News on Indian Economy
The Nation’s pride, the visionary project of Atal Tunnel was dedicated to the Nation by the Prime Minister Shri Narendra Modi on October 03, 2020. The 9.02 km long, strategically significant, Atal Tunnel, that runs under the ‘Rohtang Pass’ was constructed on the Manali – Leh Highway under the challenging conditions of freezing temperatures in extremely difficult terrain.
36.06% from 39.15 MT upto Nov 19* to 53.27 MT during corresponding period of FY 22. The reforms have led to an increase in domestic production of coal by 9.01% and the overall coal production rose at 447.54 MT upto November 21 as compared to 410.55 MT in the corresponding months of FY 20.
In a first, the Indian Railways plans to roll out double decker trains which can transport cargo and passengers as well. First two such trains with 20 coaches will be manufactured with nearly Rs 160 crore investments at a rail coach factory, sources said.
On development of technology, the Minister stated “The country has also developed its own indigenously developed 4G core & radio network. The 5G network is also in its final stages of development. The country is participating today in development of 6G standards, in the thought process of 6G.”
Millets exports are expected to grow tremendously in the next few years as Indian exporters find new markets abroad, according to the Department of Commerce, as worldwide demand for nutria-cereals continues to rise.
Minister of State for Finance, Mr. Pankaj Chaudhary stated that India’s gross domestic product (GDP) is expected to expand by 9.2% to Rs 147.5 lakh crore (US$ 2 trillion) in FY22.
Coal India Ltd, the world’s largest coal miner, is planning to export its product to neighbouring countries, after decades of exclusively supplying domestic customers. Coal export to Bangladesh, Bhutan and Sri Lanka is being explored. This is a part of as part of India’s “neighbourhood first” policy, which aims to counter China’s expanding economic influence in South Asia.
RBI’s proposed digital rupee, which will be issued next year, will enhance the digital economy and also help curb the rampant black money problem in India. The RBI will be able to track each and every single digital rupee issued, even when it goes through multiple vendors, shopkeepers, customers, etc.
The average monthly gross Goods & Services Tax (GST) collection for the third quarter of FY 2021-22 has been Rs.1.30 lakh crore against the average monthly collection of Rs.1.10 lakh crore and Rs 1.15 lakh crore in the first and second quarters respectively. This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in Lok Sabha on Tuesday.
The Economic Survey 2017-18 stated that Indian tractor industries have emerged as the largest in the world and account for about one-third of total global tractor production. Budget 2022 proposed to phase out the concessional rates in capital goods and project imports gradually. This is another step towards creating level playing field for domestic manufacturers and capacity creation in the sector which includes tractors.
