Russia’s STM Begins Assembly of RTM-32 Machine Sets in India – Make in India
Russia’s Sinara Transport Machines (STM) has commenced work to assemble RTM-32 machine sets at the production site of San Engineering & Locomotives in India.
Economy
News on Indian Economy
India Receives First Direct LNG Cargo From Russia’s Yamal LNG Project
India received its first import of liquefied natural gas (LNG) from Russia’s Yamal LNG project over the weekend, Refinitive Eikon LNG flows data showed.
Tourism to Get A Boost with 20 Dedicated Officers at Indian Missions Abroad
Shri Reddy said that recently, the Ministry of External Affairs on the request of the Ministry of Tourism has appointed dedicated 20 Tourism Officers in Indian Missions abroad. This will enable us to widely promote Indian tourism in countries such as Australia, Canada, USA, France, Germany, and Gulf Countries. “India’s civilisation heritage goes back to many thousands of years and this Azadi Ka Amrit Mahotsav is also an opportunity to pay a tribute to all those people that fought for the preservation of our heritage”, he added.
First Full Span 40 m Box Girder Being cast for Mumbai – Ahmedabad High Speed Rail corridor by National High Speed Rail Corporation Limited (NHSRCL)
NHSRCL started the casting of the First Full Span Pre-Stressed Concrete (PSC) Box Girder of 40 meter span to expedite the construction of viaduct for Mumbai- Ahmedabad High Speed Rail corridor (MAHSR), in a casting yard in Anand, Gujarat on 28th October 2021.
Finance Ministry Approves 8.5% Return on PF Deposits for FY21
The finance ministry has approved 8.5% rate of interest on provident fund deposit for 2020-21 paving way for the Employees’ Provident Fund Organisation to credit the interest in accounts of >60 million beneficiaries.
India-EU Trade Talks to Resume by December
According to a Government official, after an eight year pause, India and the European Union (EU) are set to continue talks for a Bilateral Trade and Investment Agreement (BTIA) by December. Another official termed the India-EU connectivity partnership, announced in May, as a “counterfoil” to other such initiatives in an indirect reference to China’s Belt and Road Initiative (BRI).
India’s Gold Demand Bouncing Back to Pre-COVID Levels, Rises 47% in Sept Quarter: WGC
India’s overall demand stood at 94.6 tonnes during the September quarter of 2020, the WGC’s Q3 Gold Demand Trends 2021 report stated, including that in terms of value, India’s third quarter gold demand surged by 37% to Rs. 59,330 crore (US$ 7.92 billion), compared to Rs. 43,160 crore (US$ 5.76 million) last year.
India to Invest US$ 316 Billion for De-Carbonisation by 2030: Bofa Securities
India is likely to spend US$ 316 billion (~Rs. 23 lakh crore) in the decade to 2030 towards de-carbonisation, with a great amount of the financing to be earmarked to renewable sources of energy, according to a foreign brokerage. The financing will be on top of the estimated Rs. 6 lakh crore (US$ 84 billion) previously spent since the country joined the Paris climate accord in 2015, Bofa Securities stated.
Union Civil Aviation Minister Mr. Jyotiraditya Scindia Releases Krishi UDAN 2.0
Mr. Jyotiraditya M. Scindia, Union Minister of Civil Aviation said, “Krishi UDAN 2.0 is an example of this government’s collaborative approach towards policy making. This scheme will open up new avenues of growth for the agriculture sector andhelp attain the goal of doubling farmers’ income by removing barriers in supply chain, logistics and transportation of farm produce.”
Indians Paid INR. 263 Billion In Foreign Exchange Fees In 2020: New Study Reveals
Wise, the global technology company operating in global money transfer ecosystem, released a new study revealing that Indians paid over Rs. 263 billion (US$ 3.50 billion) on foreign exchange fees in 2020, out of which ~Rs. 97 billion (US$ 1.29 bilion) were charged as hidden exchange rate markups on currency conversions, payments and card purchases. The outstanding Rs. 166 billion (US$ 2.21 billion) were spent on transaction fees.