News on Indian Economy
ite the epidemic, President Ram Nath Kovind stated on Monday that the country’s farm output and procurement grew during the 2020-21 crop year, and agricultural exports hit a new high of Rs 3,00,000 crore (US$ 40.19 billion).
According to Counterpoint Research, India’s smartphone shipments increased 11% year over year to 169 million units, with market revenue exceeding USD 38 billion in 2021. India’s smartphone market revenue would surpass USD 38 billion in 2021, representing a 27% Y0Y increase. Despite an 8% YoY dip in the December quarter data due to supply challenges afflicting the smartphone manufacturing ecosystem, shipments rose 11% YoY in 2021 to reach 169 million devices.
India’s export of final consumer food products such as Ready to Eat (RTE), Ready to Cook (RTC) and Ready to Serve (RTS) under the APEDA basket has registered a significant growth in the last one decade.
Cochin Shipyard Limited (CSL), under the Ministry of Ports, Ships and Waterways, has successfully delivered the second lot of three Floating Border Out-Post (FBOPs) vessels to the Border Security Force. CSL has got orders for building nine such FBOPs to protect Nation’s water borders. Three more vessels are likely to be delivered in the coming months.
Security Printing and Minting Corporation of India Limited (SPMCIL) under its modernization initiatives has set up New Bank Note Printing Lines each at Currency Note Press, Nashik and Bank Note Press, Dewas.
In the last 12 months, fintech firm BharatPe has increased the reach of its PoS (point of sale) business (BharatSwipe) by 25 times to over 250 cities. The company has deployed over 1.25 lakh BharatSwipe machines across offline retailers since launching its POS business in the second half of 2020. BharatPe claims it has done the fastest-ever scale-up on POS business in India, achieving this record in little over a year and a half.
According to official data released on 27th January, the Central Board of Direct Taxes (CBDT) has issued Rs 1.62 lakh crore (US$ 21.60 billion) in income tax refunds to over 1.79 million taxpayers till January 24, 2022 of the current fiscal year.
ia’s exports of Electronic Goods touched USD 1.67 Billion last month, registering a growth of 33.99% over $1.25 Bn logged in December 2020. During April-December 2021, the Sector Exports registered a growth of 49% to USD 11.0 Billion (Provisional) over USD 7.4 Billion during same period in the year 2020.
TCS and Infosys have moved IBM from second to fourth place. IBM’s brand value is now US$ 10.6 billion, down 34% from last year and 50% since 2020. Following the divestiture of Kyndryl, the brand value of the US technological behemoth has plummeted. IBM lost almost US$ 19 billion in sales as a result of the transaction, and its brand value suffered as a result.
The Union Ministry of Electronics & Information Technology (MeitY) has invited sealed quotations from registered valuers for undertaking the asset valuation of the ISRO-owned Semiconductor Lab (SCL) at Mohali.
