News on Indian Economy
The Pension Fund Regulatory and Development Authority (PFRDA) here today announced crossing the milestone of Rs. 6 lakh crore (Rs 6 trillion) (US$ 82.47 billion) of Assets Under Management (AUM) under the National Pension System (NPS) and Atal Pension Yojana (APY), after 13 years. The AUM growth of last Rs. 1 trillion (US$ 13.74 billion) has been achieved in just 7 months.
According to Mr. Ajay Thakur, head of BSE SME (small and medium enterprises) and Start-up, > 60 SMEs are expected to enter the market in one year to bring up equity funds for meeting their business requirements. The exchange’s SME platform is expected to see these companies’ listing.
The electric two and three-wheelers volume are expected to account for 8-10 percent and 30 percent of new vehicle sales in the country by 2025, respectively, owing to low operating cost and attractive subsidy support, among others, ratings agency ICRA said on Wednesday. The penetration levels in cars and trucks, however, are likely to remain low in the medium-term, it said. Globally, EVs now account for 4.4 percent of new car sales during CY2020 and their share is likely to cross 5 percent level this calendar year, as per ICRA.
In a boost to exports of organic products, a consignment of 10.20 MT of value added products of organically certified gluten free jackfruit powder &retort packed jackfruit cubes were exported to Germany from Bengaluru today via sea route. The has been processed in the APEjackfruit DA assisted pack house owned by Phalada Agro Research Foundations (PARF), Bengaluru.
India currently ranks eighth on the table of most-valued equity markets, ahead of Germany which has a market cap of $2.8 trillion
In order to address the issue of air pollution due to farm stubble burning and to reduce carbon footprints of thermal power generation, Ministry of Power has decided to set up a National Mission on use of Biomass in coal based thermal power plants. This would further support the energy transition in the country and our targets to move towards cleaner energy sources.
Hallmarking of Gold Jewellery is set to begin from 15th June 2021. In view of COVID-19, Government accepted the request of stakeholders to give jewellers some more time to get prepared for implementation and resolve issues. Earlier it was expected to be implemented from 1st June 2021.
In a major boost to export of GI certified products, season’s first consignment of Shahi Litchi from Bihar was exported to United Kingdom by air route today.The phyto-sanitary certification for exports of Shahi Litchiwas issued from newly established certification facility at Patna. The fruit is being exported by Cira Enterprises and sourced from farmers in Muzaffarpur, Bihar. The Litchi is being imported by H & J Veg, London.
Measures taken by the Government on the fronts of Foreign Direct Investment (FDI) policy reforms, investment facilitation and ease of doing business have resulted in increased FDI inflows into the country. The following trends in India’s Foreign Direct Investment are an endorsement of its status as a preferred investment destination amongst global investors:
On Friday, the government announced that total crude oil production in April 2021 stood at 2,493 thousand metric tonnes (TMT), 1.16% more than the target.
