News on Indian Economy
As per the provisional figures of Indian Bureau of Mines (IBM), the index of mineral production of mining and quarrying sector for the month of October, 2021 (Base: 2011-12=100) at 109.7, was 20.4% higher as compared to the level during the same month last year. The cumulative growth for the period April- October, 2020-21 over the corresponding period of previous year has increased 11.4 per cent.
The Centre for Economics and Business Research (CEBR) from UK has predicted that Indian economy will become the world’s third largest by the year 2031. In the year 2022, India is set to regain its sixth position in World Economic League Table (WELT) from France, as per CEBR.
Both countries had stated that they hoped to complete a full trade agreement by the end of 2022 and sign an early harvest agreement by December 25. The goal of the early harvest agreement is to cover regions of urgent importance to both countries.
With an increased demand for digitization in the wake of the Covid-19 outbreak, India’s startup ecosystem saw a record investment of roughly US$ 36 billion in privately-held enterprises this year. According to Preqin, a UK-based investment data platform, venture and private equity investments surged thrice throughout the year, from US$ 11 billion in 2020 to US$ 31 billion in 2021.
India is halfway through an ambitious plan to deliver safe drinking water to all 192 million homes in 600,000 villages by 2024. Hundreds of thousands of contractors and labourers are installing more than 2.5 million miles of the pipe as part of the US$ 50 billion projects, which about 18,000 government engineers are overseeing.
According to separate notifications of the Central Board of Indirect Taxes and Customs (CBIC), the duties have been imposed on certain flat rolled products of aluminium; sodium hydrosulphite (used on dye industry); silicone sealant (used in manufacturing of solar photovoltaic modules, and thermal power applications); hydrofluorocarbon (HFC) component R-32; and hydrofluorocarbon blends (both have uses in refrigeration industry).
The BRAHMOS Manufacturing Centre, announced by BrahMos Aerospace, is a modern, state-of-art facility in the Lucknow node of UP DIC. It will cover over 200 acres and produce the new BRAHMOS-NG (Next Generation) variant, which carries forward the lineage of the BRAHMOS weapons system. This new centre would be ready over the next two to three years and will commence production at a rate of 80-100 BRAHMOS-NG missiles per year.
The government continues to make efforts to move up in the global electronics supply chain and is expected to come up with new policies and incentive schemes for wearables and IT hardware
India can generate 813 billion dollar in revenue, with a $272 billion investment in agritech and allied segments by 2030, creating 152 million jobs, making it the country’s largest private sector industry.
India and the UAE have completed negotiations for a bilateral trade agreement, with an announcement to be made during PM Narendra Modi’s visit to the West Asian country in the first week of 2022, in a move that is expected to boost trade with countries in the Gulf as well as Africa.
