Page 12 - Banking Finance March 2021

ROUNDUP

and articles thereof (15 lines), and Food processing projects and oil. This is set to grow about 35
others. per cent until 2030, down from 50 per
worth Rs. 363.4 crore gets
Mauritius will benefit from preferential cent before the coronavirus pandemic.
market access into India for its 615 nod IEA saw primary energy consumption
products, including frozen fish, The Union Food Processing Industries almost doubling to 1,123 million tonnes
speciality sugar, biscuits, fresh fruits, Ministry said it has cleared 20 projects of oil equivalent as the Gross Domestic
juices, mineral water, beer, alcoholic worth Rs. 363.4 crore under two Product (GDP) expands to USD 8.6
drinks, soaps, bags, medical and central government schemes. trillion by 2040.
surgical equipment, and apparel, The government will provide a grant- India at present is the fourth-largest
Javadekar said. in-aid of Rs. 102.91 crore for these global energy consumer behind China,

As regards trade in services, Indian projects, which together are expected the United States and the European
service providers will have access to to generate nearly 12,000 jobs and Union.
around 115 sub-sectors from the 11 benefit 42,800 farmers, it said in a
broad service sectors. Meanwhile, statement. India signs $50-mn
India has offered around 95 sub- According to the ministry, the
sectors, he said. Both sides have also proposed projects have been cleared defence agreement with
agreed to negotiate an Automatic under the Scheme for Creation of Maldives
Trigger Safeguard Mechanism (ATSM) Infrastructure for Agro-Processing India will always be a reliable security
for a limited number of highly sensitive Cluster (APC) and the scheme for partner for the Maldives, External
products within two years of the Creation/ Expansion of Food Processing Affairs Minister S Jaishankar said here,
signing of the agreement. and Preservation Capacities (CEFPPC) as New Delhi signed a USD 50 million
under Pradhan Mantri Kisan Sampada defence Line of Credit agreement with
EPFO data show jobs Yojana (PMKSY) approved in May 2017. the island nation to facilitate capability

coming back building in the maritime domain.
India energy demand will
The Employees Provident Fund
Organisation (EPFO) added around grow fastest in world: Exports grow 6.16% in
53.70 lakh subscribers during the first International Energy Agency January 21
three quarters of the current financial India's merchandise exports rose for
year, the Union Labour Ministry said. India's energy demand will increase the second consecutive month in
The provisional payroll data of EPFO more than that of any other country January and at a faster pace than seen
over the next two decades, the
showed that it had added Rs. 12.54 in preliminary estimates released
lakh subscribers in December 2020. International Energy Agency (IEA) said earlier this month, official data
forecasting India overtaking the
The Centre said the payroll data European Union as the world's third- released recently showed. In an
reflects a 44 per cent increase in net largest energy consumer by 2030. indicator of the recovery in domestic
subscriber additions over November An expanding economy, population, demand, imports increased and the
2020. "Year-on-year comparison of country's trade deficit narrowed to
urbanisation and industrialisation will $14.54 billion.
payroll data shows 24 per cent growth result in India's energy needs growing
for December 2020, indicating return at three times the global average The trade gap was $15.3 billion in
to the pre-Covid levels of subscriber under today's policies, according to January 2020 and 15.44 billion in
growth. The third quarter of the December. Merchandise exports rose
IEA's India Energy Outlook 2021.
current financial year registered a 22 6.16% on-year in January to $27.45
per cent growth over the second "India has arrived at the centre of the billion while imports grew 2.03% to
world energy stage," said Fatih Birol,
quarter in terms of net payroll $41.99 billion in the month with gold
the IEA's executive director.
addition, the government release said imports rising a sharp 154.7% to $4.03
and attributed the growing trend to Energy use has doubled since 2000, billion, data released by the commerce
recent e-initiatives of EPFO. with most of that demand met by coal and industry ministry showed. Exports

12 | 2021 | MARCH | BANKING FINANCE