Economy

In the next 11 months, yet to be invested, ancillary digital asset-related business can be a significant component for India’s US$ 1.1 trillion growth story. The market capitalization of the digital asset market was around US$ 1.5 billion in 2013. According to the report released by US India Strategic and Partnership Forum (USISPF) and crossTower, the market capitalization of the digital asset market is approximately US$ 3 trillion today. The report claims that most of India’s total economic growth in the coming 11 months may be from ancillary digital asset businesses, which are yet to see investments.

To another question he replied that the total excise duty, including cesses collected from petroleum products, during the past seven financial years (2014-15 to 2020-21) stood at about Rs. 16.7 lakh crore (US$ 221.8 billion).

UPI payments had grown by 100% year-over-year in terms of value, reaching Rs. 7.7 lakh crore (US$ 102.3 billion) in October 2021. As per Mr. Rajeev Chandrashekhar, Minister of State for Electronics and Information Technology, digital payments had grown from 3,134 crore in FY2019 to 4,683 crore till mid-November 2021.

The incentive subsidies linked to the battery capacity, for e-2W are increased to Rs 15,000/ KWh (US$ 199.56/KWh) which was previously Rs 10,000/KWh (US$ 133.04/KWh).

Similarly, the bilateral trade with UAE has grown to USD 49.06 billion in 2021, from USD 29.48 billion in 2020 for the same period.

According to the Naukri JobSpeak index, hiring activities witnessed a surge of 26% YoY, driven by a growth in retail sector, festive enthusiasm, and the opening of educational institutes. The index was at 2173 level in November 2021 as against 1727 in November 2020. However, a marginal drop from 2523 level recorded this year in October could be seen.