Furthering its industrialisation process, Odisha government on Monday approved 22 projects worth an investment of Rs 4,066 crore. The proposals got the state government's nod at the State Level Single Window Clearance Authority (SLSWCA) meeting chaired by Chief Secretary PK Jena. The projects are in different sectors such as green energy equipment, chemicals, textiles and apparel, steel, iron & ferro alloys, aluminium downstream, food processing, power & renewable energy, IT infrastructure and infrastructure & logistics, a release said. The projects after proper implementation are likely generate 25,525 jobs in 12 districts, officials said. In the green energy sector, Waaree Clean Energy Solutions Pvt Limited is planning to establish its electrolyser manufacturing plant in Khurda, with a project cost of Rs 435 crore, promising 300 jobs. In the chemical sector, Shalimar Paints has proposed to set up its unit in Balasore for paints varnish and its applied products project, ..

Peak power demand in the country is estimated to rise by seven per cent year-on-year to 260 GW this summer, according to a senior official. The peak power demand during the summer of 2023 touched 243 GW against a projection of 229 GW. "We expect the peak power demand this year (in summers) at 260GW," Central Electricity Authority Chairperson Ghanshyam Prasad told reporters on the sidelines of the Fourth Edition of Lineman Diwas in the capital. The power ministry had estimated the country's electricity demand to touch 229 GW during summers in 2023, but it did not reach the projected level in April-July due to unseasonal rainfall. Peak supply, however, touched a new high of 224.1 GW in June before dropping to 209.03 GW in July. Peak demand touched 238.82 GW in August 2023, while it was 243.27 GW in September, 222.16 GW in October, 204.77 GW in November, 213.79 GW in December 2023, and 222.73 GW in January 2024. Power consumption was affected in March, April, May and June last year

He urged investors to grab the opportunity India's rapid growth offers

Taking delivery of the FX swap would infuse around 400 billion rupees but cash outflows towards direct taxes are expected to ensure a sustained deficit in the system

Cost of housing, tobacco and other intoxicants among those bucking the trend

Delhi Finance minister Atishi on Monday announced the 'Mukhyamantri Mahila Samman Yojana' under which Rs 1,000 will be given monthly to all women aged above 18 from the fiscal year 2024-25. Atishi announced the scheme in her maiden budget speech. "The Kejriwal government will give a monthly amount of Rs 1,000 to every woman aged 18 or above. Under the Mukyamnatri Mahila Samman Yojana, women will be given this benefit," she said. Atishi presented the budget for the financial year 2024-25 in the Delhi Assembly on Monday with an outlay of Rs 76,000 crore, and said the government is trying to realise the dream of 'Ram Rajya'.

The government has permitted exports of 30,000 tonne of non-basmati white rice to Tanzania and 80,000 tonne of broken rice to Djibouti and Guinea Bissau. The export is permitted through National Cooperative Exports Limited (NCEL), the Directorate General of Foreign Trade (DGFT) has said in a notification. Though exports of non-basmati white rice have been banned since July 20, 2023 to boost domestic supply, exports are allowed on the basis of permission granted by the government to certain countries to meet their food security needs on request. Tanzania is an East African nation, while Djibouti is at the northeast coast of the African continent. Guinea-Bissau is a tropical country in West Africa. According to the notification, exports of 30,000 tonne of broken rice are allowed to Djibouti and 50,000 tonne to Guinea Bissau. India has earlier also allowed these exports to countries like Nepal, Cameroon, Cote D' Ivore, Guinea, Malaysia, Philippines, and Seychelles. NCEL is a multi-

The government has permitted exports of 64,400 tonnes of onion to the UAE and Bangladesh through the National Cooperative Exports Ltd (NCEL), according to notifications of the commerce ministry. While export of 50,000 tonnes of onion is permitted to Bangladesh, shipments of 14,400 tonnes were allowed to the UAE. "Export of 14,400 tonnes of onions, with a quantity ceiling of 3,600 MT (metric tonnes) quarterly, to UAE through NCEL is notified," the directorate general of foreign trade (DGFT) said in a notification. DGFT is an arm of the commerce ministry, which deals with norms related to imports and exports. For exports to Bangladesh, it said that the modalities for the exports will be worked out by the NCEL in consultation with the department of consumer affairs. Though onion exports are banned, the government allows specified quantities to friendly nations. The exports are allowed on the basis of permission granted by the government to other countries based on their request. On

Global rating agency Moody's on Monday raised India's growth forecast for 2024 calendar year to 6.8 per cent, from 6.1 per cent estimated earlier, on the back of 'stronger-than-expected' economic data of 2023 and fading global economic headwinds. India's real GDP expanded 8.4 per cent year-over-year in the fourth quarter of calendar year 2023, resulting in a 7.7 per cent growth for full-year 2023. Capital spending by the government and strong manufacturing activity have meaningfully contributed to the robust growth outcomes in 2023, Moody's Investors Service said. With global headwinds fading, the Indian economy should be able to comfortably register 6-7 per cent real GDP growth, it added. "India's economy has performed well and stronger-than-expected data in 2023 has caused us to raise our 2024 growth estimate to 6.8 per cent from 6.1 per cent. India is likely to remain the fastest growing among G-20 economies over our forecast horizon," Moody's said in its Global Macroeconomic ..

Some members of oil cartel OPEC, led by Saudi Arabia, and allied producers like Russia are again deepening their voluntary crude supply cuts. Announcements from several OPEC+ countries extend reductions of some 2.2 million barrels a day, the secretariat for the multinational organisation noted Sunday. Saudi Arabia led the pack by extending its previously-implemented cut of 1 million barrels a day through the end of 2024's second quarter. The extension, which was first shared by the state-owned Saudi Press Agency citing a Energy Ministry source, means the kingdom's crude production will stand at about 9 million barrels a day through the end of June. Also on Sunday, Russia announced an additional voluntary cut of 471,000 barrels per day for the second quarter across a blend of production and exports. Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman will be continuing reductions as well, according to OPEC's secretariat, in smaller amounts. The OPEC+ countries ...

