On Wednesday (September 25, 2019), the Indian rupee has slipped by 3 paise to close at 71.04 against the US dollar amid rising demand for the dollar vis-a-vis other currencies overseas, even as crude oil prices eased.
The Asian Development Bank (ADB) lowered growth projection for India by 50 basis points or half a percentage. This is second successive lowering of estimates by the regional development bank in three months.
In a report titled, Update of Asian Development Outlook (ADO) 2019, the agency said that the growth rate is expected now at 6.5% during 2019-20. Earlier, it has maintained the growth estimate for 2020-21 at 7.2%.
The Ministry of New and Renewable Energy has started drafting plans to set up mega capacities and ease investment in renewables to meet India’s renewable energy target of 450 gigawatt (GW), set by Prime Minister Narendra Modi, by 2030.
Container lines Hapag Lloyd, ONE, YML, COSCO and OOCL will jointly run a new direct service from Visakha Container Terminal (VCT), the privately-run facility at State-owned Visakhapatnam Port Trust, to the Mediterranean and Europe, which will also bring connectivity with Africa and the America.
Just after two days of issuing a gazette notification on revision of royalty rates for non-coal and non-fuel mines, the government has rescinded the same, saying due procedure was not followed while issuing the notification on September 2
The RSS-affiliated Bharatiya Mazdoor Sangh has demanded that the Centre comes up with a White Paper on the status of economy. The BMS will hold a convention of workers of about 900 Public Sector Units (PSUs) on November 15 to protest against the Centre’s disinvestment plans.