News on Indian Economy
Home to the world’s largest semiconductor and microprocessor manufacturing sector, Taiwan is also a hub for electronics and precision tools. India wants a steady supply of these key items and would like more Taiwanese companies to shift operations to India.
According to textiles ministry, India’s handicraft exports in the first six months of the FY22 stood at Rs. 15,995.73 crore (US$ 2.13 billion), a growth of over 60.34% over the same period last year.
The Department of Agriculture and Farmers Welfare has released 2020-21 (Third Advance Estimates) of Area and Production of various Horticultural Crops, compiled on the basis of information received from States/ UTs and other Governmental source agencies. Union Minister of Agriculture and Farmers Welfare, Mr. Narendra Singh Tomar informed that under the able leadership of Prime Minister Mr. Narendra Modi, due to the farmer-friendly policies of the government, tireless hard work of farmers and research of scientists, horticulture production in the year 2020-21 is estimated to be a record 331.05 million tonnes. This shows an increase of 10.6 million tonnes (3.3%) over 2019-20.
The gross GST revenue collected in the month of October 2021 is ₹ 1,30,127 crore of which CGST is ₹ 23,861 crore, SGST is ₹ 30,421 crore, IGST is ₹ 67,361 crore (including ₹ 32,998 crore collected on import of goods) and Cess is ₹ 8,484 crore (including ₹ 699 crore collected on import of goods).
Army dedicated 150 feet long bridge connecting nine villages of Machhal sector in the frontier Kashmir district of Kupwara during “Machhal Mela” celebrations which came to an end after two months with several fun fare programmes and games on Sunday.
Tata Power and Tata Steel, the two flagship companies of the Tata Group, have come together to develop grid-connected solar plants in Jharkhand and Odisha. The two companies have signed a Power Purchase Agreement (PPA) for a duration of 25 years to set up 41MW solar project, which will be a combination of rooftop, floating and ground mounted solar panels. Under the project, Tata Power will develop Photo Voltaic (PV) capacities for Tata Steel at Jamshedpur (21.97MWp) and Kalinganagar (19.22MWp).
CAIT secretary general Praveen Khandelwal said a recent survey conducted by the body’s research arm in 20 ‘distribution cities’ showed that so far no orders for Diwali goods, firecrackers, or other items have been placed with Chinese exporters by Indian traders or importers.
Rome/New Delhi India and Italy have agreed to explore development of green hydrogen, setting up renewable energy corridors, and joint projects in the natural gas sector as the two nations sought to strengthen partnership in energy transition.
Consequent upon successful commissioning, first part capacity of 17.5 MW of 100 MW Ramagundam Floating Solar PV Project at Ramagundam, Telangana, is declared on Commercial Operation w.e.f. 12:00 Hrs. of 28.10.2021.
The process also switches over the raw material from hematite to magnetite, which contains a much higher amount of pure iron at 72.4%. Magnetite ores comprise more than 30% of India’s iron ore deposits, which are heavily underutilized. Offering the highest iron recovery, magnetite sponge iron can be a revolutionary turn in the Indian metallurgical industry, said Soumitra Mohanty, the executor of the successful trials of the above project.
