News on Indian Economy
The government has settled ₹ 28,812 crore to CGST and ₹ 24,140 crore to SGST from IGST as regular settlement. The total revenue of Centre and the States after regular settlements in the month of September 2021 is ₹ 49,390 crore for CGST and ₹ 50,907 crore for the SGST.
ONGC Videsh Limited, a wholly-owned subsidiary of Oil and Natural Gas Corporation Limited (ONGC), the National Oil Company of India, has spudded its first well Kanchan#1 in Block SS04, Bangladesh, on 29th September 2021 at Maheshkhali Island. This exploratory well is planned to be drilled to a depth of 4200 m and will be targeting two prospective formations. This well marks the beginning of exploratory drilling in Bangladesh by ONGC Videsh and will be followed by drilling at two more exploratory locations.
The Union Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles, Shri Piyush Goyal has said India is poised to become one of the largest digital markets in the world. Addressing the 2nd Global Fintech Fest-2021 through video conferencing today, he said, “At 87%, India has the highest FinTech adoption rate in the world against the global average of 64%.”
On December 4, the RBI issued a directive to all banks, including RRBs, NBFCs, and payment gateways, stating that the processing of recurring transactions (domestic or cross-border) using cards, Prepaid Payment Instruments (PPIs), or the Unified Payments Interface (UPI) under non-AFA arrangements/practices would be discontinued after March 31, 2021.
According to Agriculture Minister Mr. Narendra Singh Tomar, India is the world’s fourth-largest producer of agrochemicals, and the industry has a tremendous potential for development with the help of research, innovation, and a quick registration procedure.
Carbon Clean’s technology, consisting of a modular carbon capture skid, has been installed at Tata Steel’s Jamshedpur steel plant in India. The facility is capturing 5 t/d of CO2 from the blast furnace. The captured CO2 is reused onsite for a variety of applications such as for water treatment. Tata Steel plans that scaled-up facilities in the future will be able to use captured CO2 to produce methanol and other value-added products.
India and the UK are likely to announce a joint declaration on “one sun, one world, one grid” — or OSOWOG, a concept New Delhi has been pushing through its International Solar Alliance — at the upcoming COP26.
Union Minister for Agriculture and Farmers’ Welfare Shri Narendra Singh Tomar launched ‘Amul Honey- a product of Gujarat Cooperative Milk Marketing Federation Ltd. (GCMMF)’ under active cooperation with ‘National Bee Board (NBB)’ today virtually in the presence of Union Minister for Animal Husbandry, Fisheries and Dairying Shri Parshottam Rupala. Addressing the launching event, Shri Tomar emphasized the importance of National Beekeeping and Honey Mission in increasing the income of small farmers, which is being implemented in the country for doubling income of farmers/beekeepers through beekeeping with the budgetary allocation of Rs. 500 crores.
The Gem and Jewellery Export Promotion Council (GJEPC) announced that gem and jewellery exports hit a new high of Rs. 24,239.81 crore (US$ 3.26 billion) in August, thanks to robust demand for the upcoming festive season and the easing of entry restrictions.
New online system of MSME/Udyam Registration launched by Union MSME Ministry, w.e.f. 1st July, 2020, has stood the test of Time and Technology as more than 50 lakh MSMEs have successfully registered themselves by now. These include over 47 lakh Micro organisations and 2.7 lakh Small Units.
