News on Indian Economy
Engineering goods exports from India hit an all-time high of US$ 9.14 billion in July, accounting for one-fourth of the country’s overall merchandise exports, thanks to robust demand from the United States, Europe, and the United Arab Emirates (UAE).
world’s second most desired manufacturing destination, indicating the growing interest shown by manufacturers in India as a preferred manufacturing hub
Foreign portfolio investors (FPI) have made a net investment of Rs. 5,001 crore (US$ 673.48 million) so far in August 2021 in Indian equities, according to data published by NSDL.
The geology and mining department of Arunachal Pradesh is all set to collaborate with the Atomic Minerals Directorate for Exploration and Research (AMD) to explore atomic minerals in the state.
The National Thermal Power Corporation (NTPC ) Ltd, has commissioned the largest floating solar PV project of 25MW on the reservoir of its Simhadri thermal station in Visakhapatnam, Andhra Pradesh. This is also the first solar project to be set up under the Flexibilisation Scheme, notified by the Government of India in 2018.
Taking advantage of pandemic-related lifestyle changes Indian home textile exporters are expected to have a strong year in FY22, according to investment research company ICRA, due to improved cleanliness awareness and the predominance of stay-at-home choices.
Between March 2017 and March 2021, the Reserve Bank of India (RBI) reported a 24% increase in financial inclusion (FI) as assessed by the RBI’s FI-Index.
In cooperation with the government and relevant industry regulators, the FI-Index includes information on banking, investments, insurance, postal services, and pensions. The RBI stated in April that it will create the FI-Index to measure the level of financial inclusion.
According to a research by Kearney, the value e-commerce industry in India is anticipated to reach US$ 40 billion by 2030, up from US$ 4 billion in 2019. This is due to a significant growth in internet users and as more people adopt online buying. According to the report titled “Value e-commerce: the next big leap in India’s retail market,” the expanding digital footprint in tier III and IV areas, as well as rural India, along with the aspirational needs of these consumers and their changing attitudes toward online buying, present a massive opportunity.
Following the announcement by Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman in Union Budget 2020-21, the International Financial Services Centres Authority (Bullion Exchange) Regulations, 2020 were notified on December 11, 2020 which inter alia cover the Bullion Exchange, Clearing Corporation, Depository and Vaults. Government has also taken steps to notify bullion spot trading and bullion depository receipts with underlying bullion as financial products and bullion related services as financial services.
