Economy

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.        

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.”

As a result of this pioneering initiative, the first ever STS Operations of LPG in Indian Coast was undertaken by BPCL on 15th October, 2021. BPCL engaged service provider M/s Fendercare Marine to render the services at the offshore STS location.