News on Indian Economy
According to provisional data from the commerce ministry, the country’s exports increased by 23.69% to US$ 34.06 billion in January, owing to strong performances in the engineering, petroleum, and gems and jewellery segments, despite the trade deficit widening to US$ 17.94 billion.
The Finance Minister said, India is celebrating Azadi ka Amrit Mahotsav and it has entered into Amrit Kaal, the 25-year-long leadup to India@100, the government aims to attain the vision of Prime Minister outlined in his Independence Day address
PM GatiShakti is a transformative approach for economic growth and sustainable development. The approach is driven by seven engines, namely, Roads, Railways, Airports, Ports, Mass Transport, Waterways, and Logistics Infrastructure. While presenting the Union Budget 2022-23 in Parliament on Tuesday the Union Minister for Finance & Corporate Affairs, Smt Nirmala Sitharaman said all seven engines will pull forward the economy in unison.
Gas Authority of India Limited has commenced India’s first-of-it’s-kind project of mixing hydrogen into natural gas system at Indore, Madhya Pradesh. The hydrogen blended natural gas will be supplied to Avantika Gas Limited, one of GAIL’s Joint Venture (JV) Company with HPCL, operating in Indore.
Digital currency will also lead to a more efficient and cheaper currency management system, the Minister stated. The Digital Currency will use block chain and other technologies.
Under the able leadership of the Prime Minister, PM- Gati Shakti is a great initiative to make India a superpower of the world, with the prowess of best infrastructure. In the earlier governments, there was no determination about the formulation and implementation of developmental schemes, but now the picture has changed, he added.
ite the epidemic, President Ram Nath Kovind stated on Monday that the country’s farm output and procurement grew during the 2020-21 crop year, and agricultural exports hit a new high of Rs 3,00,000 crore (US$ 40.19 billion).
According to Counterpoint Research, India’s smartphone shipments increased 11% year over year to 169 million units, with market revenue exceeding USD 38 billion in 2021. India’s smartphone market revenue would surpass USD 38 billion in 2021, representing a 27% Y0Y increase. Despite an 8% YoY dip in the December quarter data due to supply challenges afflicting the smartphone manufacturing ecosystem, shipments rose 11% YoY in 2021 to reach 169 million devices.
India’s export of final consumer food products such as Ready to Eat (RTE), Ready to Cook (RTC) and Ready to Serve (RTS) under the APEDA basket has registered a significant growth in the last one decade.
Cochin Shipyard Limited (CSL), under the Ministry of Ports, Ships and Waterways, has successfully delivered the second lot of three Floating Border Out-Post (FBOPs) vessels to the Border Security Force. CSL has got orders for building nine such FBOPs to protect Nation’s water borders. Three more vessels are likely to be delivered in the coming months.
