News on Indian Economy
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 $67.41 billion (which is 5.4% of the global remittance figure).
The exchange will help bring down natural gas prices through competitive trade and boosting usage in a country that relies heavily on cheaper coal for energy.
In this regard a meeting was also held here on Tuesday in which Union Minister of Steel Dharmendra Pradhan along with members of the domestic steel and mining industry met a delegation of Russian officials and industry players, official sources said.
After a long struggle, his government will push a crucial industrial relations bill allowing companies to hire workers on fixed-term contracts of any duration. The legislation, to be tabled in Parliament’s current winter session, does not seek to change stringent laws on hiring and firing, but allows the government the flexibility to relax the conditions through an executive order.
The government had last month relaxed norms for setting up petrol pumps, allowing non-oil companies to market fuel in the world’s fastest growing market.
“We set up the defence unit in 2016, encouraged by Prime Minister Narendra Modi’s Make in India call. We started making armour-plated bodies for vehicles that were delivered to the paramilitary forces in 2017, in technical partnership with an American firm. But Mithra and the American partner decided to part ways by mutual consent because the partner was a specialist only in steel armouring,” MV Srinivas, a director of Mithra, said.
The new policy is aimed at providing a major leg-up to the proposed UP Defence Corridor, which is estimated to attract investment to the tune of Rs 20,000 crore
As per the depositories data, the investment done by overseas investors include a net sum of Rs 17,547.55 crore (US$ 2.51 billion) into equities and Rs 175.27 crore (US$ 25.08 million) in the debt segment during November 1-22, making the total net investment to Rs 17,722.82 crore (US$ 2.4 billion).
“The special secretary (logistics) has raised this issue with the Indian Ports Association (IPA) and there is a movement now where the government has looked at this pointedly and decided to ensure that if rebates, discounts or any kinds of benefits are given to intermediaries, there needs to be a mechanism whereby this gets passed on to the ultimate users,” Devli said.
Once inaugurated, this tunnel will become one of the longest road tunnels in the country, being built at an elevation of 10171 ft under the Rohtang Pass. And with the opening of this tunnel, it will reduce the distance between Lahaul-Spiti’s administrative centre Keylong and Manaliby around 45 km. This will also help the Leh-Manali highway to remain open to traffic even during winters, thereby benefitting residents of Himachal Pradesh’s tribal district Lahaul-Spiti and newly the formed union territory, i.e., Ladakh.
