Read daily news briefs on the economic issues collected from different sources.
Moody’s Investors Service retained India’s sovereign ratings at Baa3 with a remark that the higher inflation and other global challenges will not affect the recovery process of India. [BL]
In the first half of the year 2022, India created more new unicorns than China. According to the data of Hurun India, India is home to 5% of the world’s unicorns whereas only Bengaluru has 2.5 of the world’s unicorns. [BL]
The Centre has released Rs.7,183 crore as a six-monthly instalment of Post Devolution Revenue Deficit (PDRD) to 14 states where West Bengal got the highest sum of Rs.1,132.25 crore. [BL]
The dollar index which is the measure of the dollar against a basket of major currencies hit 110.3 on Monday. It is the highest value in the last two decades. However, the rupee managed to hold on to support at Rs.80 per dollar. [BL]
Bharat Biotech’s iNCOVACC, India’s first nasal vaccine for COVID-19 received Drug Controller General of India (DCGI) approval. The nasal vaccine will be the new defence against COVID. [BS]
The government of India is in a plan to privatize the public sector undertakings (PSUs) in the fertilizers sector. It will be the first non-strategic sector which will come under the implementation of the new Public Sector Enterprises (PSE) policy, 2021. [BS]
The government has formed a committee to review the natural gas price formula in India. This will revise the natural gas price for domestically produced natural gas both from old and regulated fields as well as difficult fields. [FE]
India is to start comprehensive economic partnership agreement (CEPA) talks with Bangladesh. It is expected to be finalized by 2026 which will focus on the free trade agreement, IT, Space, and Nuclear energy sector. India and Bangladesh also signed seven MoU and initiated cross-border cooperations [FE, ET]
According to the new report, gig workers in India are financially stressed, uninsured and young. 42% of the gig workers reported that there is no rise in their income. According to the recent paper by NITI aayog, as of 2020-21, there are around 7.7 million gig workers in India. [ET]
Editors:
Alok Aditya (Junior Research Fellow at ISEC)
Anuradha (Research Assistant at ADRI)
Note: BL – Business Line, BS – Business Standard, FE – Financial Express, ET – Economic Times
