News on Indian Economy
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.
Faradion is one of the leading global battery technology businesses, according to Reliance New Energy Solar Ltd (RNESL), and has a competitively superior, strategic, wide-reaching, and large IP portfolio spanning numerous elements of sodium-ion technology.
In the first seven months (April-October) of the current financial year (2021-22), India’s wheat exports in terms of volume rose by more than 527 per cent to 3.2 Million Tonne (MT) from 0.51 MT reported during April-October period of 2020-21. In terms of value, India’s wheat exports in the current fiscal (April – October) rose by 546 per cent to $ 872 million from $ 135 million reported during the same period of the previous fiscal.
The gross GST revenue collected in the month of December 2021 is Rs 1,29,780 crore of which CGST is Rs 22,578 crore, SGST is Rs 28,658 crore, IGST is Rs 69,155 crore (including Rs 37,527 crore collected on import of goods) and cess is Rs 9,389 crore (including Rs 614 crore collected on import of goods).
Exports of agricultural and processed food products under Agricultural and Processed Food Products Export Development Authority (APEDA) basket rose to USD 20,674 million (Rs 15,30,50 crore) during 2020-21, from USD 17,321 million (Rs 83,484 crore) in 2011-12, according to data by the Directorate General of Commercial Intelligence and Statistics (DGCI&S).
Despite the strong second wave of the COVID pandemic, housing sales are expected to climb 15-20% above 2020 levels in the calendar year 2021. As infection rates began to decline in July, property sales began to increase. The market for gated communities is expected to surge in 2022, according to real estate developers. Despite the pandemic’s business difficulties, the sector rebounded strongly.
Russia has unveiled the ‘Sibir,’ a new nuclear-powered icebreaker that will join a fast-growing fleet of lethal icebreakers to maintain the Northern Sea Route open for year-round shipping through the Arctic, allowing India to expand its footprint in the region.
The government will soon distribute revised versions of the e-commerce policy and e-commerce rules to spell out comprehensive guidelines for all online transactions, covering all digital commerce and service providers, such as marketplaces, ride-hailing companies, ticketing and payment companies. The idea is that the two drafts will be issued at the same time and will be in sync, decreasing the possibility of misunderstanding.
The Ministry of Commerce and Industry said on Thursday that India and Australia are on track to finalise discussions for an interim free trade agreement (FTA) soon, with the goal of strengthening economic links between the two countries. The full agreement, technically known as the Comprehensive Economic Cooperation Agreement (CECA), is anticipated to be completed by the end of 2022, according to the report.
India’s Prime Minister Mr Narendra Modi is set to release more than Rs 20,000 crore (US$ 2.68 billion) to nearly 100 million beneficiary farmer families on January 1, 2022, the first day of the new year under the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN). This will be the 10th instalment of financial benefits under this scheme.
