News on Indian Economy
In the first ten months of FY22, India’s agricultural and processed food exports increased by more than 23% in dollar terms compared to the same period previous year. Agricultural and Processed Food Products Export Development Authority (APEDA) product exports grew from US$ 15,974 million in FY21 to US$ 19,709 million in FY22 till January.
According to Mr. Piyush Goyal, Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles, Government of India, Indian exports are likely to reach US$ 410 billion this fiscal year despite geopolitical disturbances. During April-February 2022, the country’s merchandise exports totalled US$ 374.05 billion, up 45.80% from US$ 256.55 billion the previous year. India’s service exports will cross US$ 250 billion.
The sustained effort to rejuvenate the historical trade routes via Bangladesh got a fillip under PM Gati Shakti. It has been envisioned that Northeast will slowly turn & convert into a connectivity hub. The integrated development plan, under PM Gati Shakti, has been envisioned in order to amp up swift movement of cargo over Brahmaputra.
The Union government is in the process of asking its diplomatic missions abroad to facilitate export of the country’s record domestic stockpiles of wheat, as international prices soar, an official aware of the development said. Western Europe, Turkey and Philippines are some large importers of Russian and Ukraine wheat and corn (maize).
According to Crisil, the Indian specialty chemicals industry would outperform its Chinese counterpart and double its worldwide market share to 6% by 2026, up from 3-4% in FY21. This will be fueled by robust revenue growth of 18-20% this fiscal year and 14-15% the following year, compared to single-digit growth in the prior two fiscal years.
Health-focused foods and beverages accounted for 11% of India’s US$ 88 billion packaged foods and beverages market in CY20. By CY26, this proportion is predicted to rise to 16%, or US$ 30 billion.
KAVACH is meant to provide protection by preventing trains to pass the signal at Danger (Red) and avoid collision. It activates the train braking system automatically if the driver fails to control the train as per the speed restrictions. In addition, it prevents collision between two Locomotives equipped with functional KAVACH system.
Alektrify Private Limited has developed the new EV charging station under the Ease of Doing Business program. The station opened on Thursday has 75 AC, 25 DC and 21 Hybrid charging points with a capacity of charging 1,000 cars in a single day.
According to Mercom India Research, India installed a record 10 gigawatts (GW) of solar capacity in calendar year 2021, a 212% increase year over year. According to the report titled ‘Annual 2021 India Solar Market Update,’ the country installed 3.2 GW of solar power in 2020 and the cumulative solar installed capacity in India was at 49 GW by the end of December 2021.
The proposed airport is designed for operations of A-320 category of air craft and future extension of Runway by 500m length to cater A-321 type of aircraft .With an area of 4100 sqm, the terminal building of the airport will be able to handle 200 passengers during peak hours. Equipped with eight check-in counters, the terminal building will have all modern passenger facilities.
