An average Indian spends about 6.5 hours per day on the Internet and the Internet economy will reach a size of nearly $1 trillion by 2030

5G is written in a blue circle on the Indian flag in the background of the phone

Mumbai, September 19 (Meel Bijendra) – The Indian economy received a significant boost with the acceptance of digitalization by intermediaries across the value chain (consumers, suppliers, wholesalers/distributors), supported by better internet infrastructure and connectivity. India’s digital journey holds significant potential for growth, supported by the interest of large corporates to democratize data and serve stakeholders. … Read more

India can create 3.4 million new clean energy jobs by reaching its goal of 500 GW non-fossil fuel energy sources by 2030

Power generating windmill turbines are pictured during the inauguration ceremony of the new 25 MW ReNew Power wind farm at Kalasar village in the western Indian state of Gujarat

Gujarat, September 17 (Meel Bijendra) – India ranks fourth in the world in terms of renewable energy installed capacity, including large hydro. Apart from this, it also ranks fourth in both Wind Power capacity and Solar Power capacity. India announced its ambitious targets to install 500 GW of non-fossil fuel capacity by 2030, achieve net-zero … Read more

Retail lending market expected to touch USD 1 trillion and MSME lending market to touch USD 600 billion by FY 2026

Indian 500 rupee notes lie on the cashier counter of a branch of HDFC Bank in Mumbai

Mumbai, September 15 (Meel Bijendra) – Several developments over the past few years have helped shape India’s payments landscape, be it innovation in mobile payments infrastructure, continued regulatory support, or government initiatives to increase consumer and merchant acceptance. Given the growing shift towards a cashless economy and users’ preference for transactions via smartphones, mobile payments … Read more

India’s current use of hydrogen in fertilizer manufacturing, ammonia or petroleum refining is about 6 million tonnes

Power generating windmill turbines are pictured during the inauguration ceremony of the new 25 MW ReNew Power wind farm at Kalasar village in the western Indian state of Gujarat

Mumbai, September 10 (MeelBijendra) – India set ambitious targets to achieve energy independence by 2047 and reach net zero emissions by 2070. The key to achieving these goals lies in the widespread adoption of renewable energy across all sectors of the Indian economy. Of all the options that could facilitate this energy transition, green hydrogen … Read more

India’s total urban population was the second largest in the world at 508 million in 2022; Only 36% population classified as urban: Economist

Indian 500 rupee notes lie on the cashier counter of a branch of HDFC Bank in Mumbai

Urbanization is one of the most important pillars of India’s development story. India’s total urban population at 508 million in 2022 was the second largest urban population in the world, second only to China. However, only 36% of India’s population is classified as urban, while the global average is around 57%. It is the pace … Read more

Following prominent leaders are participating in the 18th G-20 summit in India’s capital New Delhi

A model of the G20 logo is installed outside the Bharat Mandapam International Exhibition-Convention Centre (IECC), Pragati Maidan in New Delhi, India

New Delhi, September 9 (MeelBijendra) – The G20 summit is being held in the Indian capital New Delhi on 9 and 10 September 2023 and India is hosting its 18th meeting. It is the first G20 summit held in South Asia and is being held at the Bharat Mandapam International Exhibition-Convention Center (IECC), Pragati Maidan, … Read more

India successfully attempted to land LVM3-M4/Chandrayaan-3 on the Moon’s South Pole on 23 August 2023 at 6:03 pm IST

India's LVM3-M4 lifts off carrying the Chandrayaan-3 lander from the Satish Dhawan Space Centre at Sriharikota, India, July 14, 2023

BENGALURU, Aug 23 (MeelBijendra) – On Wednesday, 23 August 2023, at 6:03 pm IST, India successfully attempted LVM3-M4/Chandrayaan-3 to land on the Moon and is considered significant for its exploration of the Moon and establishing the country as a space power. The Indian Space Research Organization (ISRO) launched the spacecraft Chandrayaan-3 on 14 July 2023 … Read more

Retail sales contribute $787 billion to India’s GDP, with staple food consumption accounting for $125 billion

Beauty products by Nykaa, an Indian beauty products retailer, are seen for sale in a store at a mall in New Delhi

MUMBAI, Aug 21 (MeelBijendra) – Currently, India’s GDP is $3.2 trillion, which includes $1 trillion in investment, $1.9 trillion in consumption, $0.4 trillion in government, and $0.1 trillion in net exports. Retail sales contribute $787 billion to India’s GDP, including grocery and food $503 billion, apparel and accessories $114 billion, and electronics $60 billion. Grocery … Read more

