News on Indian Economy
To push digital transactions in rural and semi-urban areas, the Reserve Bank of India (RBI) on Monday issued a framework allowing offline payments up to Rs 200 per transaction, subject to an overall limit of Rs 2,000.
In all, 39 MoUs were signed on Monday as part of the upcoming 10th Vibrant Gujarat Global Summit (VGGS). These included proposals to set up the country’s first lithium refinery and a research centre for nano satellites. The MoUs also comprise initial pacts signed by educational institutions for research and training.
UJALA was successful in lowering the retail price of LED lights from Rs 300-350 (US$ 4.03- 4.7) to Rs 70-80 (US$ 0.9- 1) per bulb. The programme not only made affordable energy available to everyone, but it also saved a lot of energy. As of present, energy savings total 47,778 million kWh per year. 9565 MW of peak demand has been avoided, resulting in a saving of 3,86 crore tonnes of CO2 emissions.
Alka Mittal has become the first woman to head India’s largest exploration and production company, ONGC, and second woman in the country to helm an oil company after Nishi Vasudeva, who had made history in March 2014 after taking over the reins of oil refiner-fuel retailer Hindustan Petroleum.
According to Colliers, this growth momentum is projected to continue in 2022 as big global investors and developers continue to expand their footprint in close proximity to high-demand locations throughout Tier I and II cities. Due to increased demand from e-commerce and 3PL players following the epidemic, the industry has attracted a lot of interest from operators and investors.
India’s Commerce and Industry Minister Piyush Goyal said on Monday that the country is attempting to strengthen bilateral trade relations with a number of countries and that it hopes to begin trade negotiations with Canada within the next two to three months.
India exported goods worth US$ 37.29 billion in December, the highest ever in a month, as demand for items such as engineering products continued to rise
“Our economy is currently growing at a rate of more than 8%. India has received unprecedented foreign investment. In the GST collection, old records have also been broken. We have also established new paradigms in terms of exports, particularly agricultural,” PM Modi stated.
Asian Paints has risen to become the world’s second most valuable paints firm. The company’s market capitalization increased by 22% to US$ 43.7 billion at the end of December 31, compared to US$ 35.6 billion a year earlier. In terms of m-cap, it now ranks 450th in the world. On the BSE, the company’s stock ended the day 0.5% higher at Rs 3,382 per share.
The planned agreement will give LIOC, a subsidiary of Indian Oil Corporation (IOC), a 50-year lease on 14 tanks and a 49 percent stake in 61 other tanks held jointly with the state-run Ceylon Petroleum Corporation (CPC). The remaining 24 tanks will be kept by the Sri Lankan government. The cost of restoring per tank is estimated to be around $1 million.
