Bharat Rakshak

India's current account deficit (CAD) declined sharply to 1% of gross domestic product (GDP) or $8.3 billion in three months to September, mainly due to narrowing of merchandise trade deficit and growth in services exports, according to data released by the Reserve Bank of India (RBI) on Tuesday.

The CAD was 3.8% of GDP or $30.9 billion in July-September quarter in 2022-23. The deficit was $9.2 billion or 1.1% of GDP in the first quarter (April-June) of the current financial year 2023-24.

"Underlying the lower current account deficit on a year-on-year (y-o-y) basis in Q2:2023-24 was the narrowing of merchandise trade deficit to $61.0 billion from $78.3 billion in Q2:2022-23," said the data on Developments in India's Balance of Payments during the second quarter (July-September) of 2023-24

The International Monetary Fund has reclassified India's "de facto" exchange rate regime to "stabilized arrangement" from "floating" for December 2022 to October 2023 after an article IV review, with the central bank pushing back against the move.

The IMF reclassification followed the Reserve Bank of India's likely forex interventions where the rupee traded in a "very narrow range, suggesting intervention likely exceeded levels necessary to address disorderly market conditions," IMF said in the report.
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The RBI strongly believes that such a view is "incorrect" and "unjustified", the report said. Governor Shaktikanta Das said in October that currency market interventions should not be seen as "black and white."

Gautam Adani has had a good start to 2024.

After a tumultuous year, the Indian tycoon has just retaken his former position as Asia’s richest man, according to the Bloomberg Billionaires Index. The founder of the sprawling Adani Group is now worth $97.6 billion, which makes him the 12th wealthiest person on the planet.

The self-made industrialist and college dropout has gained more than $13 billion in net worth over the last two days, which has allowed him to overtake fellow countryman Mukesh Ambani as the continent’s biggest billionaire, the tracker said. Ambani, the chairman of Reliance Industries, is currently worth $97 billion.

Adani’s jump in wealth — the world’s largest this year, according to the index — comes almost 12 months after his ports-to-power conglomerate was accused by the US short-seller Hindenburg Research of “brazen stock manipulation and accounting fraud scheme.”
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Explore the fascinating shift in Africa's motorcycle market as Indian bikes triumph over Chinese competitors. From affordability to durability, discover why Africans are embracing Indian brands like TVS and Bajaj. Join us in uncovering the unique journey that led to this transformative change in transportation preferences across the continent

Nos. of Indians living in Multidimensional poverty

2014 - 37.38 crores
2023 - 12.56 crores

This is the sharpest drop in 9 years due to inclusive policy of the Modi Govt.

chetak wrote: ↑23 Jan 2024 23:12 Bharat’s Stock Market has overtaken Hong Kong’s for 1st time in another feat to become 4th largest Equity Market Globally.

Combined value of shares listed on Bharatiya Exchanges reached $4.33 Trillion Vs $4.29 Trillion for Hong Kong.


https://economictimes.indiatimes.com/ma ... s?from=mdr

• Chinese imports entering through Wal-Mart in 2013 likely totaled at least $49.1 billion and the combined effect of imports from and exports to China conducted through Wal-Mart likely accounted for 15.3 percent of the growth of the total U.S. goods trade deficit with China between 2001 and 2013.
  https://www.epi.org/publication/the-wal-mart-effect/

• Between January and August this year [2023], Walmart shipped 25 percent of its U.S. imports from India. That compares to just 2 percent in 2018. Import Yeti, a data company, shared the information with Reuters.The same data shows that only 60 percent of Walmart’s imports came from China during the same period, down from 80 percent in 2018. China is still Walmart’s biggest country for importing goods. https://learningenglish.voanews.com/a/w ... 77475.html

disha wrote: ↑16 Feb 2024 23:20 GOI brought out the white paper on Indian economy. Why is that not discussed here?

The video is about global investors shifting their focus from China to India. The reasons for this shift include China's economic challenges and geopolitical tensions, as well as India's young and growing population, its stable and attractive alternative, and its ongoing reforms.

India is emerging as a global investor's best bet in a world that's struggling to find growth. Investors are shifting their focus from China to India after two decades of heavy investment in China. Wall Street giants like Goldman Sachs and Morgan Stanley are now endorsing India as their prime investment destination for the next decade. The momentum towards India is evident in the financial world, with investment firms increasing their exposure to India citing reasons such as the country's fast-growing economy and expanding infrastructure under Prime Minister Narendra Modi's leadership.

India's rise as an investment hotspot is fueled by its contrasting trajectory with China. While China grapples with economic challenges and geopolitical tensions, India presents itself as a stable and attractive alternative. Despite the optimism, challenges remain. Indian equities are among the most expensive in the world. However, proponents of investing in India remain bullish for the long term, believing that India's low per capita income and ongoing reforms set the stage for multi-year expansion and new market opportunities.

I hope this summary is helpful!