News on Indian Economy
Two months after the revision of the Nepal-India Railway Service Agreement, a private sector cargo train arrived in Nepal from India on Wednesday for the first time. This was possible after the revision of the railway service agreement between Nepal and India on July 9, breaking the monopoly of Indian containers after a hiatus of 17 years.
Taking another step towards realising our collective vision of an Aatmanirbhar Bharat, the Central Government under the leadership of Hon’ble Prime Minister Shri Narendra Modi, has approved the Production-Linked Incentive (PLI) scheme for drones and drone components.
The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, today approved a number of structural and process reforms in the Telecom sector. These are expected to protect and generate employment opportunities, promote healthy competition, protect interests of consumers, infuse liquidity, encourage investment and reduce regulatory burden on Telecom Service Providers (TSPs).
A HAL statement issued here read: “Through this partnership, Rolls-Royce aims to strengthen the ecosystem for Adour engines in India by building on HAL’s existing capabilities for manufacturing and supporting the engines for Indian customers over several decades.”
Retail inflation fell to a four-month low of 5.3% in August, down from 5.59% the previous month, thanks to lower food costs and a large base impact. According to statistics provided by the Ministry of Statistics and Programme Implementation, inflation based on the Consumer Price Index (CPI) stayed within the Reserve Bank of India’s (RBI) tolerance zone for the second month in a row.
According to a Deloitte survey, India remains an attractive destination for foreign direct investments (FDI) due to its robust economic development prospects and trained workforce.
India and UK are aiming to launching the negotiations on FTA by November 2021.Two sides look for Interim Agreement as priority and later a Comprehensive Agreement. The matter came up during the discussions held between Mr. Piyush Goyal and his British counterpart Secretary of State, Ms. Elizabeth Truss on FTA and other trade matters.
According to Knight Frank, India ranks 54th out of 55 nations in the global housing prices index, with rates of residential properties falling modestly by 0.5% year-on-year during the quarter ending June.
The Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) have announced the project to link the fast payment systems. The linkage is targeted for operationalisation by July 2022, the RBI said in a statement.
India will get this month the third set of Swiss bank account details of its nationals under an automatic exchange of information pact with Switzerland and this will include for the first time the data about real estate properties owned by Indians there, officials said on Sunday.
