News on Indian Economy
According to the data from Reserve Bank of India (RBI), India’s services exports increased by 5.25 per cent to US$ 17.70 billion in October, while imports stayed nearly flat at US$ 10.86 billion. In October 2018, the services exports or receipts stood at US$ 16.82 billion, whereas the imports or payments were worth US$ 10.10 billion.
The $20-billion company already produces electric buses and batteries in India and recently did a soft launch of its electric van. It plans to treble its lithium-ion battery capacity in the country apart from further deepening its presence in the electric mobility space.
After remaining defunct for over two decades, the Islands Development Agency has moved in swiftly to develop the Andaman and Nicobar islands as an optical fibre cable project which is expected to be completed by the middle of 2020.
Designed and developed by the Kerala unit of National Informatics Centre (NIC), GIMS is being packaged for employees of Central and state government departments and organisations for intra and inter organisation communications.
“India has very strong demographics and scalable growth potential that will lead to lots of investment opportunities, and allow us to feed into many of the strengths of the UAE,” said Sujoy Bose, Managing Director and CEO of India’s National Investment and Infrastructure Fund (NIIF).
According to the weekly forex data released by the Reserve Bank of India, while the forex reserves have grown by $24.8 billion over the last 11 weeks since the Finance Minister announced a cut in the corporate tax rate on September 20, it has jumped by $60 billion in the current calendar year.
“India has set itself for sustainable development as it strives to eliminate poverty and become a middle-income country. Each of these institutes will be instrumental to the realisation of our socio-economic goals. The central agricultural universities can support our national goal of promoting sustainable agriculture, productivity and supporting our farmers with useful research,” Kovind said in Rashtrapati Bhavan.
The Research Designs and Standards Organisation (RDSO) has already approved a revised design which will likely ensure that the new Vande Bharat Express trains will be lighter in weight, and will consume less power, which were a point of contention in the case of the first two train sets operating between Delhi and Varanasi, and between Delhi and Katra.
Following efforts by Chief Minister Biplab Kumar Deb, the neighbouring country has removed restrictions on 16 items in two phases, said a government official Swapna Debnath
“First, UPI is an interbank transfer system (there are now over over 140 member banks, after initially launching with 9 participating banks). Second, it is a real time system. Third, it is ‘open’ — meaning technology companies can build applications that help users directly manage transfers into and out of their accounts held at banks,” Isakowitz wrote to Ann Misback, Secretary, Board of Governors of the Federal Reserve System.
