News on Indian Economy
India, the world’s largest recipient of remittances, received $87 billion in 2021 with the United States being the biggest source, accounting for over 20 per cent of these funds, according to the World Bank.
The Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Mr. Piyush Goyal has said that India’s leather industry should aspire to be No. 1 in the world. Addressing the National Export Excellence Awards presentation ceremony of the Council for Leather Exports (CLE), he said we are already the second largest leather industry in the world.
At an cumulative level, investments in Asian fintech companies rose 68% sequentially to US$ 5.47 billion in the third quarter, achieving a new quarterly high since the first quarter of 2019 (Q1-2019). The volume of transactions also rose 21% to 216 deals, the study revealed.
This is the largest components manufacturing facility in Asia and is dedicated to improving industrial efficiency in manufacturing components for various prestigious national and international projects.
International commercial passenger flights have begun landing in India from November 15 after the long prohibition due to the COVID-19 pandemic situation.
Addressing the gathering, the Prime Minister said while laying the foundation stone of Purvanchal Expressway three years ago, he did not imagine that one day he would land on the same expressway. He said “this expressway will lead to a better future at a faster pace, this expressway is for UP’s development, this expressway is for the building a new Uttar Pradesh, this expressway is a reflection of modern facilities in UP, this expressway is a proof of accomplishment of resolutions in UP and this is the pride and wonder of UP.”
India attracted “record” foreign direct investments in the last seven years and the trend is expected to continue in the coming years as well on account of major structural reforms being undertaken by the government, Commerce and Industry Minister Piyush Goyal said on Tuesday.
The release of quick estimates of Index of Industrial Production (IIP) for the month of September 2021 shows a sustained increase in industrial production. The IIP, in FY 2021-22, has grown from an average of 121.3 in Q1 to 130.2 in Q2. The IIP in Q2 would have been still higher but for heavy monsoons disrupting mining activity, especially coal and consequently electricity generation, that repressed the growth of overall production index.
Power Grid Corporation of India Limited (POWERGRID), a Maharatna CPSE under Ministry of Power has upgraded Assam’s New Mariani Sub-station from 220 kiloVolt (kV) switching station to a 400/220 kV Sub-station with 2×500 MegaVolt Ampere (MVA) transformation capacity, 2×125 Mega volt ampere (re- active) power compensation along with other associated bays under North Eastern Region Strengthening Scheme (NERSS-VI) project.
The 52-kilometre long Chisumle to Demchok tarmac road passes through the 19,024 feet high Umlingla Pass and betters the previous record of a road in Bolivia, which connects volcano Uturuncu at 18,953 feet. The Umlingla Pass road is another landmark in resurgent India’s achievement as it has been constructed at an altitude higher than the North and South Base Camps of Mount Everest which are at an altitude of 16,900 feet and 17,598 feet respectively.
