News on Indian Economy
UPI payments had grown by 100% year-over-year in terms of value, reaching Rs. 7.7 lakh crore (US$ 102.3 billion) in October 2021. As per Mr. Rajeev Chandrashekhar, Minister of State for Electronics and Information Technology, digital payments had grown from 3,134 crore in FY2019 to 4,683 crore till mid-November 2021.
The incentive subsidies linked to the battery capacity, for e-2W are increased to Rs 15,000/ KWh (US$ 199.56/KWh) which was previously Rs 10,000/KWh (US$ 133.04/KWh).
Similarly, the bilateral trade with UAE has grown to USD 49.06 billion in 2021, from USD 29.48 billion in 2020 for the same period.
India has achieved the ambitious target of 40 per cent of installed electricity capacity from non-fossil fuel sources. The Ministry of New and Renewable Energy has said that total installed non-fossil fuel-based capacity stands at 156.83 Giga Watts in the country. It said, the country has achieved this target last month, way ahead of the target year set at Conference of the Parties-21 held in France.
The Union government on Thursday told the Parliament that the physical progress of the redevelopment of Central Vista Avenue and the new Parliament building, part of the Central vista redevelopment project, stands at 60% and 35% complete respectively.
The nation will have nine nuclear reactors by 2024 and a new nuclear project, the first in northern India, will come up 150 kms away from Delhi in Gorakhpur of Haryana, the government informed the Rajya Sabha.
Minister of state for personnel, public grievances and pensions Jitendra Singh said, “By 2024 you will have nine nuclear reactors plus 12 new additional ones which were approved during the Covid times with a capacity of 9000 MW. Five new sites are also being identified in different parts of the country.”
India and Sri Lanka have framed a four-point package, including a line of credit to cover the import of food and medicines and a currency swap arrangement, to deepen economic cooperation and to help the island nation cope with economic problems.
According to the Naukri JobSpeak index, hiring activities witnessed a surge of 26% YoY, driven by a growth in retail sector, festive enthusiasm, and the opening of educational institutes. The index was at 2173 level in November 2021 as against 1727 in November 2020. However, a marginal drop from 2523 level recorded this year in October could be seen.
Knight Frank India, the leading real estate consultancy in India in its report stated that the West Bengal government has agreed to levy stamp duty at a reduced rate till the end of the year (2021), resulting in a 79% increase in residential property registrations in greater Kolkata between January-November 2021. The 2% stamp duty exemption performed wonders for Kolkata’s residential real estate sector in the second half of 2021, boosting sales by more than half (51%) between July-November 2021.
During the last 3 years, following six Greenfield airports have become operational: Kannur Airport in Kerala (2018), Pakyong Airport in Sikkim (2018), Kalaburagi Airport in Karnataka (2019), Kurnool Airport in Andhra Pradesh (2021), Sindhudurg Airport in Maliarashtra (2021) and Kushinagar Airport in Uttar Pradesh (2021). In addition, during the last 3 years, construction of Greenfield airports at Navi Mumbai in Maharashtra, Mopa in Goa, ,Hirasar in Rajkot, Jewar(Noida) in Uttar Pradesh and Hollongi in Itanagar, Arunachal Pradesh are being undertaken.
