News on Indian Economy
Engineering exports which stood at USD 6274.9 Million in June, 2019 and USD 5841.6 in June 2020 rose to USD 8903.5 million in June 2021. Cumulative engineering exports during April-June 2021-22 were to the tune of USD 24772.6 million, witnessing a massive growth of 82% vis-a-vis April-June 2020-21, and growth of 24.8% vis-a-vis April-June 2019-20.
Apart from catering to the international demand, India has strong domestic booming industries, which require specialty chemicals. The government is promoting industries like pharmaceuticals, API, automobiles and tyres, steel, dyes and pigments, packaging, flavours and fragrances, textiles, etc.
India’s overall exports (Merchandise and Services combined) in June 2021* are estimated to be US$ 49.85 billion, exhibiting a positive growth of 31.87% over the same period last year and a positive growth of 17.17% over June 2019. Overall imports in June 2021* are estimated to be US$ 52.18 billion, exhibiting a positive growth of 73.65% over the same period last year and a positive growth of 1.08% over June 2019
From less than 20GW of solar power in 2010 it has grown to 96GW of solar, wind biomass and small hydro power in May 2021 — including large hydropower, renewables now provide 142GW or 37% of the country’s power capacity.
TCS plans to expand its operations in Arizona, investing more than $300 million by 2026 and hiring more than 220 employees by 2023. TCS will also continue to expand the reach of its STEM and computer science education programmes in Arizona by increasing teacher training and online content for students over the next two years.
The Union Cabinet onWednesday approved a scheme for promotion of flagging of merchant ships in India by providing subsidy support to domestic shipping companies in global tenders floated by Ministries.
According to the recent data published by the Society of Indian Automobile Manufacturers (SIAM), in the first quarter of FY22, the automobile wholesale registered significant growth backed by easing lockdown restrictions, phased renewal of industrial activities and a low-base of the last year.
Tata Consultancy Services (TCS) , a leading global IT services, consulting and business solutions organization, has been ranked number one by revenue among the Top 30 Suppliers of Software and IT Services to the UK Market by TechMarketView1.
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the Memorandum of Understanding (MoU) between the Ministry of Steel of the Republic of India and the Ministry of Energy of the Russian Federation on cooperation regarding coking Coal, which is used for Steel making.
It is seen that the import clearance time for edible oil has come down significantly to approx. 3-4 days at present which is the usual time taken for sampling, duty payment and logistics. It is being ensured that there is no clogging at the ports.
