India's current account deficit declined sharply to 1 per cent of the GDP or $8.3 billion in the second quarter of this financial year, mainly due to lower merchandise trade deficit and growth in services exports, according to a RBI data released on Tuesday. The current account deficit (CAD), which represents the difference between the total amount of money sent abroad and money received from overseas across the economy, was 3.8 per cent of GDP or $30.9 billion in the July-September quarter in 2022-23. CAD was $9.2 billion or 1.1 per cent of GDP in the first quarter (April-June) of the current financial year 2023-24.
The move bears significance in view of the increased Chinese activities along the border and transgressions by China's People's Liberation Army (PLA).
No.1 ranking will inspire 'Gen-Next' of Indian tennis, says Rohan Bopanna after achieving the feat
Joshna Chinappa is making a 'mind-boggling' sixth appearance at the Asian Games, having made her debut as a 15-year-old a couple of decades ago in 2002.
The challenge for the RBI in 2024 is likely to be less about containing elevated inflation and more about curbing excessive financial market exuberance and a 'problem of plenty', notes Sajjid Chinoy, Chief India Economist JP Morgan.
A key player in India's Davis Cup tie against Uzbekistan, Prakash Amritraj on Wednesday allayed fears of his under preparedness owing to a stomach ailment and said he was fit and confident to take the courts on Friday.
Hinting at further relaxation in the capital account convertibility norms, RBI Deputy Governor T Rabi Sankar on Thursday said the country is on the cusp of some fundamental shifts with regard to currency management. India has come a long way in achieving increasing levels of convertibility on the capital account and has broadly achieved the desired outcome for the policy choices in terms of achieving a stable composition of foreign capital inflow, Sankar said while addressing the Foreign Exchange Dealers' Association of India's (FEDAI) annual day meeting. Convertibility refers to the ability to convert domestic currency into foreign currencies and vice versa to make payments for balance of payments transactions.
Driven by a surge in remittances by expatriates and software exports, India's balance of payments saw a surplus of $1.90 billion on current account for the first quarter ending June 2004 as against a deficit of $637 million
Near-term movements of INR will continue to be shaped by the capital flows situation, which in turn will be influenced by developments in Europe.
Terror outfit Jaish-e-Mohammed's chief Masood Azhar Alvi along with five other Pakistani terrorists, two slain terrorists are among 12 people charge-sheeted in a case related to a terror attack in April ahead of Prime Minister Narendra Modi's maiden visit to Jammu and Kashmir's after the abrogation of Article 370.
India's current account surplus moderated to $15.5 billion or 2.4 per cent of the GDP in the July-September quarter of the current fiscal, the RBI said on Wednesday. The same was at $19.2 billion or 3.8 per cent of the GDP in the preceding three-month period on account of a rise in the merchandise trade deficit, the RBI said in a statement on 'Developments in India's Balance of Payments during the Second Quarter (July-September) of 2020-21'. It is for the third consecutive quarter that India's current account remained in surplus. In the last quarter of 2019-20, the surplus was $0.6 billion. Current account deficit/surplus reflects the difference between the outflow and inflow of foreign exchange in a country's current account.
The chief minister's statement came in the backdrop of tension between the two Northeastern states following alleged encroachment of land in Cachar district by the people of Mizoram.
Nothing adds more festivity to a Christmas spread than gingerbread men or shapes and Xmasy cupcakes.
Reserve Bank Governor Shaktikanta Das on Friday said 67 per cent of the decline in the foreign exchange reserves since April was due to valuation changes arising from strengthening US dollar and higher American bond yields. The forex reserves, which stood at $606.475 billion as on April 2, have declined to $537.5 billion as on September 23. It was also the eighth straight week when the reserves declined.
Surplus liquidity in the banking system as measured by absorption of excess funds by the Reserve Bank of India (RBI) fell sharply at the end of the last week due to outflows on account of advance tax payments. According to the RBI data, the net liquidity absorbed by the central bank on September 16 was at Rs 3,243.57 crore, much lower than the average of Rs 56,809.92 crore in the preceding four days of the week. The average absorption of funds by the RBI so far in September is at Rs 1.13 trillion, against the average of Rs 1.2 trillion in the previous month, the data showed.
At least two people are being treated for gunshot wounds after a shootout in the library of the Florida State University in the United States.
Foreign portfolio investor (FPI) flows into India may remain tepid in 2022, said a recent note by Goldman Sachs, who now peg the foreign portfolio investment into India at $5 billion in 2022, down from their earlier forecast of $30 billion with risks skewed to the downside. "There has been $15 billion of equity outflows YTD in India already, and the IPO of the largest insurance company has been pushed out. "Additionally, with no mention of India's inclusion in global bond indices in the Union Budget, there are risks to our already conservative base case assumption of an announcement of India's likely inclusion into the GBI-EM Global Diversified Bond Index in Q4-2022," wrote Andrew Tilton, Goldman Sachs' chief Asia-Pacific economist in a co-authored report with Santanu Sengupta and Suraj Kumar.
