News on Indian Economy
The Food Corporation of India (FCI) has played a pivotal role in ensuring food security during the Covid pandemic. During the Rabi Marketing Season 2021-22, the Corporation has recorded an all time high wheat procurement of 433.44 lakh MT, recording 11% increase over last year’s procurement.
India intends to finalise the phyto-sanitary certification process which will allow the import of US cherries and alfalfa hay for animal feed into India.
Ohmium International, through its Indian subsidiary, has shipped its first unit of electrolyzer from India to the United States, which it says is the first step towards establishing India as a global hub for green hydrogen generation.
The Foundation Stone of 1320 MW Buxar Thermal Power Plant was laid by Hon’ble Prime Minister of India Shri Narendra Modi on 9th March 2019. Shri Sharma informed that the progress of the Project is being continuously monitored by Hon’ble Union Minister for Power & NRE, Sh. R. K Singh. He exhorted all stakeholders to enthusiastically strive hard to commission the Project prior to the scheduled timeframe.
India and the United States held the 12th Ministerial-level meeting of the India-United States Trade Policy Forum (TPF) in New Delhi on November 23, 2021 with a view to advancing the goal, to “develop an ambitious, shared vision for the future of the trade relationship”, as announced by PM Mr. Modi and President Mr. Biden at their September 24, 2021 meeting.
Udaan, India’s largest business-to-business (B2B) e-commerce platform, announced that its food and FMCG business expanded 95% year-over-year in October, aided by its ‘Mega Bharat Sale’ for small retailers. The FMCG business saw a YoY growth of ~115% with major demands coming from Bharat.
India’s exports rose 18.8% to US$ 20.01 billion during the three week period of this month (November 1-21), owing to strong growth in sectors such as petroleum products, engineering goods, chemicals and gems and jewellery, according to the preliminary data of the commerce ministry.
India’s projected 8.1% growth rate in Q2FY22 is the highest growth across all economies. The average GDP growth of 28 selected economies has slowed to 4.5% in Q3 (2021) as against 12.1%. Also at an annual rate of 9.3-9.6%, India’s real GDP growth would now be 1.5%-1.7% greater than the pre-pandemic level of FY20.
Under the agreement, GEAE Technology USA has licensed Triveni to locally manufacture the LM2500 gas turbine’s base frame, acoustic enclosure, and lubricating oil skid and supply other source-controlled accessories that go into the LM 2500 gas turbine enclosure assembly. The LM2500 is the chosen propulsion gas turbine by the Indian Navy for many of its surface combatant vessels. The LM2500 gas turbine, with power ranging from 25 MW to 35 MW, are best in class naval propulsion gas turbines and are in service with over 40 navies globally.
The Minister said that Indian aviation industry has flown many miles, set numerous milestones, and overcome many challenges to become one of the world’s most lucrative aviation markets. The industry has grown by leaps and bounds and has become the third largest domestic aviation market in the world. India currently handles the third largest domestic traffic after the USA and China. He said that with a steady increase in the passenger volume, Indian airlines are charting new territories. “We all know that in this densely globalized economy, air transport is a key element in the country’s transport infrastructure and plays an important role in the Country’s economic growth”, he said.
