Higher Fuel Taxes, Fewer Subsidies Are Good Policy? What is Supply-Side Economics? KVIC opens state-of-the-art Footwear Training Center for Leather Artisans in Delhi. Minister of State for HRD jointly launch the first on-line NISHTHA programme for 1200 Key Resources Persons of Andhra Pradesh. Milk production is expected to rise to 330 million tons by 2024; Government trying to increase milk processing up to 40 per cent - Shri Giriraj Singh. Union Minister of Fisheries, Animal Husbandry and Dairying Shri Giriraj Singh today launched the Implementation Guidelines for Animal Husbandry Infrastructure Development Fund (AHIDF) worth Rs 15,000 crore (US$ 2.13 billion), which was approved by the Union Cabinet on 24.06.2020 under the Atma Nirbhar Bharat Abhiyaan stimulus package for ensuring growth in several sectors.
Union Minister of State for Fisheries, Animal Husbandry and Dairying Shri Pratap Chandra Sarangi was also present on the occasion. Thanking Prime Minister Shri Narendra Modi for announcing the Animal Husbandry Infrastructure Development fund (AHIDF), Shri Giriraj Singh said that India is engaged in breed improvement to increase milk production and on the other hand also taking care of the processing sector. PM, On The Occasion Of World Youth Skills Day, Exhorts Youth to Skill, Reskill and Upskill.
In his message to the Digital Skills Conclave held today on the occasion of the World Youth Skills Day and the fifth anniversary of ‘Skill India’ mission, the Prime Minister exhorted the youth to skill, reskill and upskill in order to remain relevant in the rapidly changing business environment and market conditions.
He congratulated the youth of the country on the occasion and said the world belongs to the youth due to their ability to acquire new skills all the time. He stated that the Skill India Mission launched five years back on the same day has led to creation of a vast infrastructure for skilling, reskilling and upskilling and enhancing opportunities to access employment both locally and globally. It has led to hundreds of PM Kaushal Kendras being set up across the country and increase in the capacity of the ITI ecosystem. Due to these concerted efforts, more than five crore youth have been skilled in the last five years.
India Records All Time High Export Of Coir & Coir Products. The export, of coir and coir products from India worth Rs 2,757.90 crore (US$ 391.25 million) for the year 2019-20, registers an all-time high record, which is around Rs 30 crore (US$ 4.26 million) higher than that of the last year i.e. 2018-19 which stood at Rs 2,728.04 crore (US$ 387.01 million). 988,996 MT of coir and coir products were exported during the year 2019-20 from the country as against 964,046 MT exported during the preceding year.
While the exports of coir pith, tufted mats, coir Geo-textiles, coir rugs and carpets, coir other sorts, coir rope and power-loom mats registered growth both in terms of quantity and value. Shri Gadkari inaugurates and lays foundation stones of new economic corridor projects worth about Rs 20,000 crore in Haryana. Union Minister for Road Transport, Highways and MSMEs Shri Nitin Gadkari inaugurated and laid the foundation stones of various Highway projects as part of a new economic corridor worth about Rs 20 thousand crore (US$ 2.84 billion) in Haryana today through webcast.
The function was presided over by the Chief Minister of Haryana Shri Manohar Lal. Turning Crisis into opportunity- Dr Harsh Vardhan discusses bilateral Health Co-operation including management of COVID-19 with Australian Health Minister. Dr Harsh Vardhan, Union Minister for Health and Family Welfare had a digital interaction with his Australian counterpart Mr Gregory Andrew Hunt to discuss bilateral Health co-operation, here today.
India and Australia have signed an MoU on co-operation in the field of Health and Medicine on 10th April, 2017. The MoU covers areas of mutual interest like the management of communicable diseases like Malaria and Tuberculosis, mental health and non-communicable diseases, antimicrobial resistance, regulation of pharmaceuticals, vaccines and medical devices and digitization of health infrastructure. The MoU also covers response to public health emergencies like the present COVID pandemic. At the outset, Dr Harsh Vardhan expressed deep admiration for Mr Gregory Hunt for his organization of charity events like a 5 km run for children suffering for autism and raising awareness on juvenile diabetes.
Renew Power plans to double power generation capacity to 10,000 megawatt in five years. Renew Power, India’s largest clean energy firm, plans to double its portfolio of running plants and projects under implementation to 10,000 megawatt (MW) in five years, an ambitious growth plan that has cheered its major investor Goldman Sachs.
