Indian Economy News

February 03, 2023

Ministry of Youth Affairs and Sports received a Budget allocation of US$ 415 million (Rs. 3,397.32 crores) for FY23, with an increase of 11% over FY23

The Budget allocation for the Ministry of Youth Affairs and Sports has been increased by 11% to US$ 415 million (Rs. 3,397.32 crores) in comparison to FY23, which is the highest-ever budget allocation for the Ministry since 2010.

Government e-Marketplace has achieved a Gross Merchandise Value (GMV) of US$ 18 billion (Rs. 1.5 lakh crores)

The Government e-Marketplace (GeM) has achieved US$ 18 billion (Rs. 1.5 lakh crores) worth of Gross Merchandise Value (GMV) in FY23 alone, as of February 1, 2023.

Electronics manufacturing and auto get the best of Budget spending on PLI scheme

The Union Budget 2023-24 has put aside US$ 988 million (Rs. 8,083 crores) for the production-linked incentive schemes (PLI), and the majority of money is going for large-scale electronics manufacturing.

India and US have agreed to streamline the funding for research projects

India and the US have signed an agreement that would streamline the selection and funding process of research projects between scientists and engineers from the two countries, as per the National Science Federation (NSF).

8.88 LMT wheat sold on the first day of e-auction by the Food Corporation of India under OMSS (D) in 22 States

About 8.8 LMT of wheat has been sold on the first day of the e-auction by the Food Corporation of India under the Open Market Sale Scheme (Domestic), where around 22 LMT has been offered for the e-auction.

Priority sector credit worth US$ 19 billion (Rs. 15 lakh crore) has been deployed to micro and small units in December 2022: RBI data

According to the latest monthly data by the Reserve Bank of India (RBI), the priority sector loans to micro and small enterprises (MSEs) by scheduled commercial banks saw an 11.2% year-on-year growth in December 2022.

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