Economy News-Daily Digest: 5 Key Updates
1. Lockheed Martin to produce F-16 fighter jet wings in India
The wings of Lockheed Martin’s F-16 fighter jets will be produced in India in a major boost to the ‘Make in India’ initiative.
Maryland-based Lockheed Martin has entered into an agreement with Tata Advanced Systems Limited (TASL) for the production of the wings.
Planned F-16 wing production to India is not contingent on India selecting the F-16 for the Indian Air Force. Lockheed has offered to move its entire F-16 manufacturing base to India. India is yet to make a decision on it.
Producing F-16 wings in India will strengthen Lockheed Martin’s strategic partnership with Tata Advanced Systems Limited and support the ‘Make in India’ initiative of the government.
Lockheed Martin’s broader proposed F-16 partnership with India to produce F-16s exclusively in India for its Air Force and export customers stands firm.
Lockheed recently submitted a comprehensive, fully compliant 600-plus page Request for Information (RFI) response to the Indian Air Force.
Last year, Lockheed Martin and TASL announced their intent to join hands to produce the F-16 Block 70 in India if the aircraft is selected by the Indian Air Force.
The F-16 Block 70 features advanced avionics, a proven Active Electronically Scanned Array (AESA) radar, a modernised cockpit, advanced weapons, conformal fuel tanks, an automatic ground collision avoidance system, an advanced engine and an industry-leading extended structural service life of 12,000 hours.
To date, 4,604 F-16s have been procured by 28 customers around the world. Approximately 3,000 operational F-16s are flying today with 25 leading air forces, including the US Air Force.
2. Amazon hits $1 trillion market value milestone
Amazon.com Inc joined Apple Inc in the $1 trillion club, becoming the second member of the group after its stock price doubled in 15 months.
Apple took almost 38 years as a public company to achieve the trillion dollar milestone, while Amazon got there in 21 years. While Apple’s iPhone and other devices remain popular and its revenues are growing, it is not keeping up with Amazon’s blistering sales growth.
3. Google to help Election Commission keep a tab on political ads during poll season
Google will help the Election Commission track online political advertising during the forthcoming polls. The search engine major, in a recent meeting, has assured the poll panel that it will develop a mechanism to ensure pre-certification of such advertisements as well as collect and share details of the expenditure incurred on them.
Besides verification by EC, Google has also reportedly assured that its new mechanism will keep a tab on cost incurred on political advertisements. It will further share this information with the EC. This proposed move of Google would be helpful to Returning Officers in calculating the election expenditure of individual candidates.
4. Suresh Prabhu launches mobile apps for coffee growers
Commerce and Industry Minister Suresh Prabhu launched two mobile apps for coffee sector which would help farmers increase production and improve quality. The two apps are India coffee field force app and Coffee KrishiTharanga – digital mobile extension services for coffee stakeholders. The Coffee KrishiTharanga services would provide information and services to increase productivity, profitability, and environmental sustainability. The applications would help provide solution in easing the whole process of the field activities like digitisation of coffee growers and estates with Geo Tagging and collecting plantation details.
5. Asia Index Launches S&P BSE Private Banks Index
Asia Index Pvt Ltd, a joint venture between S&P Dow Jones Indices and BSE Ltd announced the launch of an index designed to measure the performance of private banks. The S&P BSE Private Banks Index is drawn from the constituents of the S&P BSE Finance Index.
Only common stocks classified as Banks by the BSE Sector Classification model and that are not classified under the BSE scrip category as a Public Sector Undertaking (PSU) are eligible.
The index is calculated in Indian Rupees and US Dollar and is calculated real-time by BSE