News on Indian Economy
The country’s foreign exchange reserves rose by $2.039 billion to $639.516 billion in the week ended October 8, according to RBI data. In the previous week ended October 1, the reserves had dipped by $1.169 billion to $637.477 billion. The reserves had surged by $8.895 billion to a lifetime high of $642.453 billion in the week ended September 3.
The US has overtaken China as India’s largest trading partner, thanks to faster growth during the first nine months of 2021.
Regarding River Ganga, the infrastructure plan targets increasing cargo movement on the holy river to 29 million MT from the current 9 million MT.
The contract covers the delivery of a 5 MW Hydrogen Generation Plant using Proton Exchange Membrane (PEM) Electrolysis technology at a Super Thermal Power station, Technip said yesterday. This project is suited for a large scale green hydrogen production facility as power to electroyzer can be replaced with renewable electricity in the future.
The proposed service from Bengaluru to San Francisco will be operated with Boeing 787-9 Dreamliner aircraft.
The eighth ministerial meeting of the India-U.S.A. Economic and Financial Partnership Dialogue was held on Friday at Washington D.C. The meeting was chaired by Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman and the Secretary of the Treasury of the United States Dr. Janet Yellen.
India stayed at the third position in the 58th edition of EY’s Renewable Energy Country Attractiveness Index’ (RECAI), which classifies the world’s top 40 markets on the attractiveness of their renewable energy investment and deployment opportunities.
Hero MotoCorp stated that it has tied up with Gilera Motors Argentina to strengthen and expand its operations in South America, in line with its aggressive global business strategy.
Government has given go ahead for inviting the expression of interest for installation of 1000 MWh Battery Energy Storage System (BESS) as a pilot project. This is the joint effort of both Ministry of New and renewable energy and Ministry of Power who have been working on this to provide a road map for the installation of the energy storage system in the country.
Bharat Petroleum Corporation Limited (BPCL) – a PSU under the Ministry of Petroleum and Natural Gas has announced the launch of “UFill” – a digital customer experience which delivers on BPCL’s promise of ensuring that their customers have complete control over Time, Technology and Transparency as part of their fuelling experience. With UFill, the invitation to customers is to “Fast forward your fill”, leveraging the latest in digital technology which obviates the need for looking at zero or final reading and such offline manual interventions.