An investment of around Rs 40,000 crore to Rs 50,000 crore (US$ 5.67 billion to US$ 7.09 billion) is required for expansion, going by the average cost of projects in the industry. Though, no financial details were shared by the company. The projects vary across the country, depending on the cost of land and the intensity of sunlight or wind. Mr Sumant Sinha is leading the Renew Power’s aggressive expansion project, which is part of the growing corporate interest in the sector in which Mr Gautam Adani is also expanding his presence with the aim of becoming the world’s biggest renewable energy company with a capacity of 25,000 MW. According to Goldman Sach’s MD of merchant banking division Mr Michael Bruun, these growth prospects are exciting. For the first time Indian Railways loads Special Parcel Train to Bangladesh.
For the first time the Indian Railways, loaded special Parcel train beyond the country borders to Benapole in Bangladesh with Dry Chillies from Reddipalem in Guntur District of Andhra Pradesh state.
Guntur and its surrounding areas in the state of Andhra Pradesh are well known for Chillies cultivation. The quality of this farm produce is internationally renewed for its uniqueness in taste and brand. Earlier, the farmers and merchants in and around Guntur area have been transporting Dry Chillies by road to Bangladesh in small quantities and that was costing around Rs 7,000 (US$ 99.30) per tonne. During the lockdown period, they could not move this essential commodity by Road. Then Railway staff and Officials approached the consignors and explained the facilities to transport by Rail. Aatma Nirbhar Bharat Package - Progress So Far. Hon’ble Prime Minister Mr Narendra Modi on May 12, 2020 announced the Special economic and comprehensive package of Rs 20 lakh crore (US$ 283.73 billion) - equivalent to 10 per cent of India’s GDP – to fight COVID-19 pandemic in India.
He gave a clarion call for Aatma Nirbhar Bharat or Self-Reliant India Movement. He also outlined five pillars of Aatma Nirbhar Bharat – Economy, Infrastructure, System, Vibrant Demography and Demand. Following the call of the Hon'ble Prime Minister, Minister for Finance and Corporate Affairs Ms Nirmala Sitharaman laid down the details of the Aatma Nirbhar Bharat Package in a string of press conferences from 13th May to 17th May 2020.
The Ministries of Finance and Corporate Affairs have immediately started implementation of the announcements related to the Economic Package under Aatma Nirbhar Bharat Abhiyaan. Regular reviews and monitoring of the implementation of economic package is being overseen by the Finance Minister personally. Indian online grocery market can exceed US$ 3 billion sales in 2020: Sanjiv Goenka. The Indian online grocery market is estimated to exceed sales of about Rs 22,500 crore (US$ 3.19 billion) in 2020, a significant 76 per cent jump over the previous year, according to Spencer's Retail Chairman Mr Sanjiv Goenka.
The online delivery has gained attention following the COVID-19 outbreak, he added. In July 2019, Spencer's Retail, part of the RP-Sanjiv Goenka (RPSG) Group, acquired online supermarket and grocery store Nature's Basket. Due to the outbreak of COVID-19, consumers shifted on online delivery from homes to buy essentials and other products than they had done in the past, he said. BP To Invest US$ 70 Million in India's Green Growth Equity Fund. UK’s energy major, BP plans to invest US$ 70 million in the Green Growth Equity Fund (GGEF) with an aim to rapidly scale-up commercially viable low carbon solutions, the company said in a statement.
This is a two-year-old fund which already includes investments from India’s National Investment and Infrastructure Fund (NIIF), and the UK Government’s Department for International Development (DfID). It is expected to increase to about US$ 700 million commitment at final close and expand further through leveraged capital options, the company said. With this investment, BP will become a limited partner in GGEF and have representation on its advisory committee, as well as the rights to coinvest in projects alongside GGEF, the company said. India's Second Coronavirus Vaccine Set To Go Into Human Trial On 1,000 People. India's second possible vaccine against COVID-19, ZyCoV-D, is all set to begin its human trial this month, the company said. It plans to conduct the trials on 1,000 volunteers across multiple sites in the country. In last week of June 2020, Zydus Cadila group received approval from Drug Controller General of India (DGCI) to initiate phase 1 and phase 2 human clinical trials of possible COVID-19 vaccine in India.
