News on Indian Economy
On Thursday, the last of the Sydney Metro’s rolling stock departed from its manufacturing site in Sri City, Andhra Pradesh. French transport infra major, Alstom, flagged off the shiny, silver six-car train from its running shed. With this, the company has managed to execute its first-ever export order, on schedule.
Washington: India will retain its position as the world’s top recipient of remittances this year with its diaspora sending a whopping USD 80 billion back home, the World Bank said in a report Saturday. India is followed by China (USD 67 billion), Mexico and the Philippines (USD 34 billion each) and Egypt (USD 26 billion), according to the global lender.
NEW DELHI: India will import crude oil from Iran using a rupee-based payment mechanism, an industry source involved in discussions told Reuters on Thursday, adding that 50 percent of those payments will be used for exporting items to Tehran.
India’s state-owned UCO BankNSE 0.85 % is expected to announce the payment mechanism in the next 10 days, the source said.
“An agreement had been signed by the Indian and Iranian government on Nov. 2 2018 for oil payment in rupees and 50 percent of those funds had been earmarked for exports,” according to an Indian government document reviewed by Reuters.
Oil payments are being made in rupees only as against earlier arrangements where there was a ratio of 45 percent rupees and 55 percent euros, the document said.
Russian and Chinese shipping companies were pitching to facilitate India-Iran trade, the source said.
Under U.S. sanctions, India will be allowed to export farm commodities, food, medicines, and medical devices to Iran.
However, items such as petroleum and petrochemical products, automobiles, steel, precious metals and graphite are not allowed to be exported to Tehran.
The Centre on Thursday approved implementation of the Shahpurkandi Dam project on the Ravi in Punjab. The move will allow India to use the water which at present goes “waste” flowing through the Madhopur Headworks downstream to Pakistan. Once completed in June 2022, it will improve irrigation potential of farmers in Jammu & Kashmir and Punjab.
New Delhi: Indian Railways rolled out a new prototype electric locomotive converted from diesel locomotive with noteworthy adaptations. In keeping with the Indian Railway’s Mission 100 per cent electrification and de-carbonization agenda, Diesel Locomotive Works, Varanasi has developed this prototype using resourceful and ingenious adaptation of mid-life diesel locomotive. The high-point of this adaptation is all the more significant as it the first of its kind adaptation of Diesel locomotives into Electric worldwide.
New Delhi: Highway construction will increase up to 30-32 km per day in the current fiscal, as execution of projects is likely to pick up in the remaining months, CARE Ratings said Thursday.
NEW DELHI: PM Modi’s voice against high oil prices counts much for Opec and forms a valuable component of deliberations by the grouping of 14 countries. The acknowledgement of India’s positon in the global oil market came from none other than Khalid A Al-Falih, oil minister of Saudi Arabia — the de-facto leader of Opec — on Thursday in Vienna where the grouping’s oil ministers are assembled to discuss an output cut to shore up crude prices.
London: The UK government Tuesday revealed that Indian investments made up the largest chunk of
New Delhi: India has already installed 73.35 GW of renewable power generation capacity and projects
New Delhi: The government has procured pulses and oilseeds worth Rs 44,142 crore at minimum
