India’s Economy -Important Points
1- The Ministry of Urban Development has sanctioned Rs 194 crore (US$ 22.9 million) to prepare city plans for the 96 cities selected under the Smart City Mission.
2- A Multi Skill Development Centre was inaugurated at NTPC Talcher Kaniha, Odisha by Mr Piyush Goyal, Union Minister of State (IC) for Power, Coal and New & Renewable Energy and Mr Dharmendra Pradhan, Union Minister of State (IC) for Petroleum & Natural Gas.
3- Dr Reddy’s Laboratories Ltd, India’s second-largest drug maker, is planning 20 new business proposals, such as a chain of dental clinics and health-diagnostic laboratories through its venture capital arm.
4- Odisha government has announced the new Industrial Policy Resolution (IPR-2015), with a view to attract fresh investments worth Rs 1,73,000 crore (US$ 26.05 billion) in next four years aiming to provide direct employment to about 3,00,000 people.
5- The Indian Ports Association (IPA) is planning to set up an investment promotion and facilitation cell in association with Federation of Indian Chambers of Commerce and Industry (FICCI) and Ministry of Shipping in order to attract investments in the maritime sector.
6-The Nikkei India Services Business Activity Index rose to 51.8 in August 2015 from 50.8 in July 2015 as the pace of increase in new orders was the fastest in past five months.
7-The Andhra Pradesh government is planning to set up five incubators on the line of Israel’s initiatives in the 90s to nurture start-ups in areas of futuristic technologies, including the internet of things, social media, analytics and cloud, among other things.
The government readied a blue print with each incubator being planned with a cost of Rs 150 crore and will be executed for a period of 15 years, it said.
8- DLF, India’s largest real estate company, has formed a 50-50 joint venture with GIC, Singapore’s sovereign wealth fund, to develop two residential projects in New Delhi.
9-Odisha Chief Minister Mr Naveen Patnaik unveiled the new Industrial Policy Resolution (IPR-2015), with a view to attract fresh investments of Rs 1,73,000 crore (US$ 26.05 billion) in next four years and provide direct employment to about 300,000 people.
10-Mumbai-based Cipla Ltd has announced that its UK arm Cipla EU will acquire two US-based companies, InvaGen Pharmaceuticals Inc. and Exelan Pharmaceuticals Inc., for $550 million.
11-Telangana government said it will be spending Rs.81,000 crore in next three years to complete pending irrigation projects and take up two new projects to lift water from the Godavari and Krishna rivers.
12-India and the United Arab Emirates (UAE) will set up a joint working group to forge stronger linkages in the hydrocarbon, chemicals and fertilizer sectors
13-General Electric Co. is looking to make further investments in India’s rail, power and healthcare sectors.
The company said as part of its Make in India initiative, it has increased the levels of local sourcing by 20% for locomotives, 30% for power equipment and 15% for aviation
14-The Ministry of Urban Development has sanctioned Rs. 194 cr at the rate of Rs.2.00 cr per each of the 96 cities included in the Smart City Mission.
15- Companies including Airbus, Essel Infra and Srei Infra have evinced interest in setting up large defence and aerospace parks in Andhra Pradesh that could lead to investments of thousands of crores of rupees in the state over the next few years.
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