News on Indian Economy
150 million dollars were allocated for the reconstruction in housing sector, 100 million as grant and 50 million in the form of Line of Credit. It has helped in the construction of 50,000 houses in Gorkha and Nuwakot districts of Nepal. The GoI has appointed UNDP and UNOPS as socio technical facilitation consultants for Gorkha and Nuwakot district in 2018.
The Minister said that this revolutionary technology would achieve traffic efficiency by minimizing traffic problems, efficient infrastructure usage, enriching users with prior information about traffic, reducing travel time and enhancing the safety and comfort of commuters.
IT company Infosys became the fourth Indian firm to hit a market capitalisation of Rs 8 trillion (lakh crore) as its shares touched an all-time high of Rs 1913 on BSE in early morning.
According to a survey by Prime Database, the Indian IPO market is unstoppable, with 63 firms generating about Rs.1.2 lakh crore (US$ 15.4 billion) through initial share sales so far in 2021, powered by a host of new-age tech companies.
Foundation stone for 27 projects worth Rs. 2,095 crores (US$ 278.5 million) were laid by Prime Minister Mr. Narendra Modi in his Varanasi parliamentary constituency. The decision comes ahead of the crucial Uttar Pradesh Assembly elections, set to take place early next year. Prime Minister and the Uttar Pradesh Chief Minister, Yogi Adityanath, reviewed the development projects before the inauguration.
The project will meet the enhanced crude oil requirement arising out of capacity expansion of Panipat Refinery from 15 MMTPA to 25 MMTPA.
According to a recent report released on Tuesday, India’s mergers and acquisitions (M&A) reached an all-time high in 2021, with more first-time buyers accounting for more than 80% of the deals done in 2020 and 2021, up from less than 70% from 2017 to 2019.
According to a JLL India forecast, the year 2022 is likely to surpass the US$ 5 billion thresholds, which was achieved by Indian real estate annually between 2017 and 2020.
The Minister further stated that as per the data sourced from National Payments Corporation of India (NPCI), India’s own payment platform, UPI has emerged as the country’s favourite digital payment choice, with over 22 billion transactions registered during FY 2020-21, showing 4 times growth over the last 3 years. Also, AePS inter-bank transactions during FY 2020-21 registered a 9-fold growth, over the past 4 years.
Industry body Retailers Association of India (RAI) stated that retail sales in India increased by 9% in November 2019 compared to pre-pandemic levels, indicating an upswing in business despite concerns about Omicron variant spread and the third wave of the pandemic.
