India Economy Thread

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CallSignMaverick said:
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Background music is stolen from famous Nusrat Fateh Ali Khan's song "Sanso ki mala pay simroo may p ka nam".

Edit: Pakistani state and Pakistani singer.
 
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hydrabadi_arab said:
Damn, now it does. India sold gold to defend INR.

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Bloomberg seems to have used Indian gold prices to estimate RBI's gold holdings. But the RBI values its gold using LBMA prices and then converts that value into rupees. When the govt raised gold import duty in May, Indian gold prices jumped by about 10%. If you take RBI's reported rupee value and divide it by these higher Indian prices, it can look like the RBI is holding less gold and may have sold some.

But if you use LBMA prices, which is how the RBI values its gold, there is no sign of any sale. The apparent drop comes from using the wrong price benchmark, not from the RBI selling gold.
That's basically what happened.
 
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SYDNEY, June 5 (Reuters) - Australia's AirTrunk said on Friday it would invest $30 billion in India within the next four years to build out 5 gigawatts ‌of new data centre capacity in the South Asian nation.

Sydney-headquartered AirTrunk, backed by Blackstone (BX.N), opens new tab and Canadian Pension Plan Investment Board (CPPIB) entered the Indian market in April with its purchase of Lumina CloudInfra.

The firm's Indian development pipeline includes ⁠600 megawatts of capacity projects in the key cities of Mumbai, Chennai and Hyderabad but the range will be increased with the new investment.
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Chief Executive Robin Khuda, who met Prime Minister Narendra Modi on Friday, said India was now considered one of the Australian company's most significant long-term investment destinations.

"One of the strongest messages we took away from this week ‌was ⁠a genuine sense of urgency. There is a recognition that AI investment is a global race and that capital will flow to places that are prepared to compete for it," Khuda said.

"Every market ⁠has strengths and challenges. What investors consistently look for is certainty, coordination and speed." India is becoming a global hotspot for AI development ⁠by offering tax breaks for foreign firms operating from domestic data centres.

Its biggest conglomerates are also stepping up a push ⁠into AI and data infrastructure, with Reliance (RELI.NS), opens new tab and Adani (ADEL.NS), opens new tab committing about $110 billion and $100 billion, respectively, in February.
 
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I*R*A said:
Background music is stolen from famous Nusrat Fateh Ali Khan's song "Sanso ki mala pay simroo may p ka nam".

Edit: Pakistani state and Pakistani singer.
Click to expand...
That was a hindu bhajan. Poetess was an Indian called Meerabai from 16th century.
 
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