Indian Economy - Angel One - Page 423

India’s trade performance in August 2024 presented a mixed picture, with exports declining slightly while imports continued to rise. While the overall trade deficit for the month widened, the cumulative figures for the April-August period showed positive growth in both exports and imports. Merchandise Trade Exports: India’s merchandise exports in August 2024 decreased by 2.38% …

The IIP for July 2024 grew by 4.8%, up from 4.7% in June. This growth was driven by increases in all three sectors: Mining (3.7%), Manufacturing (4.6%), and Electricity (7.9%). Key Highlights Quick Estimates: The IIP stood at 149.6 in July 2024 compared to 142.7 in July 2023. Sectoral Indices: Indices for Mining, Manufacturing, and …

Union Minister of Commerce & Industry, Shri Piyush Goyal, has expressed unwavering confidence in the Indian auto component sector’s ability to achieve a staggering $100 billion export target by 2030. This ambitious goal positions the sector as a key driver of job creation in the country. The Minister made this statement during the 64th Annual …

India, the world’s third-largest emitter, faces a daunting challenge in achieving its net-zero ambitions by mid-century. A recent report by BloombergNEF (BNEF) underscores the urgency of this task, highlighting the need for a drastic reduction in emissions from the country’s high-polluting power industry by 2026. However, the government’s continued reliance on coal, a major contributor …

Indian Railways continues to demonstrate its pivotal role in the nation’s economy, achieving remarkable freight loading statistics for August 2024. The Railway Board announced that a total of 126.97 million tonnes (MT) of freight was loaded in August alone, contributing to a cumulative total of 653.22 MT for the financial year 2024-25. This impressive performance …

The Indian government has implemented a significant policy change, permitting sugar mills to utilise a wider range of sugar derivatives for ethanol production. This shift announced in a notification on August 29, 2024, is designed to bolster ethanol output and reduce reliance on fossil fuels. Effective November 1, 2024, sugar mills will be allowed to …

The World Bank increased its growth forecast for India to 7% for the current financial year, up from the previous estimate of 6.6%. This upgrade is attributed to increased government spending on infrastructure. According to the World Bank’s India Development Update report, the growth was driven by investments in public infrastructure and a rise in …

The Indian life insurance sector witnessed a surge in July, with the total annualised premium equivalent (APE) experiencing a substantial 16.9% year-on-year increase. This growth was primarily fueled by the private sector, demonstrating a remarkable 18% rise in APE. Life Insurance Corporation of India (LIC), the country’s largest insurer, recorded a more moderate growth of …

The Reserve Bank of India (RBI) has taken a significant step to encourage wider foreign participation in India’s sovereign green bonds (SGrBs). The central bank has introduced a new scheme that allows foreign investors in the International Financial Services Centre (IFSC) to invest directly in these environmentally-friendly securities. SGrBs, issued by the Indian government, are …

The Reserve Bank of India (RBI) has announced the launch of a new Unified Lending Interface (ULI) on the same public digital infrastructure that supports the innovative UPI services. This platform enables a seamless and consent-based flow of digital information from multiple data service providers to lenders, aiming to reduce the turnaround time for assessing …