Zydus Cadila group chairman Mr Pankaj Patel said the estimated time to finish the trials is around three months. World Bank Provides US$ 400 Million To Enhance Support For Rejuvenating The Ganga. The World Bank and the Government of India today signed a loan agreement to enhance support for the Namami Gange programme that seeks to rejuvenate the Ganga river. The Second National Ganga River Basin Project will help stem pollution in the iconic river and strengthen the management of the river basin which is home to more than 500 million people. The US$ 400 million operation comprises a loan of US$ 381 million and a proposed Guarantee of up to US$ 19 million.
The agreement for the US$ 381 million loan was signed today by Shri Sameer Kumar Khare, Additional Secretary, Department of Economic Affairs, Ministry of Finance on behalf of the Government of India and Mr Qaiser Khan, Acting Country Director (India), on behalf of the World Bank. The Guarantee instrument will be processed separately. Ongoing National Ganga River Basin Project “The government’s Namami Gange Program has revitalized India’s efforts to rejuvenating the Ganga,” Mr Junaid Ahmad, World Bank Country Director in India.
India Ranks 34th in JLL's Global Realty Transparency Index. India's Global Real Estate Transparency Index ranking has improved by one notch to 34 on the back of regulatory reforms, better market data and green initiatives, as per property consultant JLL. During 2018 bi-annual survey, India ranked 35th in the index, while the country was at 36th position in 2016 and 39th in 2014. India’s real estate market is presently placed in the 'semi-transparent' zone. First rank is held by the United Kingdom (UK) in the list of 99 countries, followed by the United States, Australia, France, Canada, New Zealand, the Netherlands, Ireland, Sweden, and Germany. Top 10 countries are classified as highly transparent, while those in the 11th position to 33rd are considered as transparent.
"The country ranks 34th globally on the index, with higher levels of transparency observed in India due to regulatory reforms, enhanced market data and sustainability initiatives," as per JLL India’s statement. Covid-19 Impact: Accelerating Towards a Contactless Economy. The one thing that the COVID crises have shown the world, is the fact that the future holds a contactless economy for us. People are adopting digital payments and students are learning from the comfort of their homes, without attending physical classes. Citizens across the globe are practising social distancing norms and billions of people are stuck in lockdown across the globe. The corporate world has also not remained untouched with employees working from home and governments issuing travel advisories to travellers, and telling them to reduce their travel necessities wherever possible.
But, what do these factors and steps mean for the economy as a whole? Indian Fashion Industry On The Verge Of Collapse. The Indian fashionindustry has been hit hugely amid the global COVID-19 pandemic. With people held in their homes and zero mall traffic, retailers are struggling to clear out their old stock and restructuring their supply chain. Customers too are reeling under the increased economic burden, and many have lost their jobs that have led to a tremendous decrease in disposable income. The COVID-19 induced lockdown has not helped the industry’s prospects either. Since people are locked in their homes, the retail industry has witnessed a huge reduction in footfall.
In the wake of the lockdown, online portals too were instructed to comply with the instructions and were ceased from serving any orders. Estimated cost for distribution of food grains (Rice and Wheat) and pulses under Pradhan Mantri Garib Kalyan Ann Yojana during April - November 2020 is around Rs 1,48,938 crore. Prime Minister Shri Narendra Modi had announced the extension of Pradhan Mantri Garib Kalyan Ann Yojana till the end of November 2020. He said that the PMGKAY scheme is extended from July till the end of November 2020. Daily average electronic transactions increased from 66 Lakh in 2014 to 16.3 Crore in 2020; E-services increases from 2,463 in 2014 to 3,858 till May 2020.
Bharat Biotech's COVID-19 vaccine first in India to receive nod for human trials. Bharat Biotech India Ltd’s COVID-19 vaccine ‘Covaxin’ has become the first candidate developed in India to receive the Drug Controller General of India’s (DGCI) approval to enter human trials. Raksha Mantri Shri Rajnath Singh launches online portal for issue of NOC for power, oil and gas exploration projects. PM FME Scheme to generate total investment of Rs 35,000 crore and 9 lakh skilled and semi-skilled employment: Harsimrat Kaur Badal. Total 99,207 MT of food grains distributed under AtmaNirbhar Bharat Package and 101.90 LMT food grains under PMGKAY to beneficiaries.
Total food grain stock: As per the Food Corporation of India report dated 28.06.2020, FCI currently has 266.29 LMT rice and 550.31 LMT wheat. Hence, a total of 816.60 LMT food grain stock is available (excluding the ongoing purchase of wheat and paddy, which have not yet reached the godown). Indian Sports Goods Industry: Info On Sports Goods Manufacturers & Exports I IBEF.