In yet another ceasefire violation, Pakistani Rangers on Thursday night resorted to small arms firing on border out-posts along the international border in Jammu, prompting BSF to retaliate.
Speaking on the occasion of the 57th Raising Day of the Border Security Force (BSF) in Jaisalmer, Shah said for the Modi government, border security is national security and it is committed to providing the best border guarding technologies in the world to the force.
Shah accused the ruling TMC in Bengal of "spreading canards" about the Citizenship (Amendment) Act
Violating the ceasefire, Pakistani troops on Sunday fired on border out posts along the International Border in Jammu district.
Suspected Bangladeshi nationals attacked a border outpost in Meghalaya, assaulted 2 BSF jawans and snatched their weapons on Wednesday night. Another group from the neighbouring country barged into the house of a Meghalaya resident and looted money.
With expectations of a significant rise in savings rate and share of working population over next 50 years in India, the current phenomenon of overall surplus in balance of payments may not be a temporary one, RBI deputy governor Rakesh Mohan said.
A senior Border Security Force official said that Pakistan Rangers had resorted to heavy firing using small arms and few mortar shells in the in the Kanachak and Pargwal sectors.
In continued ceasefire violations, Pakistani troops resorted to night-long firing and mortar shelling targeting six Border Out Posts along the Indo-Pak border in Jammu district, forcing the Border Security Force to retaliate effectively.
India's current account slipped into a deficit of $9.6 billion or 1.3 per cent of GDP in the September quarter, the Reserve Bank said on Friday. The current account, which records the value of exports and imports of both goods and services along with international transfers of capital, was in a surplus mode both in the quarter-ago and year-ago periods. India's current account surplus had stood at $6.6 billion or 0.9 per cent of GDP in the April-June 2021 quarter, while in the year-ago period (Q2FY22), the surplus had stood at $15.3 billion or 2.4 per cent of the GDP, the data said.
Crisis of growth is worsened by the challenging global environment and policy missteps. Returning to 9 per cent growth trajectory will be a tall order.
The pledging of gold to tide over a balance of payments crisis in 1991 became an emotive national issue at the time.
With the rupee fast losing value against the US dollar, Finance Minister Pranab Mukherjee on Friday blamed volatility in global commodity prices for currency depreciation and said deteriorating balance of payment (BoP) situation in several Asian countries also put stress on currencies.
The Border Security Force on Tuesday lodged a strong protest with the Pak Rangers over its "unprovoked" cross-border firing which killed one civilian and injured 14 in Jammu and Kashmir over past few days and warned that such acts or any other misadventure will not be tolerated at any cost.
The BSF claimed to have foiled the plans of terrorists to disrupt the Amarnath Yatra.
Five other civilians injured as Pak troops shelled border out posts along the IB.
India's widening current account deficit (CAD), driven by the massive spike in commodity prices led by crude oil, is set to put pressure on the fragile recovery, warns a brokerage report that has revised upwards its CAD forecast to $45 billion or 1.4 per cent of GDP by March. According to a report by British brokerage Barclays, the worries arise from the fact that the trade deficit has been jumping continuously since July. From an average monthly trade deficit of $12 billion till June, it has jumped to $16.8 billion in July-October, with September showing the highest-ever trade deficit on record at $22.6 billion, the report said.
Altogether 159 cows, which were kept in a cattle shelter (Gaushala) have died since May 14 last, the officials said.
After several years of downgrades to the country's medium-term growth outlook, the estimates are likely to be upgraded now, Credit Suisse said in a report. The country's economy is showing signs of bottoming out, it said. According to the report, the consensus forecasts of GDP growth for FY2022 over FY2020 stopped falling after October 2020 (currently at (-) 1 per cent). Analysts at Credit Suisse expect these estimates to be revised upwards.
Ekta Mohanani Kamra, travel enthusiast and founder, Hop & Bop, lists places and activities to add to your monsoon bucket list.
Singh addresses a first-ever meeting of chief ministers of five Himalayan states.
10 per cent for those who earn up to Rs 30 lakh a year and 25 per cent for those who earn more, suggests T C A Srinivasa-Raghavan.
The Centre has decided to construct 509 new Border Outposts (BOPs) and complete the unfinished barbed wire fencing along the Indo-Pakistan and Indo-Bangla international borders, a top official said on Tuesday.
