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| Jan 01, 1970 | Daily Report |
| RISING BHARAT | News Count (101984) | |
23201. Indian Economy To Grow More Than 9% In FY2023, Predicts Report
- Higher exports and more consumption, investment and capex on technology are expected to be growth drivers of the Indian economy in FY2023, says a report by Aditya Birla Sun Life Mutual Fund.
- India may achieve a growth of more than 9 per cent in FY2023, the fund house predicts. This projection is higher than the 4.9 per cent for 2022 (5.9 per cent for 2021) projection for global growth by the International Monetary Fund (IMF).
- GST collections of above Rs 1.3 lakh crore for the sixth consecutive month and falling unemployment rate are signs of India’s recovering economy, says the report. India’s economy is expected to grow 9.25 per cent on the back of faster normalisation of growth.
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23202. India’s exports cross $300 billion in the first 9 months of 2021-22
- India’s exports crossed $300 billion in the first 9 months of the financial year 2021-22, for the first time. December 2021 also saw an all-time high of $37 billion in monthly outbound trade. Exports in December 2021 witnessed a growth of 37 per cent over December 2020 and 37.5 per cent over December 2019.
- Exports reached $299.74 billion in April-December of the financial year 2022, an increase of 48.8 per cent over the April-December period of the financial year 2021 and 25.8 per cent over the financial year 2020.
- Sector-wise, engineering goods exports grew by 37 per cent, readymade garments by 22 per cent, gems and jewellery by 16 per cent and electronics by 33 per cent.
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23203. India's 2021 oil product exports rise on robust cracks
- India's oil product exports edged up on the year in 2021, even as domestic demand rose, with product cracks widening on the back of an economic recovery in the Asia-Pacific region.
- Preliminary data from Vortexa show product shipments of 1.4mn b/d last year, compared with 1.3mn b/d in 2020. Exports were 1.6mn b/d in December, up from 1.4mn b/d in November. India is a net exporter of oil products.
- Exports of clean petroleum products — including gasoil, gasoline, naphtha and jet fuel — were 1.33mn b/d in 2021, up from 1.26mn in 2020. Shipments rose in December to 1.56mn from the preceding month's 1.36mn.
- Shipments of dirty products such as bitumen and fuel oil rose to 55,000 b/d in 2021 from 47,000 b/d in 2020, and to 25,000 b/d last month from 21,000 b/d in November.
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23204. Indian textile industry impacted by high cotton prices: CITI
- domestic cotton prices are ruling at a higher price compared to global markets. India’s benchmark Shankar-6 cotton variety was traded at average price of ₹70,000 per candy (356 kg each) or ₹197 per kg in December, according to Fibre2Fashion’s market analysis tool TexPro.
- The cotton price that prevailed at ₹35,000 per candy of 356 kg during September 2020, increased to ₹60,000 per candy in October 2021. In November 2021, the price varied between ₹64,500 per candy and ₹67,000 per candy, according to TexPro. The price of Gujarat Shankar-6 kapas (unginned cotton) is now ruling at ₹10,062 per quintal as against the Minimum Support Price (MSP) of ₹5,975/- per quintal.
- In comparison, New York cotton was at US cent 113.63 per lb (₹187 per kg). However, the Cotlook A Index stood at US cent 125.85 per lb (₹207 per kg.)
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23205. 30 dists account for $120bn of India’s exports in 2 quarters
- The top 30 export districts in India exported merchandise valued at more than $120 billion in the first two quarters of the fiscal — April to September 2021 — with petroleum and gem-and-jewellery trade leading the table. And, three districts from Karnataka — Bengaluru, Dakshina Kannada and Ballari — accounted for more than $7.8 billion of this.
- According to data from the Union ministry of commerce and industry, while Karnataka has three districts in the top 30, Gujarat with eight has the most, followed by seven in Maharashtra and four in Tamil Nadu. The remaining districts are from Andhra Pradesh, Haryana, Odisha, Rajasthan, West Bengal and one Union territory — Daman & Nagar Haveli.
