News on Indian Economy
India will have 24 Integrated Check Posts (ICPs) along its land borders by 2025, said Aditya Mishra, Chairman, Land Ports Authority of India (LPAI) in what could enable better integration of the region and beyond to SE Asia.
For ensuring that Indians living abroad get supplies of fresh flowers to deities at home and temples, consignments of Geographical Indications (GI) certified Madurai malli and other traditional flowers such as button rose, lily, chamanthi and marigold were exported today to USA and Dubai from Tamil Nadu.
The Department of Expenditure, Ministry of Finance, has released the 4th monthly installment of Post Devolution Revenue Deficit (PDRD) Grant of Rs. 9,871.00 crore to the States yesterday. With the release of this installment, a total amount of Rs. 39,484.00 crore has been released to eligible States as Post Devolution Revenue Deficit Grant in the current financial year.
In a major boost to wheat exports, the first shipment of Geographical Indication (GI) certified Bhalia variety of wheat was exported on 7th July 2021, Wednesday to Kenya and Sri Lanka from Gujarat. The GI certified wheat has high protein content and is sweet in taste. The crop is grown mostly across Bhal region of Gujarat which includes Ahmadabad, Anand, Kheda, Bhavanagar, Surendranagar, Bharuch districts.
A newly established Concentrated Solar Thermal (CST) based test rig facility at Hyderabad can help the growing solar industry in India to test capability and performance of solar thermal components like solar receiver tubes, heat transfer fluids, concentrating mirrors.
On Wednesday, Crisil, a ratings agency, the information technology (IT) industry in India is expected to register a 11% revenue growth in FY22.
In a historic move, a separate ‘Ministry of Co-operation’ has been created by the Modi Government for realizing the vision of ‘Sahkar se Samriddhi’.
On Tuesday, as per a report published by GlobalData, the e-commerce industry in India is expected to grow at ~ 141% through 2025, to reach US$ 111.4 billion in 2025 from US$ 46.2 billion in 2020.
India’s hiring rate has recovered moderately from 10 per cent in April to 35 per cent in May 2021, but the aftermath of the second Covid-19 wave has left professionals in India increasingly vulnerable to the economic uncertainty, as per LinkedIn data.
Next month, India is set to receive its first shipment of one million barrels of Liza Crude Oil from Guyana. This is the first purchase of Guyanese crude oil from the Government of Guyana’s share of oil by an Indian PSU refiner – Indian Oil Corporation Ltd (IOCL). According to the Indian Mission in that country, the oil tanker left the shores on July 4-5, 2021 and will be reaching the Paradip Port in India in the first week of August.
