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Atmanirbhar Bharat campaign is a call to foster entrepreneurship not protectionism: Venkaiah Naidu.

Jul 07, 2020

Vice President Venkaiah Naidu on Sunday said that Atmanirbhar Bharat is a launchpad for fostering entrepreneurship, nurturing innovation and creation of an ecosystem for rural-urban symbiotic development. He was speaking at the virtual launch of made in India social networking app Elyments. Calling for the creation of an ecosystem of innovation and entrepreneurship, Naidu urged people to adopt the Atmanirbhar Bharat campaign to transform ‘local’ India into ‘global’ India. He emphasized that India’s call for the self-reliant economy wasn’t for protectionism or isolationism 'but for adopting a pragmatic development strategy that would enable the country to recognize and capitalize on its inherent strengths,' a statement by the Vice President’s Secretariat cited Naidu as saying.
 
PM Modi had launched the Atmanirbhar Bharat Abhiyaan in May this year for India’s economic self-reliance as Covid relief package worth Rs 20 lakh crore. The prime minister had also urged people to adopt made in India products to benefit domestic businesses and that 'every Indian must become vocal for our local,' Modi had said in his address to the nation in May.
    
Source: Financial Express



India has flattened Covid curve, green shoots emerging: Finance Ministry.

Jul 07, 2020

India has flattened the Covid-19 curve to a great extent with early containment measures, a finance ministry report has said, and ‘green shoots’ have emerged after the restrictions were lifted.
 
'These green shoots have a conducive policy environment to grow further and nudge the economy early on the path of economic recovery and growth,' the ministry said in its macroeconomic report for June.
 
It reiterated the International Monetary Fund’s forecast in June of a 4.5% contraction for India in FY21.
    
Source: The Economic Times



Government plants seeds to grow exotic fruits here, discourage imports.

Jul 07, 2020

The government plans to introduce exotic varieties of apples, almonds, walnuts, grapes and date palm in India by importing seeds and saplings to help local growers and reduce imports.
 
'These fruits originate in other countries but we consume in large quantities here. We have been growing these fruits but quality is a little inferior,' a horticulture department official said. 'So, the government has decided to import original planting material to promote cultivation of exotic varieties.'
 
He said that states have been asked to furnish demand of planting materials that farmers want to grow. 'State-owned National Seeds Corporation has been appointed as the nodal agency, which will import seeds, saplings and rootlets for further propagation in India.
    
Source: The Economic Times



India agrees to export 5.2 million tonnes sugar, likely to sell 6 million: Trade body.

Jul 07, 2020

Indian mills have contracted to export 5.2 million tonnes of sugar since the current season began on October 1, a leading trade body said on Monday.
 
Mills have already shipped out 4.5 million tonnes of the sweetener, said Praful Vithalani, president of the All India Sugar Trade Association.
 
Sugar mills have sold about 2.4 million tonnes of raw sugar and around 2 million tones of refined, or white, sugar to 73 countries, with Iran, Somalia, Indonesia, Sri Lanka and Afghanistan the top five buyers.
    
Source: Money Control



GIFT SEZ provides approval to 28 entities.

Jul 07, 2020

Around 28 entities bagged approval for setting up units in the Gujarat International Finance Tec-City (GIFT City)'s SEZ virtually, as part of a new approval process was created for unit approval in special economic zone (SEZ) in time of Covid-19.
 
GIFT city, which is located between Ahmedabad and Gandhinagar, has been touted as the template for all the other Smart Cities announced by the government.
 
The Development Commissioner of GIFT SEZ along with GIFT SEZ authorities met up with all the members of unit approval committee via teleconference. All the application documents and the details were submitted online by the units, with the entire agenda prepared and circulated online to all the committee members. The expected employment generation by these entities in 2-3 years time is around 2000 jobs, a statement from GIFT SEZ confirmed.
    
Source: The Economic Times



Economy showing signs of recovery but pandemic may affect business climate: Finance Ministry.

Jul 07, 2020

A sharp increase in kharif sowing, pick-up in electricity consumption, and higher freight movement by road and railways are indicative of emergence of green shoots in the economy, the finance ministry’s monthly economic outlook report for the month of June said. 
 
It also cited higher retail financial transactions, pick-up in consumption of petroleum products and improvement in purchasing managers index to state that the economy is showing signs of early recovery. 
 
However, it flagged that the pandemic is likely to affect business climate and push firms to delay their investment plans. 
    
Source: The Print



Tripura’s Sonamura district becomes key trading port for NE India.

Jul 07, 2020

Tripura has completed construction work on a floating jetty in Sonamura three weeks after the signing of the 2nd Addendum to the Protocol on Inland Water Transit and Trade between India and Bangladesh.
 
Lauding the efforts taken by the government, Union Minister of State for Shipping, Mansukh Mandaviya, took to his official Twitter handle and uploaded the following tweet, 'This floating jetty of Sonamura, Tripura, was built in just three weeks! I appreciate the efficiency of the inland waterways for putting Sonamura on the map of the Indo-Bangladesh Protocol Route and I am glad that it’s now a custom port which will bring economic development to the North East'.
 
According to the agreement, small boats and ferries with a capacity of 50 tons can now move between the route shared by India and Bangladesh.
    
Source: The North East Today



MIDC signs pact with UK-India Business Council.

Jul 07, 2020

The Maharashtra Industrial Development Corporation (MIDC) has signed an MoU with the UK-India Business Council (UKIBC) to collaborate and share information that can help improve links between UK businesses and Maharashtra besides facilitating investor interactions on ease of doing business.
 
The tie-up establishes a broad-based understanding between the MIDC and UKIBC on the areas of collaboration and mutual interest.
 
MIDC held a virtual roundtable discussion last week with the UKIBC to reiterate Maharashtra’s commitment towards India-UK relations. The meeting discussed various policy interventions and initiatives undertaken by the State, such as creation of the plug-and-play infrastructure with ready-to-use factory spaces, land parcels earmarked for industries, an accelerated permissions model ‘Maha Parwana’ which grants permissions in 48 hours and a state operated job portal Maha Jobs.
    
Source: Business Line



Economic package, opening up of economy post lockdown have begun showing results: Survey.

Jul 07, 2020

The opening up of India's economy post lockdown and implementation of the economic package unveiled by the government have started showing results on the ground with initial signs of improvement in the performance of businesses now visible, says a survey. The Ficci-Dhruva Advisors industry survey was conducted in June 2020 and saw participation of over 100 top corporate executives (CxOs) from across sectors.
 
'While the green shoots of recovery are being seen, it is important to emphasise that sustaining this improvement in the operational parameters of businesses will require continuous support from the government.
 
'The support is particularly needed in the realm of strengthening market demand in the absence of which this initial recovery may fizzle out,' Ficci emphasised.
    
Source: The Economic Times



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