News on Indian Economy
He added that services sector provides employment to nearly 2.6 crore people and contributes approximately 40% to India’s total global exports. He added that Services trade surplus was $89 bn in FY 2020-21 and it has been the largest FDI recipient (53% of FDI inflows 2000-2021).
At the end of financial year 2015-16, Rs. 16.41 lakh crore worth of notes were in circulation, registering an YoY growth of 14.51 percent over 2014-15. At this rate, notes in circulation would have been increased to Rs.32.62 lakh crore by end of 2020-21. However, it increased to much less, Rs.28.26 lakh crore by the end of 2021.
The Buildings & Factories (B&F) business has secured a prestigious order from DRDO to construct their Flight Control System Facility at ADE, Bengaluru.
The power ministry on Monday said the peak power demand deficit in the country has come down by 16.2% over the past 13 years, and it has almost been “wiped out”.
According to Brickwork Ratings, growth estimate for the India’s gross domestic product (GDP) to be 10-10.5% in the FY22 from an earlier expectation of a 9% growth.
As per a World Economic Forum report, India’s transition to a green economy has the potential to contribute >US$ 1 trillion in economic impact by 2030 and generate >50 million employment opportunities. The report added that the economic impact could expand to US$ 15 trillion by 2070. The WEF published a report on ‘Mission 2070: A Green New Deal for a Net-Zero India’, which offers a roadmap for India’s transition.
India’s solar energy capacity stands at ~45 gigawatts, an increase of 17X in the last seven years, stated India while presenting its third Biennial Update Report (BUR) in the 11th Facilitative Sharing of Views (FSV) at the COP26 climate summit.
Paytm, the mobile payment company kicks off India’s largest initial public offering on November 8, 2021. The company is backed by Ant Group, Berkshire Hathaway and SoftBank, that collectively own around a third of the firm.
Perhaps the biggest upside of the rapid increasing digital penetration has accrued in the public digital infrastructure space. UPI has changed the way money moves in India.
India’s forex reserves have increased by USD 1.919 billion to USD 642.019 billion for the week ended October 29 on a healthy increase in the currency assets and value of gold, the Reserve Bank said on Friday.
