UTTARAKHAND
Advantage Uttarakhand’ showcases policies & perks for investors
The state government on Thursday apprised investors about various policies and perks in the offing for them at a day-long event “Advantage Uttarakhand” in Dehradun.
Major thrust would be given upon natural products derived out of agriculture, organic farming, horticulture and eco-tourism as the state has abundance of it, officers said, adding that overall environment naturally enables the state to outperform others in these fields.
The investors were also told that the state has an electronics manufacturing cluster, a pharmaceutical park and one aroma park. Agriculture minister Ganesh Joshi said the state has a single window system for giving clearance for industrial investments.
INTERNATIONAL
India Surpasses Japan to become 3rd Largest Auto Market Globally
In a major development, India has surpassed Japan in terms of auto sales last year to become the third-largest auto market globally for the first time. India’s total sales of new vehicles stood at around 4.25 million units, based on preliminary results, topping the 4.2 million sold in Japan. While new vehicles that got delivered in India totaled 4.13 million during the period of January – November 2022, according to Society of Indian Automobile Manufacturers’ data, December’s sales volume reported by Maruti Suzuki, India’s largest carmaker, led the total to hit the 4.25 million units mark. The figure for sales of new vehicles in India may witness even bigger rise as the country further expects inclusion of pending fourth-quarter sales data for commercial vehicles, along with year-end results yet to be released by Tata Motors and other automakers.
In 2022, the automotive chip issue began to ease up, paving way for the sector to come to normalcy. Tata Motors, Maruti Suzuki and other automakers could see an increase in sales last year.
NATIONAL
Chennai, Southern cities have highest rates of women employment
According to a survey by Avtar, a company that specializes in workplace inclusion, Chennai is India’s top city for women’s employment. Pune, Bengaluru, Hyderabad, and Mumbai are the next best cities for women’s employment.
According to criteria that support an ecosystem that is favourable for women’s employment, the research ranks 111 cities.
The remaining Top 10 cities for women’s employment are Ahmedabad, Visakhapatnam, Kolkata, Coimbatore, and Madurai; each has a population of over a million people.
In another group of cities with a population under one million, Tiruchirappalli, Vellore, Erode, Salem, Tirupur, Puducherry, Shimla, Mangalore (officially Mangaluru), Thiruvananthapuram, and Belagavi are the top 10 cities.
The top five state averages in the nation were achieved by Karnataka, Tamil Nadu, Maharashtra, and Himachal Pradesh.
Power Grid Ranked 1st in Services Sector in PE Survey 2021-22
Power Grid Corporation of India Limited (POWERGRID) has been ranked 1st in Services Sectors across categories Gross Block, Value Addition, Net Profit, Net Worth, Dividend Declaration, and Contribution to the Central Exchequer and has also been ranked 3rd among the Top 10 profit-making Closes.
The results were published in the Public Enterprises Survey 2021-2022 by the Department of Public Enterprises (DPE), Ministry of Finance, Government of India.
The Power Grid Corporation Ltd was incorporated on 23rd October 1989 under the Companies Act 1956. The original name of POWERGRID was “National Power Transmission Corporation Limited”.
Forex Reserves at $562.9 bn; Fall by $70 bn in 2022
India’s foreign exchange reserves fell by $70.1 billion in 2022, data released by the Reserve Bank of India (RBI) shows. The forex reserves stood at $562.9 billion in the week ended December 30. The decline in the forex reserves is partly due to the RBI intervention in the currency markets to stave off volatility and partly on account of depreciation of other major currencies held by the central bank. The RBI net sold $33.42 billion till September, Union finance minister Nirmala Sitharaman said. The RBI holds major currencies including pound sterling, yen and euro in its reserves, which are expressed in US dollar terms.
Forex reserves had touched a high $642.5 billion in September of 2021, falling to around $631.5 billion towards the end of February 2022, when the Ukraine-Russia war started. RBI had said that FX reserves of $564.1 billion as on December 9 are equivalent to 9.2 months worth of imports, lower than the projected 15 months of imports at the peak levels.
The increase was mainly due to increase in the gold reserves of $354 million, which was offset by decline of $302 million in the foreign currency assets. The RBI held 785.35 metric tonne of gold as of September 30.
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