Economy

The PLI Scheme is being launched by DoT with the objective to boost domestic manufacturing in the telecom and networking products by incentivising incremental investments and turnover with total outlay of Rs. 12,195 crore. The scheme is effective from 1st April, 2021. Investment made by successful applicants in India from 1st April, 2021 onwards and up to FY 2024-25 shall be eligible, subject to qualifying incremental annual thresholds. The support under the Scheme shall be provided for a period of five (5) years, i.e. from FY 2021-22 to FY 2025-26.

In its bid to encourage air service operators to carry out aircraft maintenance activities within the country, the Ministry of Civil Aviation (MoCA) in September announced a new policy, which includes leasing of land through open tenders and abolishing royalty charged by the Airport Authority of India (AAI) for the Maintenance Repair and Overhaul (MRO) business. Besides, as per the policy announced by civil aviation minister Jyotiraditya Scindia, land allotment for entities setting up MRO facilities will be for a period of 30 years from the current three to five years as the government aims to make India a “global MRO hub.”

As a result of this pioneering initiative, the first ever STS Operations of LPG in Indian Coast was undertaken by BPCL on 15th October, 2021. BPCL engaged service provider M/s Fendercare Marine to render the services at the offshore STS location.

The country’s foreign exchange reserves rose by $2.039 billion to $639.516 billion in the week ended October 8, according to RBI data. In the previous week ended October 1, the reserves had dipped by $1.169 billion to $637.477 billion. The reserves had surged by $8.895 billion to a lifetime high of $642.453 billion in the week ended September 3.

The proposed service from Bengaluru to San Francisco will be operated with Boeing 787-9 Dreamliner aircraft.