News on Indian Economy
Garden Research Shipbuilders announced that it has won an order from the government of Bangladesh for supply of patrol boats. Garden Reach Shipbuilders received an order from the department of fisheries, Government of the People’s Republic of Bangladesh for supply and construction of six patrol boats. The total cost of the order is valued at $1.82 million.
PCS1x- the world’s largest port community system, is a user-friendly interface that brings together various stakeholders of the maritime sector and provides them with seamless payments and transactions.
India’s foreign exchange (forex) reserves surged to all-time high as it rose by $5.066 billion to touch a record high of $608.999 billion in the week ended June 25, the Reserve Bank of India (RBI) data showed on Friday. The forex kitty had slipped by $4.148 billion to reach $603.933 billion in the previous week due to a fall in gold and currency assets.
Indian Institute of Technology Hyderabad (IITH), along with WiSig, has announced it has co-developed ‘Koala’ a Narrowband Internet-of-Things System-on-Chip (NB-IoT SoC), which is a 5G cellular chipset.
The Minister of Commerce & Industry, Railways and Consumer Affairs, Food & Public Distribution, Shri Piyush Goyal held a press conference today to showcase the achievements of the Ministry of Commerce and Industry in Q1 (April – June) of 2021-22. He mentioned how an ambitious target of USD 400 billion exports has been set for 2021-22.
The company stated, “In agreement with ‘Rule 4(d)’ of the of the Government of India’s Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021, Koo has become the first Indian social media platform to release a social media compliance report as required by the Rules.”
The platform processed 2.8 billion transactions worth Rs 5,47,373 crore in June, up from 2.53 billion transactions worth Rs 4,90,638 crore in May, according to data released by the National Payments Corporation of India on Thursday.
ArcelorMittal Nippon Steel India has designed and manufactured the country’s first indigenously developed specialist-grade steel plates (16Mo3). They are meant for use in heavy water reactors for the Nuclear Power Corporation of India Ltd , said a senior AM/NS official.
IndianOil is setting up India’s first project for producing styrene used in making plastics at an investment of Rs 4,495 crore, a move that will save Rs 3,650 crore worth of imports annually.
On Tuesday, Tide, an UK-based firm announced its entry into the Indian market, by committing an investment worth Rs. 1,000 crore (US$ 134.71 million) over the next five years, to focus on offering administrative and financial solutions to small businesses.
