News on Indian Economy
With signing of Promoters Agreement, NHPC and GEDCOL agree to jointly establish a Company for implementation of 500 MW Floating Solar Power Projects in Odisha and other such projects in subsequent periods as may be decided by the JVC from time to time as per GoI directions.
“At COP-21, as part of its NDCs, India had committed to achieving 40 per cent of its installed electricity capacity from non-fossil energy sources by 2030. The country has achieved this target in November 2021 itself,” MNRE said in a statement released last month
The Cabinet Committee on Economic Affairs, chaired by the Prime Minister, Shri Narendra Modi, today approved the scheme on Green Energy Corridor (GEC) Phase-II for Intra-State Transmission System (InSTS) for addition of approximately 10,750 circuit kilometres (ckm) of transmission lines and approx. 27,500 Mega Volt-Amperes (MVA) transformation capacity of substations. The scheme will facilitate grid integration and power evacuation of approximately 20 GW of Renewable Energy (RE) power projects in seven States namely, Gujarat, Himachal Pradesh, Karnataka, Kerala, Rajasthan, Tamil Nadu and Uttar Pradesh.
The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, today has approved the Memorandum of Understanding (MoU) between India and Nepal for construction of bridge over Mahakali River at Dharchula (India)- Dharchula (Nepal).
India has declared that it will provide five lakh (500,000) free e-tourist visas to launch inbound travel, and the country is now opening up for international travel in a calibrated manner, according to a government release.
UJALA was successful in lowering the retail price of LED lights from Rs 300-350 (US$ 4.03- 4.7) to Rs 70-80 (US$ 0.9- 1) per bulb. The programme not only made affordable energy available to everyone, but it also saved a lot of energy. As of present, energy savings total 47,778 million kWh per year. 9565 MW of peak demand has been avoided, resulting in a saving of 3,86 crore tonnes of CO2 emissions.
The previous record high was of 90,000 employees in 2018-19, which was shattered in the first half of FY22 as they hired 110,000 employees. This has led to increased salaries due to which margins may be impacted in the next few quarters. Jefferies expects highest margin decline of Wipro and HCL Tech in the third quarter of FY 22.
Microgravity, an Indian-based gaming company, has been selected by the London Mayor’s Office to establish an augmented and virtual reality (AR/VR) gaming arena in the city.
To push digital transactions in rural and semi-urban areas, the Reserve Bank of India (RBI) on Monday issued a framework allowing offline payments up to Rs 200 per transaction, subject to an overall limit of Rs 2,000.
In all, 39 MoUs were signed on Monday as part of the upcoming 10th Vibrant Gujarat Global Summit (VGGS). These included proposals to set up the country’s first lithium refinery and a research centre for nano satellites. The MoUs also comprise initial pacts signed by educational institutions for research and training.
