India needs $223 billion to meet 2030 renewable capacity goals: Report
NEW DELHI: India will need USD 223 billion of investment to meet its goal of wind and solar capacity installations by 2030, according to a new report by research company BloombergNEF (BNEF). The government has set a target of increasing non-fossil power capacity to 500 GW by 2030. It wants non-fossil fuel power sources to […]
India, Vietnam ink MoU on logistics support as Rajnath Singh hold talks
NEW DELHI: India and Vietnam on Tuesday signed an MoU on mutual logistics support, the first such major agreement Hanoi has inked with any country towards simplifying procedures for mutually-beneficial logistic support as Defence Minister Rajnath Singh held wide-ranging discussions with General Phan Van Giang on “effective and practical initiatives” to further bolster defence engagements. […]
India approves procurement of military equipment, platforms worth Rs 76,390
NEW DELHI: In a significant move to boost self-reliance in defence manufacturing, the government of India on Monday approved the procurement of military equipment and platforms worth Rs 76,390 crore from domestic industries to enhance India’s overall combat capabilities. The Defence Acquisition Council (DAC), chaired by Defence Minister Rajnath Singh, cleared the procurement of next-generation […]
India’s GST revenues at nearly Rs 1.41 lakh crore in May
NEW DELHI: India’s GST revenue for May stood at nearly Rs 1.41 lakh crore, a 44 per cent increase over the same month last year, the Finance Ministry said on Wednesday. Bucking the month-on-month increasing trend of the last two months, the Goods and Services Tax (GST) revenues came in lower than the record high […]
India’s unemployment rate rose to 7.83% in April, shows CMIE data
NEW DELHI: The unemployment rate in the country grew to 7.83 per cent in April from 7.60 per cent in March, according to the Centre for Monitoring Indian Economy (CMIE) data. The unemployment rate in urban areas was higher at 9.22 per cent compared to 8.28 per cent in March, the data released on Monday […]
Royal Enfield sales rise 17% to 62,155 units in April, domestic up 10%
NEW DELHI: Mid-sized motorcycle maker Royal Enfield, part of Eicher Motors, on Monday said its total wholesales increased by 17 per cent to 62,155 units in April. The company had reported sales of 53,298 units in the same month last year. Domestic sales increased by 10 per cent to 53,852 units last month against 48,789 […]
India probably buys less oil from Russia in a month that what Europe does in an afternoon: Jaishankar
NEW DELHI: India’s total purchase of oil from Russia in a month is probably less than what Europe does in an afternoon, External Affairs Minister S Jaishankar has said. “I noticed you refer to oil purchases. If you are looking at energy purchases from Russia, I would suggest that your attention should be focused on […]
India achieves $400 billion merchandise exports well before target date:Piyush Goyal
NEW DELHI: The Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Piyush Goyal today said that the achievement of USD 400 billion exports was the result of a concerted, collective effort by every sector, every stakeholder in the nation. Merchandise exports from India have crossed $400 billion in the […]
USA says India is a bit shaky in terms of dealing with aggression of Russia
WASHINGTON: India is a bit shaky in terms of showing support against the Russian invasion of Ukraine, US President Joe Biden has said asserting that most American friends and allies have presented a united front in terms of dealing with Vladimir Putin’s “aggression”. On February 24, Russian forces launched military operations in Ukraine, three days […]
Japan is India’s 5th largest investor, 114 Japanese companies currently operate across India
NEW DELHI: In a big-ticket move, Japanese Prime Minister Fumio Kishida on Saturday announced an investment target of five trillion yen (Rs 3,20,000 crore) in India over the next five years after holding talks with his Indian counterpart Narendra Modi on a wide range of issues, including the Ukraine crisis. The two sides inked six […]
Hurting from sanctions on Russia, India is losing faith in the West
By Mihir Sharma | NEW DELHI: On Wednesday, Indian government officials said that state-controlled Indian Oil Corp. had reached a deal to buy 3 million barrels of oil from Russia’s Rosneft Oil Co. at a 20% discount to global prices. This is a drop in the ocean of India’s oil needs, which stood at 4.5 […]
Solar manufacturing industry providing 30,000 jobs annually in India
NEW DELHI: The solar manufacturing industry is providing 29,900 new jobs every year based on the installed capacity, the government informed the Rajya Sabha on Tuesday. Under solar manufacturing, module and capacity as of date is 11,500 MW, Minister of State for New and Renewable Energy Bhagwanth Khuba said. “One MW provides 2.6 jobs per […]
India’s industrial growth at 1.3 per cent in January
NEW DELHI: Industrial production expanded by 1.3 per cent in January on an annual basis, mainly on account of improved performance of mining and manufacturing sectors, official data showed on Friday. The Index of Industrial Production (IIP) had contracted by 0.6 per cent in January 2021. As per the data released by the Ministry of […]
India signs $125 million loan agreement with World Bank
NEW DELHI: The Government of India, the Government of West Bengal, and the World Bank signed a $125 million IBRD loan to support efforts to help poor and vulnerable groups access social protection services in the state of West Bengal. West Bengal runs more than 400 programs that provide social assistance, care services, and jobs. […]
India adds record 1,700 megawatt rooftop solar capacity in 2021: Mercom
NEW DELHI: India installed a record 1,700 megawatt (MW) of rooftop solar capacity in 2021, registering a 136 per cent year-on-year rise, according to a Mercom India Research report. The country had added 719 MW of rooftop solar capacity in 2020, the research firm said in its latest report on Wednesday. India added a record […]
Sanctions on Russia unlikely to trouble Indian defence sector: Niti Aayog member
NEW DELHI: India’s defence sector will not face any problems because of the western sanctions on Russia as Moscow has an inherent military strength and is self-sufficient in its production capabilities, Niti Aayog member V K Saraswat said on Wednesday. Russia is one of biggest suppliers of defence products and equipment to India mostly under […]