs 766 crore (US$ 109.60 million). It is noteworthy to mention that Central Government has identified production and use of ethanol as one the thrust area to reduce import dependency and increase farmers’ income. The Ethanol produced will be used for blending in transportation fuel.
As per the Deloitte official, India’s move to allow 100 per cent foreign direct investment (FDI) in coal mining is positive one. It is also a good policy enabler towards the country’s long-term goal of producing 300 million tonnes of steel per annum.
ABU DHABI (Reuters) – Indian Oil Corp, the country’s top refiner, is in talks with oil major Rosneft to explore possibility of importing Russian oil, its chairman Sanjiv Singh said on Tuesday.
“We have taken very small quantities from Russia in the past which cant be considered significant so we are trying to explore if we can increase the Russian crude volume coming to India…We are in discussion with Rosneft and we are hopeful that something should work,” Singh told reporters at an energy conference.
Oil minister Dharmendra Pradhan said late on Monday that India is open to importing oil from Russia.
India, the world’s third-biggest oil importer and consumer, ships in about 60% of its overall crude needs from the middle eastern countries. The nation is gradually tapping new sources to hedge itself against geopolitical risks.
As per the news, recently Indian Railways had conducted one of the world’s largest recruitment processes successfully.
It all began two years ago when MilkLane, a Bangalore based dairy start-up, decided to launch a pilot project in the village. The objective was to procure high-quality milk that is safe from ‘antibiotics and toxins’ while improving the socio-economic status and livelihood opportunities for the people in the region.
The four parks will be set up in Andhra Pradesh, Telangana, Tamil Nadu and Kerala, sources said, adding that Uttarakhand and Gujarat have also approached the Centre for a go-ahead for such parks.
