Union Minister Nitin Gadkari inaugurated and laid the foundation stones of highways projects worth Rs 15,592 in Andhra Pradesh, an official statement said. These include 16 highway projects stretching over 1,411 km.
India’s exports increased 5.99% year-on-year to $27.58 billion in September, according to the government data. Exports stood at $26.02 billion in September 2019. The country’s imports declined 19.6% to $30.31 billion in September. It was $37.69 billion in the same month last year. The trade deficit in September was $2.72 billion, compared to $11.67 billion in the year-ago month.
The International Monetary Fund (IMF) projected India’s gross domestic product (GDP) to plunge in FY21 by 10.3%, revised down since its June forecast of 4.5% drop, reflecting a severe-than-anticipated contraction in economic activities in the first quarter as a result of the nationwide lockdown as well as the rapidly spreading pandemic.
Industrial production declined by 8% in August, mainly due to lower output of manufacturing, mining and power generation sectors, official data showed.
According to the Index of Industrial Production (IIP) data, manufacturing sector production registered a decline of 8.6%, while the output of mining and power segments fell 9.8% and 1.8%, respectively. The IIP had contracted by 1.4% in August 2019.