News on Indian Economy
India will fastrack free trade agreements (FTA) with at least half a dozen nations, including UAE, UK, Australia, Canada, EU, over the next few months, in line with its revamped foreign trade strategy, commerce and industry secretary BVR Subrahmanyam said on Wednesday.
Agricultural and Processed Food Products Export Development Authority (APEDA) today facilitated exports of dehydrated Mohua flower from Chhattisgarh and Himalayan goat meat from Uttarakhand to France and United Arab Emirates respectively.
In July 2021, 36 mergers and acquisitions totaling US$ 5.6 billion were completed. While deal volumes increased by 13%, deal values decreased by 37% compared to July 2020. This was primarily due to a lack of large-ticket purchases.
After hitting a record $35.2 billion (about ₹2.6 trillion) exports in July, Indian shipments in August started off well garnering $7.4 billion in the first week of the month.
Automobile retail sales in India rebounded sharply in July, with showrooms reopened across the country as COVID-led restrictions in the afflicted states were relaxed, according to the dealers’ group Federation of Automobile Dealers Associations (FADA).
The plan involves building 10GW of large green energy capacity in the region, comprising solar and wind projects, and using these large battery units to store the electricity generated to supply to the rest of the country through a transmission link, power, and new and renewable energy minister Raj Kumar Singh said in an interview.
Addressing the gathering, the Prime Minister talked of the sowing season and expressed the hope that the amount received today will help the farmers. He also mentioned that the scheme of Kisan Infrastructure Fund with 1 lakh crore rupees corpus also completes one year today. The Prime Minister touched upon initiatives like Mission Honey-Bee and making saffron from Jammu & Kashmir in the NAFED shops. Honey mission has led to 700 crore export of honey resulting in extra income for farmers.
Giving more details as per weekly statistical supplement of Reserve Bank of India (RBI), the Minister stated that the Notes in Circulation (NIC) were Rs 17,74,187 crore as on 4th November, 2016 and Rs 27,80,045 crore as on 29th January, 2021.
On the back of domestic fundamentals, overseas investors were net purchasers in Indian markets worth Rs. 1,210 crore (US$ 163.05 million) in the first five trading sessions of August. According to depositories data, they invested Rs. 975 crore (US$ 131.36 million) in shares between August 2 and 6.
Of the said quantity, the maximum 77.20 per cent was exported to Nepal, followed by 13.04 per cent to Bangladesh, according to the Coal Ministry’s Provisional Coal Statistics 2020-21.
