News on Indian Economy
Minister of State for Finance, Mr. Pankaj Chaudhary stated that India’s gross domestic product (GDP) is expected to expand by 9.2% to Rs 147.5 lakh crore (US$ 2 trillion) in FY22.
Coal India Ltd, the world’s largest coal miner, is planning to export its product to neighbouring countries, after decades of exclusively supplying domestic customers. Coal export to Bangladesh, Bhutan and Sri Lanka is being explored. This is a part of as part of India’s “neighbourhood first” policy, which aims to counter China’s expanding economic influence in South Asia.
RBI’s proposed digital rupee, which will be issued next year, will enhance the digital economy and also help curb the rampant black money problem in India. The RBI will be able to track each and every single digital rupee issued, even when it goes through multiple vendors, shopkeepers, customers, etc.
The average monthly gross Goods & Services Tax (GST) collection for the third quarter of FY 2021-22 has been Rs.1.30 lakh crore against the average monthly collection of Rs.1.10 lakh crore and Rs 1.15 lakh crore in the first and second quarters respectively. This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in Lok Sabha on Tuesday.
The Economic Survey 2017-18 stated that Indian tractor industries have emerged as the largest in the world and account for about one-third of total global tractor production. Budget 2022 proposed to phase out the concessional rates in capital goods and project imports gradually. This is another step towards creating level playing field for domestic manufacturers and capacity creation in the sector which includes tractors.
The vessel starts its sail on National Waterway-1 (river Ganga) through Bhagalpur, Manihari, Sahibganj, Farakka, Tribeni, Kolkata, Haldia, Hemnagar; Indo Bangladesh Protocol (IBP) route through Khulna, Narayanganj, Sirajganj, Chilmari and National Waterway-2 through Dhubri, and Jogighopa covering a distance of 2,350 km. The vessel will take about 25 days to cover the entire voyage and is expected to reach Pandu in Guwahati by early March.
ODOP partnered with AGNIi Mission, one of the nine technology missions under the Prime Minister’s Science, Technology and Innovation Advisory Council to identify Indian innovative technologies that can play a transformative role in the end-to-end processing of Lakadong Turmeric, starting with leveraging payload drones (UAVs) to transport the turmeric in large quantities.
Indian Sugar Mills Association (ISMA) stated that the YoY production of sugar rose 5.6% till 31st January, 2022. According to ISMA, 507 sugar mills were operating in the country on January 31, 2022, producing 187.08 million tonnes of sugar. That is 10.02 lac tonnes more than the previous season’s production for the same period.
Rolling out 400 Vande Bharat Express trains will generate roughly Rs 40,000 crore (US$ 5.34 billion) in revenue, as well as jobs of around 15,000 and other advantages.
The major destinations for Indian exports of Bishop Seeds (Ajwain) are U S A (23.3%), Saudi Arabia (20.1%), Canada (11.2%), Nepal (11%) & U K (9.1%).
