News on Indian Economy
Vedanta had unveiled its plan to invest in semiconductor manufacturing after the government announced a Rs 76,000-crore package to boost electronic chip and display ecosystem in the country.
Scientists have developed a handy diagnostic tool that detects an aquaculture pathogen known as the White Spot Syndrome Virus (WSSV). The peptide-based diagnostic tool by scientists of Agharkar Research Institute (ARI), an autonomous institute of the Department of Science and Technology (DST) has been grated patent on 31 March 2022 as an alternative biorecognition element.
Apple makes some of its most modern iPhones in the country, including the iPhone 11, iPhone 12, and now the iPhone 13, in the Foxconn factory, while the iPhone SE and the iPhone 12 are produced at the Wistron factory. The new Apple iPhone 13 series has benefited from strong consumer demand for luxury devices and increased spending.
Total bank credit stood at Rs. 118.9 lakh crore (US$ 1.56 trillion) on March 25, the last reporting Friday for FY22, according to figures issued by the Reserve Bank of India (RBI). This is an increase of Rs. 1.8 lakh crore (US$ 23.72 billion) in the last two weeks and Rs. 10.4 lakh crore (US$ 137 billion) in the last financial year, representing a 9.6% YoY increase.
An indigenous Onboard Driver Assistance and Warning System – ODAWS, Bus Signal Priority System and Common SMart iot Connectiv (CoSMiC) software have been launched under Intelligent Transportation System Endeavor for Indian Cities Phase-II initiative of Ministry of Electronics and Information Technology (MeitY).
According to data produced by automobile dealers’ group Federation of Automobile Dealers Associations (FADA), electric vehicle retail sales in the country increased by over threefold last fiscal year, with two-wheeler offtake leading the market. Total electric vehicle (EV) retail sales reached 4,29,217 units in 2021-22, up from 1,34,821 units in 2020-21. Electric passenger vehicle retail sales reached 17,802 units in FY22, up from 4,984 units in FY21.
Through card-less cash withdrawal, you can now send money from a bank account to anyone in India with a valid mobile phone number. The beneficiary can then use the ATM to withdraw cash without having to use a debit or an ATM card.
India’s tax collections rose to a record high of Rs. 27.07 lakh crore (US$ 356.83 billion) in FY22 as mop-up from income and other direct taxes and indirect taxes increased, according to Mr. Tarun Bajaj, Secretary, Department of Revenue.
Eren Group – promoted by pioneer of solar power Paris Mouratoglou, will acquire 54MWh battery from Pravaig, said Siddhartha Bagri, who founded Pravaig with Dhawal Vinkay Khullar.
India and Nepal jointly flagged off a new cross-border passenger train between Jaynagar in India and Kurtha in Nepal. PM Modi and his Nepal Counterpart Sher Bahadur Deuba launched the rail service 35-km cross-border with a capacity of 1,000 passengers. The cost of building the Jaynagar-Kurtha section is over Rs 383 crore.
