Indian Economy News

May 26, 2023

Indian nationals bag top spot on UK's skilled worker, student visa tally

Indian nationals were the top nationality for visas in the 'Worker' category, representing one-third (33%) of grants, and were by far the top nationality for both the 'Skilled Worker' and 'Skilled Worker-Health and Care' visas. The number of dependents among Indian nationals increased from 22,598 to 42,381. A total of 138,532 sponsored study visa permits to Indian citizens were made in the fiscal year ending March 2023. This was a 63% rise over the previous year.

Prime Minister Mr. Narendra Modi flagged off the inaugural run of Vande Bharat Express from Dehradun to Delhi

Prime Minister, Mr. Narendra Modi, virtually flagged off the inaugural run of the Vande Bharat Express from Dehradun to Delhi. Additionally, he declared Uttarakhand to be a state with 100% electric traction and dedicated newly electrified rail segments to the country.

Ministry of Ayush and the Ministry of Minority Affairs have joined hands for the development of an Unani Medicine System

A significant step has been taken by the Ministry of Minority Affairs and the Ministry of Ayush to advance the Unani System of Medicine in India. The facilities for Unani Medicine would be upgraded in Hyderabad, Chennai, Lucknow, Silchar, and Bengaluru with the help of this programme.

Spice exports have doubled in the last nine years, says Mr. Piyush Goyal

India's spice exports have doubled over the past nine years, from US$ 216.2 million (Rs. 1,778 crore) in 2013-14 to US$ 485.8 (Rs. 3,995 crore) in FY23, informed Mr. Piyush Goyal, the Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution, and Textiles.

US$ 150 billion e-commerce market: Reliance will lead owing to a strong combination of retail, telecom, and digital media

According to a report by Bernstein Research, Reliance Industries Limited (RIL) has tapped into the growth of retail, telecom, and digital media to keep it on the top in the growing US$ 150 billion e-commerce market. It also mentioned that the largest digital ecosystem in India is being developed by Reliance Industries.

India, only major economy closes to meeting Paris Agreement goals: Report

According to a statement from the Ministry of Petroleum and Natural Gas, "Recent gas pricing reforms have resulted in a 10% reduction in the average cost of piped natural gas (PNG) and a 6-7% decrease in compressed natural gas (CNG) prices". The ministry stated that by efficiently controlling consumer prices, India has protected the general population from foreign price changes, putting the country's economy on pace to reach its Paris climate agreement commitments.