Indian Economy: News, Updates and Discussions

[DDG-80]

https://twitter.com/x/status/1768599927293378623

 

[DDG-80]

India's forex reserves jump to over two-year high of $636.1 bn

India's foreign exchange reserves saw a substantial increase of $10.47 billion to reach $636.1 billion for the week ending on March 8, as per the latest data released by the Reserve Bank of India (RBI). This follows a previous surge of $6.55 billion, bringing the reserves to $625.63 billion for...

economictimes.indiatimes.com

 

[DDG-80]

https://twitter.com/x/status/1768599927293378623

The main drivers of the 11.86 per cent year-on-year jump in exports in February this year include engineering goods, electronic goods, organic & inorganic chemicals, drugs & pharmaceuticals and petroleum products. Engineering Goods recorded a robust increase of 15.9 per cent at $9.94 billion over $8.58 billion in February 2023.

Electronic goods exports registered an increase of 54.81 per cent at $3 billion in February 2024 over $1.94 billion in February 2023.

Exports of organic and inorganic chemicals increased by 33.04 per cent from $2.22 billion in February 2023 to $2.95 billion in February 2024.

Similarly, exports of drugs and pharmaceutical products during the month shot up to $2.51 billion which is an increase of 22.24 per cent over $2.06 billion in February 2023 while the export of petroleum products registered a growth of 5.08 per cent at $8.24 billion.

Exports of agricultural products including tobacco also did well to record a 58.24 per cent growth.

https://in.investing.com/news/indias-exports-surge-to-11month-high-in-feb-despite-red-sea-crisis-4071559

 

[Archie]

India's forex reserves jump to over two-year high​

Reuters
March 15, 20245:47 PM GMT+5:30
Updated a day ago

MUMBAI, March 15 (Reuters) - India's foreign exchange reserves (INFXR=ECI) rose for a third straight week and reached a more than two-year high of $636.10 billion as of March 8, data from the central bank showed on Friday. The reserves jumped by $10.47 billion in the reporting week, the biggest jump since the week ended July 14, 2023. They had risen by a total of $9.5 billion in the prior two weeks, edging towards their record high of $642.45 billion, hit in September 2021.

The Reserve Bank of India (RBI) intervenes in the foreign exchange market to curb excess volatility in the rupee. The RBI had bought dollars in the spot market in the reporting week, likely absorbing robust debt and equity inflows, as per traders.
The jump in reserves also came as gold valuation stood at $50.72 billion, up from $48.42 in the prior week. Gold prices had jumped in the reporting week, and in India, the world's second-largest gold consumer, domestic prices rose to a record 66,356 rupees per 10 grams on March 8.


FOREIGN EXCHANGE RESERVES (in million U.S. dollars)
---------------------------------------------------------
March 08 March 01
2024 2024
---------------------------------------------------------
Foreign currency assets 562,352 554,231
Gold 50,716 48,417
SDRs 18,211 18,180
Reserve Tranche Position 4,817 4,798
----------------------------------------------------------
Total 636,095 625,626

 

[Archie]

Maybe in 3-4 years, our forex reserves will hit 1 Trillion USD
it could probably hit 700 billion USD this year itself if MODI comes back to power

 

[TheSouthIndian]

All fake numbers. No one takes this news seriously.

 

[BobBiswas]

India's import bill for 2024
Forex reserve is used to manage currency exchange rates. IMF and WB recommends 3 months worth of imports payments as forex. India has about 9 months worth of import payments as forex reserve. This means a massive fund to resist currency depreciation.

India’s merchandise exports in December 2023 registered 0.96% growth at USD 38.45 Billion over USD 38.08 Billion in December 2022.

India’s overall exports (Merchandise and Services combined) in December 2023* is estimated to be

pib.gov.in

April-2023 to December 2023, Indias total import bill was USD 634.39 billion. India currenly has 639 billion as forex reserves to prevent depreciation of Indian rupees in world market.

I think you are confusing forex reserve with gold holdings of the country which have indeed been used as collateral once in 91.

 

[TheSouthIndian]

India's import bill for 2024

No. Forex reserve is used to manage currency exchange rates. IMF and WB recommends 3 months worth of imports payments as forex. India has about 9 months worth of import payments as forex reserve. This means a massive fund to resist currency depreciation.

India’s merchandise exports in December 2023 registered 0.96% growth at USD 38.45 Billion over USD 38.08 Billion in December 2022.

India’s overall exports (Merchandise and Services combined) in December 2023* is estimated to be

pib.gov.in

April-2023 to December 2023, Indias total import bill was USD 634.39 billion. India currenly has 639 billion as forex reserves to prevent depreciation of Indian rupees in world market.

I think you are confusing forex reserve with gold holdings of the country which have indeed been used as collateral once in 91.

And do use your proper flags, Kamraan.

India's external debt to Forex is ~95%.

So if India pays off all its foreign debt then there would no forex to stabilize the currency.

Indian Rupee will be in a free fall.

Hence no one take these Forex numbers seriously.

 

[Krptonite]

Posters are reminded to keep the discussion on topic and not to turn this into a chest thumping contest lest you face ban points.

 

[Vikramaditya1]

Posters are reminded to keep the discussion on topic and not to turn this into a chest thumping contest lest you face ban points.

Should merge it to Indian economy. No point counting rise and fall of FXR

 

[onlinpunit]

All fake numbers. No one takes this news seriously.

And yet here you are !! Have some shame manlion !!

 

[DDG-80]

https://twitter.com/x/status/1769393779256287513

 

[CallSignMaverick]

Wipro GE Healthcare to invest ₹8,000 crore ($1 billion) on manufacturing, R&D in next 5 years

Read more at:

Wipro GE Healthcare to invest Rs 8,000 crore on manufacturing, R&D in next 5 years

Wipro GE Healthcare has announced a strategic investment of over $1 billion in local manufacturing and R&D over the next 5 years. The investment aims to bolster the company's manufacturing footprint and address the growing domestic and international market, exporting products to 15 countries...

economictimes.indiatimes.com

 

[CallSignMaverick]

https://twitter.com/x/status/1769982136663027727

Vedanta plans to invest $6 billion across business - Times of India

India Business News: New Delhi: Mining conglomerate Vedanta will invest $6 billion across businesses that span from aluminium and zinc to iron ore, steel and oil and gas a.

timesofindia.indiatimes.com

 

[JaneBhiDoYaaron]

Maybe in 3-4 years, our forex reserves will hit 1 Trillion USD
it could probably hit 700 billion USD this year itself if MODI comes back to power

If ? It is done deal.