News on Indian Economy
Johannesburg: Trade between India and South Africa has exceeded the USD 10 billion target set by the leaders of the two countries, Consul General Anju Ranjan announced at a reception here on Wednesday to celebrate India’s 73rd Republic Day.
The International Monetary Fund (IMF) on Tuesday predicted that the global economy will grow at 4.4% in 2022 and is expected to slow down to 3.8% in 2023. While releasing the latest projections for world growth, the IMF has revised India’s growth prediction for the current fiscal year ending on March 31 by 0.5% (from 9.5% earlier to 9% now) which still retains its position as the world’s fastest-growing major economy.
Exports of Engineering Goods jumped to USD 81.8 Billion during April-December 2021 (Provisional) as compared to USD 52.9 Billion during same period in the previous year (2020), registering a stupendous growth of 54%. Engineering Goods sector constitutes the largest, more than 27%, share of India’s total exports basket during the period.
Some key examples referred to included design trainings for Molela artisans in Rajsamand District, Rajasthan; skill trainings for Muga Silk weavers from Kamrup, Assam, sustained year-year trade facilitation of Lakadong Turmeric from West Jaintia Hills, Meghalaya and the promotion of ODOP products from across districts and categories at international events such as the Dubai Expo 2020.
According to the Futures Industry Association (FIA), the National Stock Exchange of India has surpassed the New York Stock Exchange as the world’s largest derivatives exchange for the third year in a row in terms of the number of contracts traded in 2021. In addition, according to the World Federation of Exchanges (WFE) figures for 2021, the exchange placed fourth in terms of cash equities trading.
Tata Motors on Friday stated it has released its brand new variety of passenger automobiles in Bhutan. The business enterprise stated it has released the product variety in association with Samden Vehicles, an authorised distributor of passenger automobiles in Bhutan.
According to data from the Indian Bureau of Mines (IBM), Ministry of Mines, the index of mineral production in the mining and quarrying industry in November 2021 (Base: 2011-12=100) was 111.9, which was 5% higher than the level in November 2020. The cumulative growth rate from April to November 2021-22 is 18.2% higher than the previous year’s similar period.
As per the data of Indian Bureau of Mines (IBM), Ministry of Mines, the index of mineral production of mining and quarrying sector for the month of November, 2021 (Base: 2011-12=100) at 111.9, was 5.0% higher as compared to the level in the month of November, 2020. The cumulative growth for the period April- November, 2021-22 over the corresponding period of previous year has increased 18.2 percent.
India’s gem and jewellery exports during December 2021 grew 29.49 per cent to $3,040.92 million (Rs 22,914.6 crore) as compared to $2,348.44 million (Rs 16,712.46 crore) in December 2019 — the pre-pandemic year, the Gem and Jewellery Export Promotion Council said.
The final blast for the 980-metre long Sela Tunnel (Tunnel 1) was conducted by Director General Border Roads (DGBR) Lt Gen Rajeev Chaudhry through an e-ceremony from New Delhi on January 22, 2022. This marks the culmination of the excavation works on the complete Sela Tunnel Project. This feat has been achieved by Border Roads Organisation (BRO) amidst inclement weather and heavy snowfall.
