News on Indian Economy
India and Taiwan have begun talks on a free trade pact and creating a semiconductor manufacturing hub in the country as part of efforts to meet the burgeoning demand for the chips needed for products ranging from cellphones to cars.
The government is exploring ways to allow companies to merge, expand and operate without multiple bureaucratic approvals so as to avoid subsequent court battles, Telecommunications Minister Ashwini Vaishnaw said in an interview at his office in New Delhi on Thursday. He aims to present new rules in February.
India’s rice exports in FY22 is likely to exceed the record of 17.72 million tonne (MT) achieved in FY21 on the back of a 33% YoY jump in exports to 11.79 MT between April-October 2021. In terms of value realization, India’s rice exports increased 38% YoY to US$ 8,815 million in FY21. In Rupees terms, India’s rice exports increased by 44% YoY to Rs 65,298 crore in FY21.
India’s iron ore output increased to 143 million tonnes (MT) in the first seven months of the current fiscal year, surpassing the previous high of 246 MT established in 2019-20, according to Mines Secretary Alok Tandon.
“India is following an indigenous three-stage nuclear power programme to provide long-term energy security in a sustainable manner,” stated Dr. Jitendra Singh, Minister of State in the Department of Space and Department of Atomic Energy.
He also mentioned that India’s software exports increased to Rs 5,00,000 crore today compared to Rs 51 crore in 1987, representing a 35% annual growth for the last 30 years.
The Union Cabinet, led by Prime Minister Mr. Narendra Modi, authorised an incentive programme to promote RuPayDebit cards and low-value (upto Rs. 2,000 [US$ 26.17]) BHIM-UPI transactions (Person-to-Merchant (P2M)] BHIM-UPI transactions across India.
Strong growth in revenue and operating margin during first half of the year boosted by pandemic, may help national level diagnostic firms to logout FY 2021-22 with around 55% revenue growth and 800 basis point increase in operating margins, as per a report.
The Union cabinet on Wednesday approved a budget of ₹76,000 crore for a production linked incentive (PLI) scheme for semiconductor and display board production in the country.
NTPC has awarded a project of “Standalone Fuel-Cell based Micro-grid with hydrogen production using electrolyser in NTPC Guest House at Simhadri (near Visakhapatnam)”. I
