News on Indian Economy
India reported $101.89 billion in exports in the quarter ending September, the ministry of commerce and industry said on Saturday. This is the first time that Indian exports have crossed $100 billion mark.
His Highness Sheikh Hamed bin Zayed Al Nahyan, Member of the Executive Council of the Emirate of Abu Dhabi, and Shri Piyush Goyal, Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution, and Textiles, Government of India, co-chaired the ninth meeting of the UAE-India High Level Joint Task Force on Investments (‘the Joint Task Force’) on 2nd October 2021 in Dubai. Senior officials representing relevant government authorities and various investment entities from both countries took part in the meeting.
In the presence of Union Minister of Chemicals & Fertilizers and Health & Family Welfare Shri Mansukh Mandaviya, a practical field trial of Drone Spraying of Nano Liquid Urea was conducted in Bhavnagar, Gujarat. The trial was attended by a large number of farmers. This demonstration of spraying liquid nano urea by drone was undertaken by IFFCO, a company involved in developing nano urea.
India’s manufacturing activity expanded for the third straight month in September, but rising fuel, raw material and transportation prices pushed the overall rate of input cost inflation to a five-month high, market information provider IHS Markit said on Friday.
On a landmark day for the Union Territory of Ladakh and its people, construction on 05 major road infrastructure development projects was launched by His Excellency the Governor of Ladakh Shri Radha Krishna Mathur, from Turtuk, the northernmost village of India. The ground breaking ceremony was also attended by the Chief Executive Councillor, Leh Mr TashiGyalson, MP Ladakh Mr Jamyang Tsering Namgyal, Defence Secretary Mr Ajay Kumar and Director General Border Roads Lt Gen Rajeev Chaudhry besides overwhelming villagers from nearby areas.
The government has settled ₹ 28,812 crore to CGST and ₹ 24,140 crore to SGST from IGST as regular settlement. The total revenue of Centre and the States after regular settlements in the month of September 2021 is ₹ 49,390 crore for CGST and ₹ 50,907 crore for the SGST.
ONGC Videsh Limited, a wholly-owned subsidiary of Oil and Natural Gas Corporation Limited (ONGC), the National Oil Company of India, has spudded its first well Kanchan#1 in Block SS04, Bangladesh, on 29th September 2021 at Maheshkhali Island. This exploratory well is planned to be drilled to a depth of 4200 m and will be targeting two prospective formations. This well marks the beginning of exploratory drilling in Bangladesh by ONGC Videsh and will be followed by drilling at two more exploratory locations.
The Union Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles, Shri Piyush Goyal has said India is poised to become one of the largest digital markets in the world. Addressing the 2nd Global Fintech Fest-2021 through video conferencing today, he said, “At 87%, India has the highest FinTech adoption rate in the world against the global average of 64%.”
On December 4, the RBI issued a directive to all banks, including RRBs, NBFCs, and payment gateways, stating that the processing of recurring transactions (domestic or cross-border) using cards, Prepaid Payment Instruments (PPIs), or the Unified Payments Interface (UPI) under non-AFA arrangements/practices would be discontinued after March 31, 2021.
According to Agriculture Minister Mr. Narendra Singh Tomar, India is the world’s fourth-largest producer of agrochemicals, and the industry has a tremendous potential for development with the help of research, innovation, and a quick registration procedure.
