Economy

Reserve Bank of India (RBI) Governor Shaktikanta Das on Tuesday launched the country’s most famous unified payments interface (UPI) service for feature phones. Termed as UPI123PAY, the service will allow 40 crore feature phone users across India to access the payment service.

On the occasion of the International Women’s Day, Government eMarketplace [GeM] has launched a new service vertical “Stitching and Tailoring Services” on the GeM portal in partnership with USHA International Ltd., through its Silai School Programme. The service will open new opportunities for Usha Silai Women and self-help groups in urban and rural areas to enhance their livelihood incomes through sewing orders placed by various Government departments and agencies and fulfil the 3 percent procurement target set aside for women MSE entrepreneurs.

In the first ten months of FY22, India’s agricultural and processed food exports increased by more than 23% in dollar terms compared to the same period previous year. Agricultural and Processed Food Products Export Development Authority (APEDA) product exports grew from US$ 15,974 million in FY21 to US$ 19,709 million in FY22 till January.

According to Mr. Piyush Goyal, Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles, Government of India, Indian exports are likely to reach US$ 410 billion this fiscal year despite geopolitical disturbances. During April-February 2022, the country’s merchandise exports totalled US$ 374.05 billion, up 45.80% from US$ 256.55 billion the previous year. India’s service exports will cross US$ 250 billion.

The Union government is in the process of asking its diplomatic missions abroad to facilitate export of the country’s record domestic stockpiles of wheat, as international prices soar, an official aware of the development said. Western Europe, Turkey and Philippines are some large importers of Russian and Ukraine wheat and corn (maize).

According to Crisil, the Indian specialty chemicals industry would outperform its Chinese counterpart and double its worldwide market share to 6% by 2026, up from 3-4% in FY21. This will be fueled by robust revenue growth of 18-20% this fiscal year and 14-15% the following year, compared to single-digit growth in the prior two fiscal years.

Health-focused foods and beverages accounted for 11% of India’s US$ 88 billion packaged foods and beverages market in CY20. By CY26, this proportion is predicted to rise to 16%, or US$ 30 billion.