Indian Real Estate Industry: Overview, Market Size, Growth, Investments...IBEF. Union Budget 2020-21. Indian Silk: Exports, Market Size, Products & Growth. Gems & Jewellery Industry: Gems and Jewellery Export Promotion Council India. What Is GDP And Why Is It So Important To Economists And Investors? - License To Blog. Since the time humankind became evolved enough to measure the economic impact of their economic activities, GDP has been one of the primary indicators for measuring the economy’s health and growth rate. GDP is calculated by measuring the total production and consumption of a country. It is crucial for Economists & Investors as it provides a clear picture of the economic performance and the exact value to all the goods and services manufactured & consumed within a country in a specific time. The Dollar value for Goods and Services produced in an economy over a certain period is perhaps the most closely monitored and important economic indicator both to economists and investors.
As a metric, the total size of an economy is also defined as a calculation. The use of GDP as the primary means of evaluating the economic health of central bankers and setting the target interest rates in an economy also helps in getting a clear picture of the economic activities within a country. Here: Tobacco Exports From India: Stats & Trivia by Tobacco Board I IBEF. Pharmaceutical Companies: Information on Exports from India - Pharmexcil. Indian Tea: Industry, Market & Export Data From The Tea Board of India I IBEF.
Indian Carpet: Carpet Exporters, Manufacturers & Industry in India. On the call of Prime Minister, Culture Ministry to celebrate "Sankalp Parva" to plant trees from 28th June to 12 July 2020. Shri Arjun Munda launches Tribes India products on Gem and new website of TRIFED through video conference. Department of Agriculture Cooperation & Farmers' Welfare, Government of India hosts two webinars on Reforms in Indian Agriculture, Strategic Policy Shifts and Investment Opportunities; India is now the 2nd largest aquaculture producer in the world and 4th. Department of Agriculture Cooperation and Farmers’ Welfare, Government of India hosted two webinars on 25th & 26th June 2020 – the first webinar was on the topic “Landmark Reforms in Indian Agriculture – Investment Opportunities Arising in Agri Enterprises”, while the second webinar dealt with “Ushering a new dawn in Agri Reforms – Strategic Policy Shifts : The Policy Makers’ View”.
Visual.ly. Indian Railways: Network, Investments, Market Size, Govt Initiatives. Media and Entertainment Industry in India, Indian Media Industry. Insurance Sector in India: Industry Overview, Market Size & Trends. Infrastructure Development in India: Market Size, Investments, Govt Initiatives. Healthcare Industry in India, Indian Healthcare Sector, Services. FMCG Industry in India: Sector Overview, Market Size & Growth. Automobile Industry in India, Indian Automobile Industry, Sector, Trends, Statistics. Automobile Components, Auto Components Industry in India, Auto Parts, Market Size. Agriculture in India: Industry Overview, Market Size, Role in Development...
What Factors Affect The Economy In a Broad Way? Indian Economy News, Latest News on Indian Economy, Today, Current. Milkbasket raises US$ 5.5 million funding led by Inflection Point Ventures. Decarbonising Transport: International Project to Develop Pathway to Low-CO2 Mobility for India. Union Minister Shri Prakash Javadekar inaugurates Virtual India Pavilion at Cannes Film Market 2020. Shri Mandaviya inaugurates India's one of the largest 1st Virtual Healthcare & Hygiene EXPO 2020. EPFO adds 1.39 crore subscribers in last two financial years.
Glenmark launches antiviral drug Favipiravir, trials show encouraging results in patients with mild to moderate COVID. National Testing Agency (NTA) launches Hindi Tests feature on National Test Abhyas mobile app; More than 9.56 lakh students have downloaded National Test Abhyas App and more than 16.5 lakhs tests have been given by students on this app - HRD Minister. NCERT launches Online Yoga Quiz Competition to promote integration of Yoga in school curriculum. PM addresses nation on International Day of Yoga; Yoga Day is a day of solidarity and universal brotherhood, says PM; Yoga promotes family bonding: PM. Kharif planting rises 40 per cent on strong monsoon start. Dr Harsh Vardhan Launches DBT - AMTZ Mobile Diagnostic Unit For COVID Testing-I-Lab. PM Launches Auction Process of Coal Blocks For Commercial Mining. Union Road Transport Minister Shri Nitin Gadkari Say, India Will Be A Manufacturing Hub For Electric Vehicles Within 5 years. PM Modi to launch Garib Kalyan Rojgar Abhiyaan on 20th June to boost livelihood opportunities in Rural India; Focused campaign of 125 days across 116 districts in 6 states to work in mission mode to help migrant worker; Public works worth Rs 50,000 crore.
