News on Indian Economy
Despite the strong second wave of the COVID pandemic, housing sales are expected to climb 15-20% above 2020 levels in the calendar year 2021. As infection rates began to decline in July, property sales began to increase. The market for gated communities is expected to surge in 2022, according to real estate developers. Despite the pandemic’s business difficulties, the sector rebounded strongly.
Russia has unveiled the ‘Sibir,’ a new nuclear-powered icebreaker that will join a fast-growing fleet of lethal icebreakers to maintain the Northern Sea Route open for year-round shipping through the Arctic, allowing India to expand its footprint in the region.
The government will soon distribute revised versions of the e-commerce policy and e-commerce rules to spell out comprehensive guidelines for all online transactions, covering all digital commerce and service providers, such as marketplaces, ride-hailing companies, ticketing and payment companies. The idea is that the two drafts will be issued at the same time and will be in sync, decreasing the possibility of misunderstanding.
The Ministry of Commerce and Industry said on Thursday that India and Australia are on track to finalise discussions for an interim free trade agreement (FTA) soon, with the goal of strengthening economic links between the two countries. The full agreement, technically known as the Comprehensive Economic Cooperation Agreement (CECA), is anticipated to be completed by the end of 2022, according to the report.
India’s Prime Minister Mr Narendra Modi is set to release more than Rs 20,000 crore (US$ 2.68 billion) to nearly 100 million beneficiary farmer families on January 1, 2022, the first day of the new year under the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN). This will be the 10th instalment of financial benefits under this scheme.
Defence Minister Mr Rajnath Singh unveiled 27 roads and bridges projects implemented by the Border Roads Organisation (BRO), which included one built at an altitude of more than 19,000 feet on the Umling-La pass in southern Ladakh. Mr Rajnath Singh highlighted that the road has become the world’s highest motorable road. He acknowledged that the BRO accomplished the “historic accomplishment” of constructing the road in southern Ladakh despite various hurdles, including extreme altitude and sub-zero temperatures.
According to media reports, telecom operator Bharti Airtel and IT major Tata Consultancy Services (TCS) have teamed together to develop a 5G-based remote working system based on robotics. Airtel’s 5G facility in Manesar, Haryana, is now hosting both firms’ testing.
CESL is providing high quality 7-Watt and 12-Watt LED bulbs with 3 years guarantee at a cost of INR 10 per bulb in exchange of working incandescent bulbs. Every household can exchange a maximum of 5 bulbs. The distribution has resulted in energy savings of 71,99,68,373.28 units per year with cost savings of 250 crores per year in the rural areas of aforementioned states. The programme is active till March 31, 2022.
During the last 7.5 years, India has witnessed the fastest rate of growth in renewable energy capacity addition among all large economies, with renewable energy capacity (including large hydro) growing 1.97 times and solar energy expanding over 18 times.
Raksha Mantri Shri Rajnath Singh dedicated to the Nation 24 bridges and three roads, built by Border Roads Organisation (BRO) in four States and two Union Territories, through a virtual event from New Delhi on December 28, 2021. Of the 24 bridges, nine are in Jammu & Kashmir; five each in Ladakh & Himachal Pradesh; three in Uttarakhand and one each in Sikkim & Arunachal Pradesh.
