News on Indian Economy
The US, with premium income of $12 billion, is the largest crop insurance market in the world followed by China, which generates $7 billion premium from farmers. Meanwhile, India’s premium income of Rs 27,000 crore translates into $3.8 billion.
Survey released by JLL, which projected the industry to grow at USD 215 billion by 2020 stated structural reforms including the awarding of infrastructure status and the implementation of GST, have bolstered the demand for logistics and warehousing space in the country.
This marks the first-ever certifications by the Directorate General of Civil Aviation (DGCA) under the Digital Sky policy, which came into effect on December 1, 2018.
Currently, opening a store requires 28 clearances – ranging from GST registration to a licence under the Shops and Establishment Act as well as those for insecticides and permission from the weights and measures department. Similarly, a dhaba or a restaurant requires around 17 approvals – from no-objection certificate for fire to signage, clearances from municipal bodies and licence to play music and clearance from the food regulator – which are hyper-local in nature and vary from city to city.
The exemption of road tax will apply to all categories of vehicles – two-wheelers, three-wheelers and four-wheelers sold in the country.
In June last year, Saudi Aramco and the Abu Dhabi National Oil Company (ADNOC) signed a framework agreement and a memorandum of understanding with a consortium of Indian national oil companies to join the mega project in the Maharashtra state on India’s west coast.
A report by IMRB Kantar on India’s flexi staffing says demonetisation and GST did not stop job creation.
According to railway officials, the locomotive will be put on trials on the Vikarabad – Parli section under South Central Railways (SCR) and it will be the most powerful among those in use on Indian tracks. The WDG-6G is now ready to undergo the Confirmatory Oscillograph Car Run trials and join the fleet of locomotives of the Indian Railways.
Trade relations between India and the US deteriorated after Washington on June 5 withdrew benefits for Indian exporters under the Generalised System of Preferences (GSP) programme. India imposed retaliatory tariffs on 28 American products from June 16 — a decision it had put off for almost a year.
Known for developing and supplying speciality materials for defence, aerospace and nuclear sectors, the PSU has developed titanium and steel-based bio-implants as by-products. These implants including hinged knee joints are used in patients for various ailments.