India’s journey from manufacturing zero PPE kits to two lakh PPE kits per day. India 2nd biggest driver of global energy consumption in 2019: BP Statistical Review. Indian Economy News, Latest News on Indian Economy, Today, Current. Tata Power arm bags 120 mw-solar power project order from GUVNL. HIL India Ltd. supplies 25 MT Malathion 95 per cent ULV Insecticides to Iran for Locust Control Programme. Shri Dharmendra Pradhan launches Indian Gas Exchange, first nationwide online delivery-based gas trading platform.
India's Forex Reserves cross half trillion dollars for the first time. India joins Global Partnership on Artificial Intelligence (GPAI) as a founding member to support the responsible and human-centric development and use of AI. Aarogyapath, A Web-Based Solution For The Healthcare Supply Chain That Provides Real-Time Availability Of Critical Supplies Launched. NHAI becomes first construction sector organisation to go 'Fully Digital' 811.69 LMT food grains stock available with Food Corporation of India; Under Atma Nirbhar Bharat Package, 22,812 MT of food grains distributed to 45.62 lakh beneficiaries in May and June; 2,092 MT gram also distributed by States/UTs.
Indian Economy News, Latest News on Indian Economy, Today, Current. Indian Economy News, Latest News on Indian Economy, Today, Current. Adani Wins World's Largest Solar Project; To Invest Rs 45,000 cr. Bharti Airtel Arm Buys 6.3 % More Stake In Robi Axiata From NTT Docomo. Bharti Airtel Arm Buys 6.3 % More Stake In Robi Axiata From NTT Docomo. NCERT and Rotary India digitally Sign MoU For E-learning Content Telecast For Class 1-12 Over All NCERT TV Channelsin The Presence of Union HRD Minister Shri Ramesh Pokhariyal 'Nishank. NCERT and Rotary India digitally Sign MoU For E-learning Content Telecast For Class 1-12 Over All NCERT TV Channelsin The Presence of Union HRD Minister Shri Ramesh Pokhariyal 'Nishank.
EPFO Settles 36.02 Lakh Claims During Lockdown; More than 74 % Beneficiaries Are Low Wage Earners. JNCASR Signs MoU With Incubated Company For Scaling Up Technology For Reducing CO2 to Methanol & Other Useful Chemicals. FDI from Cayman Islands to India jumps three-fold to US$ 3.7 billion in 2019-20. Indian Economy News, Latest News on Indian Economy, Today, Current. What is The Approximate Share Of Agriculture in The Gross Domestic Product (GDP) In India? Maruti commissions 5 MW solar plant at Gurugram. Now, ADIA's arm invests Rs 5,683.50 crore in Jio Platforms. RCF Crosses Rs 100 Crore Mark in Cumulative Sales of its Industrial Products in Current Financial Year. Based computer diagnosis framework for rapid and accurate diagnosis of oral cancers. Awareness and not Anxiety is the key to fighting COVID-19: DrJitendra Singh; Launches COVID BEEP, India's first indigenous, cost effective, wireless physiological parameters monitoring system for COVID-19 patients.
About 111.02 LMT food grains lifted through 3965 rail rakes during lockdown; Under Atma Nirbhar Bharat Package States/UTs lifted 4.42 LMT food grains and 15,413 MT grams for distribution. World Environment Day 2020 Indian Navy's Green Footprint to its Blue Water Operations. TULIP - Urban Learning Internship Program for providing opportunities to fresh Graduates in all ULBs & Smart Cities launched; MoU signed between MoHUA & AICTE for Implementation. Prime Minister Addresses the virtual Global Vaccine Summit 2020; India pledges US$ 15 million to Gavi, the international vaccine alliance. Renewed thrust to infrastructure development by Indian Railways during the year 2019-2020; 15 critical projects of around 562 km track length and costing Rs 5,622 crore completed & commissioned out of which 13 were commissioned in FY 2019-20; Railway Elec.
Microsoft Launches Program to Accelerate Growth of Agritech Startups in India. Cabinet Approves Establishment of PCIM&H as Subordinate Office Under Ministry of AYUSH.