News on Indian Economy
India’s largest independent producer of renewable energy, Gurugram-based ReNew Power has finalised the location in Gujarat for its maiden solar cell and module manufacturing unit, reports Economic Times.
Mumbai: India’s foreign exchange reserves rose by $1.444 billion to $589.465 billion in the week of May 7, the Reserve Bank of India’s weekly statical data showed on Friday.
India’s export performance continues to be impressive in April 2021 with merchandise exports accelerating by an impressive 195.72 per cent over April 2020 levels and 17.62 per cent over the April 2019 levels.
If everything goes according to the plan, a Himsagar mango from Bengal may land on a plate in South Korea, or a Zardalu could reach Mauritius. India, the world’s largest mango producer, is looking to diversify its basket for exports and will push varieties from North India, while also resuming shipments to the US.
An imminent agreement on the geographical indications (GI) with European Union (EU) could boost India’s basmati rice exports to $500 million in 1-2 years from the current $250 million as realisation is expected to increase with the quality-conscious consumers, officials say.
Union Minister for Finance & Corporate Affairs Nirmala Sitharaman today handed over possession to homebuyers virtually as Government of India’s Special Window for Affordable & Mid-Income Housing (SWAMIH) completes its first residential project.
The commerce ministry recommended imposition of anti-dumping duty on a certain type of rubber imported from China, European Union, Japan, and Russia, in order to guard domestic manufacturers from cheap inbound shipments.
According to Nielsen, the Indian FMCG industry grew 9.4% in the January-March quarter of 2021, supported by consumption-led growth and value expansion from higher product prices, particularly for staples. The rural market registered an increase of 14.6% in the quarter and the metro markets registered positive growth after two quarters.
India received over USD83 billion in remittances in 2020, a drop of just 0.2 per cent from the previous year, despite a pandemic that devastated the world economy, according to a World Bank report.
The Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved the proposal of Department of Heavy Industry for implementation of the Production Linked Incentive (PLI) Scheme ‘National Programme on Advanced Chemistry Cell (ACC) Battery Storage’ for achieving manufacturing capacity of Fifty (50) Giga Watt Hour (GWh) of ACC and 5 GWh of “Niche” ACC with an outlay of Rs.18,100 crore.
