News on Indian Economy
Consequent upon successful commissioning, first part capacity of 17.5 MW of 100 MW Ramagundam Floating Solar PV Project at Ramagundam, Telangana, is declared on Commercial Operation w.e.f. 12:00 Hrs. of 28.10.2021.
The process also switches over the raw material from hematite to magnetite, which contains a much higher amount of pure iron at 72.4%. Magnetite ores comprise more than 30% of India’s iron ore deposits, which are heavily underutilized. Offering the highest iron recovery, magnetite sponge iron can be a revolutionary turn in the Indian metallurgical industry, said Soumitra Mohanty, the executor of the successful trials of the above project.
Russia’s Sinara Transport Machines (STM) has commenced work to assemble RTM-32 machine sets at the production site of San Engineering & Locomotives in India.
India received its first import of liquefied natural gas (LNG) from Russia’s Yamal LNG project over the weekend, Refinitive Eikon LNG flows data showed.
Shri Reddy said that recently, the Ministry of External Affairs on the request of the Ministry of Tourism has appointed dedicated 20 Tourism Officers in Indian Missions abroad. This will enable us to widely promote Indian tourism in countries such as Australia, Canada, USA, France, Germany, and Gulf Countries. “India’s civilisation heritage goes back to many thousands of years and this Azadi Ka Amrit Mahotsav is also an opportunity to pay a tribute to all those people that fought for the preservation of our heritage”, he added.
NHSRCL started the casting of the First Full Span Pre-Stressed Concrete (PSC) Box Girder of 40 meter span to expedite the construction of viaduct for Mumbai- Ahmedabad High Speed Rail corridor (MAHSR), in a casting yard in Anand, Gujarat on 28th October 2021.
The finance ministry has approved 8.5% rate of interest on provident fund deposit for 2020-21 paving way for the Employees’ Provident Fund Organisation to credit the interest in accounts of >60 million beneficiaries.
According to a Government official, after an eight year pause, India and the European Union (EU) are set to continue talks for a Bilateral Trade and Investment Agreement (BTIA) by December. Another official termed the India-EU connectivity partnership, announced in May, as a “counterfoil” to other such initiatives in an indirect reference to China’s Belt and Road Initiative (BRI).
India’s overall demand stood at 94.6 tonnes during the September quarter of 2020, the WGC’s Q3 Gold Demand Trends 2021 report stated, including that in terms of value, India’s third quarter gold demand surged by 37% to Rs. 59,330 crore (US$ 7.92 billion), compared to Rs. 43,160 crore (US$ 5.76 million) last year.
India is likely to spend US$ 316 billion (~Rs. 23 lakh crore) in the decade to 2030 towards de-carbonisation, with a great amount of the financing to be earmarked to renewable sources of energy, according to a foreign brokerage. The financing will be on top of the estimated Rs. 6 lakh crore (US$ 84 billion) previously spent since the country joined the Paris climate accord in 2015, Bofa Securities stated.
