News on Indian Economy
Foundation stone for 27 projects worth Rs. 2,095 crores (US$ 278.5 million) were laid by Prime Minister Mr. Narendra Modi in his Varanasi parliamentary constituency. The decision comes ahead of the crucial Uttar Pradesh Assembly elections, set to take place early next year. Prime Minister and the Uttar Pradesh Chief Minister, Yogi Adityanath, reviewed the development projects before the inauguration.
The project will meet the enhanced crude oil requirement arising out of capacity expansion of Panipat Refinery from 15 MMTPA to 25 MMTPA.
According to a recent report released on Tuesday, India’s mergers and acquisitions (M&A) reached an all-time high in 2021, with more first-time buyers accounting for more than 80% of the deals done in 2020 and 2021, up from less than 70% from 2017 to 2019.
According to a JLL India forecast, the year 2022 is likely to surpass the US$ 5 billion thresholds, which was achieved by Indian real estate annually between 2017 and 2020.
The Minister further stated that as per the data sourced from National Payments Corporation of India (NPCI), India’s own payment platform, UPI has emerged as the country’s favourite digital payment choice, with over 22 billion transactions registered during FY 2020-21, showing 4 times growth over the last 3 years. Also, AePS inter-bank transactions during FY 2020-21 registered a 9-fold growth, over the past 4 years.
Industry body Retailers Association of India (RAI) stated that retail sales in India increased by 9% in November 2019 compared to pre-pandemic levels, indicating an upswing in business despite concerns about Omicron variant spread and the third wave of the pandemic.
On Monday, December 20, as part of its foreign growth strategy, Japan’s Osaka Gas Co announced that it has joined India’s urban gas distribution market by investing in the local business of Singapore-based AGP International Holdings (AG&P).
According to the corporate affairs ministry, corporations have spent Rs 1.09 lakh crore (US$ 14.3 billion) on different CSR initiatives, including those linked to health, education, and poverty eradication, under the companies law in the previous seven financial years.
Mr. Nitin Gadkari, Union Minister for Road Transport & Highways (MoRTH), stated that investors should have confidence in India’s infrastructure sector and invest boldly as “the economic viability is intact since the internal rate of return in the road sector is very high.”
According to data given by the Directorate General of Civil Aviation, IndiGo carried 57.06 lakh passengers in November, accounting for 54.3% of the domestic market, while SpiceJet flew 10.78 lakh passengers, accounting for 10.3% of the market (DGCA).
