News on Indian Economy
According to a report titled ‘Travel market in India,’ published by RedCore – RedSeer’s unit which focuses on early stage companies, the travel market in India, which was worth about US$ 75 billion in FY20, is projected to cross US$ 125 billion by FY27.
Indian startups received record funding in Q3 of CY21, with investment totalling US$ 10.9 billion through 347 deals, it is the first-time investments in a quarter that funding have crossed the US$ 10 billion mark, as per the PwC India. This was double the amount of funding received in Q3CY20 and was up ~41% over the Q2CY21 figure, stated the outcomes of the report titled ‘Startup Perspectives-Q3CY21’. The growth in funding activity was observed across all sectors, both in terms of value and volume.
India’s merchandise exports grew by 22.63 percent year-on-year to $33.79 billion in September on better performance by key sectors, even as the trade deficit widened to a record high of $22.59 billion.
The index of mineral production of mining and quarrying sector for the month of August, 2021 (Base: 2011-12=100) at 103.8, was 23.6% higher as compared to the level during last year. The cumulative growth for the period April- August, 2020-21 over the corresponding period of previous year has increased 25.1 per cent.
Jammu and Kashmir administration today signed a Memorandum of Understanding (MoU) with the Government of Dubai for real estate development, industrial parks, IT towers, multipurpose towers, logistics, medical college, super specialty hospital and more.
Prime Minister Shri Narendra Modi will inaugurate the Kushinagar International Airport on 20thOctober 2021 in the presence of Smt. Anandiben Patel, Governor, Uttar Pradesh; Shri YogiAdityanath, Chief Minister, UP; and Shri JyotiradityaScindia, Union Minister for Civil Aviation among others.The International Airport will get operational this week to ease cumbersome travel of earlier times and facilitate the air travel requirements of International Buddhist pilgrims in India.The inaugural flight will land at the airport from Colombo, Sri Lanka carrying 125 dignitaries & Buddhist Monks, highlighting the convenience to Buddhists across the world to visit the MahaparinirvanaSthal of Lord Buddha.
The companies in question are Vivo, Oppo, Xiaomi and OnePlus which together account for more than 50% of the Indian smartphone market, according to data from Counterpoint Research. The investigation is reportedly to find out if the smartphones sold by these Chinese smartphone brands are safe for Indian consumers. After the initial query of details on the data and components, the Indian government is expected to send another notice which will require testing of these smartphones. We’ve reached out to companies for confirmation, and we’ll update as soon as we get a response.
The PLI Scheme is being launched by DoT with the objective to boost domestic manufacturing in the telecom and networking products by incentivising incremental investments and turnover with total outlay of Rs. 12,195 crore. The scheme is effective from 1st April, 2021. Investment made by successful applicants in India from 1st April, 2021 onwards and up to FY 2024-25 shall be eligible, subject to qualifying incremental annual thresholds. The support under the Scheme shall be provided for a period of five (5) years, i.e. from FY 2021-22 to FY 2025-26.
In its bid to encourage air service operators to carry out aircraft maintenance activities within the country, the Ministry of Civil Aviation (MoCA) in September announced a new policy, which includes leasing of land through open tenders and abolishing royalty charged by the Airport Authority of India (AAI) for the Maintenance Repair and Overhaul (MRO) business. Besides, as per the policy announced by civil aviation minister Jyotiraditya Scindia, land allotment for entities setting up MRO facilities will be for a period of 30 years from the current three to five years as the government aims to make India a “global MRO hub.”
Israel’s energy minister Karine Elharrar will officially sign the agreement on her country’s accession to the International Solar Alliance in the presence of Israeli Foreign minister Yair Lapid and Indian External Affairs Minister Dr S Jaishankar.