- The top five products exported from Bengaluru are: engineering goods ($1.1 billion), electronic goods ($900.3 million), textiles ($607.8 million), drugs and pharmaceuticals ($445.9 million) and organic and inorganic chemicals ($208.5 million). Together they account for 87% of all exports in terms of value from Bengaluru.
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23206. Agri trade is booming this fiscal, but April-Oct basmati exports fell 23% since last year
- non-basmati rice, which was the top performing agri product in 2020-21 with a 23.22 per cent export share, saw a 48 per cent surge to $3.45 billion (Rs 26,000 crore) in April-October 2021 from $2.33 billion (Rs 17,000 crore) in the year-ago period.
- Basmati rice shipments fell approximately 23 per cent to $1.85 billion (Rs 14,000 crore) between April and October 2021 from $2.43 billion (Rs 18,000 crore) in the year-ago period, according to data from Agricultural and Processed Food Products Export Development Authority (APEDA), an arm of the commerce ministry.
- Nepal, Bangladesh and African nations like Benin, Senegal and Togo were top importers for India’s non-basmati rice.
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23207. Bengaluru techie leaves his job to revive dying lakes
- Bengaluru is known as the City of Lakes as the capital of Karnataka had close to a thousand lakes Sadly despite once being a resourceful city Bengaluru is one of the 11 cities globally to run out of groundwater levels by 2020 according to a 2017 NITI Aayog report
- Bengaluru is known as the City of Lakes as the capital of Karnataka had close to a thousand lakes Sadly despite once being a resourceful city Bengaluru is one of the 11 cities globally to run out of groundwater levels by 2020 according to a 2017 NITI Aayog report
- dying lakes
23208. More firepower for soldiers! Indian Army to get lethal Assault Rifles – Know more
- Early December 2021, on the occasion of the visit of Russian President Putin to India and the inaugural India – Russia 2+2 dialogue, India and Russia signed a deal for manufacturing AK-203 Assault rifles in India
- Under this deal, valued at over Rs 5000 Crores, the newly established “Indo-Russia Rifles Private Ltd”, a joint venture between the OFB- Rosoboronexport and Kalashnikov, will manufacture over 6 lakh AK- 203 Assault rifles over the next 10 years, with the transfer of technology to India.
- These rifles will be produced at a newly set up factory at Korwa, in Amethi District of UP.
23209. Grape export from Nashik to European nations drops by 33%
- The district has exported 56,921 tonne of grapes till March 10 in the current grape season, against 85,128 tonne exported during the corresponding period last year. According to Manik Patil, director of Grape Exporters’ Association of India (GEAI), the harvest was delayed by 15-21 days this season as the pruning of the vineyards got delayed.
- Usually, the grape harvest gains momentum from January every year. The grape growers delayed pruning the vineyards by 15-20 days as they expected there may be unseasonal rain in January, like the previous year,” said Patil.
- However, Patil said, the grape export was gaining momentum. “In the last one week, around 12,500 tonnes of grape have been exported to European countries, which is the highest weekly export in this month in the last 10 years.
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23210. Traditional medicine exports to get a global boost as WHO’s GCTM gets India address
- India’s ancient Ayurvedic and traditional medicine exports set to get a global boost as the WHO plans to set up a Global Centre for Traditional Medicine in the country following a spurt in exports of such products in recent past reflecting its growing popularity in many countries.
- MoS for AYUSH Kiren Rijiju said so far over 50 AYUSH products have been registered in eight countries namely Kenya, US, Russia, Latvia, Canada, Oman, Tajikistan and Sri Lanka.
- The AYUSH ministry has said the GCTM will strengthen the evidence-based research, training in the field of traditional medicines and will support generating global awareness and recognition of ancient Ayurveda and other traditional systems of medicine within the country and across the globe.