A majority of people will stop using UPI if a transaction fee is levied on it, according to an online survey by LocalCircles. However, a sizable number of respondents claimed that they have experienced a transaction fee being levied on their UPI payment once or more in the last one year, it added. LocalCircles on Sunday said the survey received over 34,000 responses from citizens in over 364 districts, comprising 67 per cent of male respondents and 33 per cent of women. In August 2022, the Reserve Bank of India (RBI) released a discussion paper proposing a tiered structure charge on UPI payments based on different amount bands. Following the RBI discussion paper, the finance ministry clarified that there was no proposal to levy charges on UPI transactions, LocalCircles said in its report on UPI transaction fees. "Only 23 per cent of UPI users surveyed are willing to bear a transaction fee on payment. 73 per cent of those surveyed indicated that they will stop using UPI if a ...

At its peak, the deepwater project is set to produce 7 per cent of India's oil and gas

Meanwhile, the number of fresh subscribers in the government sector, including the central and state governments, increased in 2023

The Goods and Services Tax (GST) collection in Punjab jumped 15.69 per cent to Rs 19,222 crore in the current financial year so far, while the state's excise revenue rose 11.71 per cent to Rs 8,093.59 crore. The net GST collection up to February in the current fiscal year stood at Rs 19,222.5 crore, up from Rs 16,615.52 crore collected during the same period of the preceding fiscal, finance minister Harpal Singh Cheema said on Sunday. Cheema further said that the state's excise revenue also witnessed an impressive growth of Rs 842.72 crore with the overall collection of Rs 8,093.59 crore as against Rs 7,244.87 crore recorded during the same period a year ago, according to an official statement. Cheema said that the state has seen a shift in its fiscal trajectory since Chief Minister Bhagwant Singh Mann-led AAP government assumed office in March 2022. "With better planning and implementation, the state has recorded net tax revenue growth of 13.85 per cent, surpassing Rs 34,158 crore

Consumption of paan, tobacco and other intoxicants has increased with people spending a bigger portion of their income on such products in the last 10 years, according to a survey. The Household Consumption Expenditure Survey 2022-23, released last week, revealed that the expenditure on paan, tobacco and intoxicants as a portion of total household spending has increased in rural as well as urban areas. The data showed that the expenditure on these items has increased to 3.79 per cent in 2022-23 in rural areas from 3.21 per cent in 2011-12. Similarly, in urban areas, the spending grew from 1.61 per cent in 2011-12 to 2.43 per cent in 2022-23. The proportion of spending on education has reduced to 5.78 per cent in urban areas in 2022-23 from 6.90 per cent in 2011-12. In rural areas, this proportion has come down to 3.30 per cent in 2022-23 from 3.49 per cent in 2011-12. The National Sample Survey Office (NSSO), Ministry of Statistics and Programme Implementation, conducted the Hous

The target of USD 100 billion non-oil trade between India and the UAE by 2030 is ambitious but achievable as huge business opportunities are there in both the nations for sectors such as textiles, jewellery and pharma, CII President R Dinesh said on Sunday. He said that the free trade agreement between India and the UAE, which was implemented in May 2022, has resulted in a surge in bilateral trade and investments. Dinesh was here to participate in global investors' event 'Investopia' and various bilateral meetings, including with many participants at the WTO (World Trade Organisation) Ministerial Conference. "The target to achieve USD 100 billion in non-oil trade between India and UAE is ambitious but I do believe that it is achievable and recent developments are encouraging in this regard," the CII president told PTI here. He said that the agreement, officially dubbed as comprehensive economic partnership agreement, covers duty-free access to all labour-intensive sectors such as g

Major investments to drive state's economic growth and job creation, says CM

India has eliminated extreme poverty, a commentary authored by economists Surjit Bhalla and Karan Bhasin in a leading American think-tank The Brookings Institution said, citing the just released consumption expenditure data for 2022-23. In the article, the two noted economists cite the data to say real per capita consumption has grown 2.9 per cent per annum since 2011-12, with rural growth at 3.1 per cent being significantly higher than urban growth of 2.6 per cent. Also, there has been an unprecedented decline in urban and rural inequality. The urban Gini declined from 36.7 to 31.9; the rural Gini declined from 28.7 to 27.0. The Gini coefficient, or the Gini index, measures the inequality of income distribution, whereas a higher value closer to one (or 100 per cent) represents greater inequality. "In the annals of inequality analysis, this decline is unheard of, and especially in the context of high per capita growth," the article states. High growth and a large decline in inequa

A tripartite agreement between TIPRA Motha and the governments of Tripura and India was signed on Saturday in the presence of Union Home Minister Amit Shah to bring a "lasting solution" to the problems of the state's indigenous people. With the signing of the agreement, the government has respected history, corrected past wrongs and accepted the present reality to proceed towards a brighter future, Shah said. "I assure all stakeholders of Tripura that you won't have to fight for your rights anymore. The government of India will be two steps ahead in creating mechanisms to safeguard your rights," he said at an event held at North Block here. The home minister said no one can change history but everyone can learn from their past mistakes and move ahead. He said the Tripura Indigenous Progressive Regional Alliance, popularly known as TIPRA Motha, and all tribal parties have played a constructive role and the BJP government in Tripura also worked sincerely towards this agreement. Sha

Countries agree to renew the e-commerce moratorium until next ministerial