Crude steel production in India grew at CAGR of 4.2% over the last 5 years to reach 124.7 MTPA in 2020

A truck is carrying coal from a coal mine in the Indian state of Jharkhand

MUMBAI, Aug 20 (MeelBijendra) – India is one of the leading producers of steel in the world with crude steel production reaching 124.7 million tonnes per annum in 2020 with an increase of 5.5% over the previous year. India, the largest producer of sponge iron in the world and the second largest producer of crude … Read more

Economists say India’s real GDP growth rate to be around 9.4% per annum by FY27 and world’s third largest economy by 2030

Indian 500 rupee notes lie on the cashier counter of a branch of HDFC Bank in Mumbai

India is the fifth largest economy in the world with a gross domestic product (GDP) of about US$3.5 trillion in 2022, despite a period of sustained economic growth interrupted by the COVID-19 pandemic. The largest country in the Indian subcontinent located in South Asia, India’s GDP declined by 7.3% in 2020 due to the stringent … Read more

RBI to withdraw ₹2000 banknotes from circulation; Notes to be exchanged in banks from May 23

INR 2000 notes

On 19 May 2023, the Reserve Bank of India (RBI) announced that the ₹2000 banknote has now been withdrawn from circulation. The ₹2000 banknote was introduced after the Narendra Modi-led government demonetised the ₹500 and ₹1000 denomination banknotes on 8 November 2016. The ₹2000 banknote was introduced under Section 24(1) of the Reserve Bank of … Read more

India’s retail market size expected to reach ₹91 trillion by 2025; fashion footwear to contribute over 25%: Economists

Indian rupee notes

India is becoming a favorable market for fashion retailers. Factors like increase in income levels, improvement in consumer behavior, increase in demand from Tier 3, Tier 4 cities and rural markets, increase in youth spending led to growth in the Indian footwear industry. India’s retail market size was ₹55 trillion in 2020, growing at a … Read more

Go First Collapse Explained: what and why Go First Airline faced bankruptcy crisis

Go First airline's A320neo passenger plane passing over the city of Mumbai, India

India’s aviation sector is once again in the limelight after the Indian GoFirst airline filed for bankruptcy on Tuesday. On 2 May 2023, GoFirst Airline filed an application for resolution under Section 10 of the Insolvency and Bankruptcy Code with the National Company Law Tribunal (NCLT) in Delhi. GoFirst is India’s third-largest budget carrier airline, … Read more

India expects FDI of $100 billion in the current fiscal after $83.6 billion in FY21-22: Govt

Indian rupee notes

India’s domestic economic recovery in FY 2021-22 boosted import demand while India’s external sector remained resilient and safe-haven demand for gold expanded the trade deficit from October 2021 to March 2022 time period. But strong capital inflows, dominated by strong exports and foreign direct investment (FDI), eased the pressure on the current account balance. In … Read more

PM Narendra Modi to launch 5G services in India on October 1 at India Mobile Congress 2022 event, 5G service in 13 cities in 1st phase

5G is written in a blue circle on the Indian flag in the background of the phone

In Budget 2022, Indian Finance Minister Nirmala Sitharaman had said that 5G in 2022 and BharatNet broadband will be ready by 2025. Apart from this, Indian Prime Minister Narendra Modi, while addressing the nation on the 75th Independence Day, had said that 5G services are going to start in India soon. Prime Minister Narendra Modi … Read more

India cross 10 crore Demat accounts in August 2022, 60% new Demat accounts opened in 29 months

Statistics of Demat Accounts in 2022

Indian stock market touched a significant milestone of 10 crore Demat accounts in August 2022. A total of 22 lakh new Demat accounts were opened in the month of August. Now the total Demat account in India is 10,05,10,862 crores which is a new record for the Indian stock market. According to the National Securities … Read more

India gifts Dornier aircraft to Sri Lanka during a ceremony in Colombo

Indian Dornier aircraft flying in the sky during training

On Monday 15 August 2022, India gifted a Dornier-228 aircraft to strengthen Sri Lanka‘s maritime security. The Indian Air Force and Indian officials handed over the Dornier-228 Maritime Surveillance Reconnaissance Aircraft to the Sri Lankan Air Force base at Katunayake during a ceremony. Katunayake is a suburb of the city of Negombo in Sri Lanka, … Read more

International trade settlement in Indian Rupees via Special Rupee Vostro account

Indian rupee notes

On Monday 11 July 2022, the Reserve Bank of India (RBI) announced that the settlement of international trade can be done in Indian Rupees (INR) in order to boost the growth of global trade and to emphasize exports from India. And this additional arrangement has been made for invoicing, payment, and settlement of imports and … Read more