India's forex kitty shrunk by $1.03 billion to $353.33 billion on the back of a dip in the core currency assets, the Reserve Bank said.
The country's foreign exchange reserves rose by $1.73 billion for the week ended October 31 to $315.91 billion, show Reserve Bank of India (RBI) data released on Friday, marking one of the sharpest rises ever.
The gold reserves remained stable at $19.335 billion.
China's gross domestic product rank dropped to number 7 from number 6, while GDP per capita jumped one place to 110th rank from 111th rank, International Monetary Fund has said.\n\n\n\n
Gold reserves were up by $1.525 billion in the reporting week to $37.625 billion.
Deloitte India on Friday said it estimates India's GDP growth at 6.6 per cent in the current fiscal helped by consumption expenditure, exports rebound and capital flows. In its India's economic outlook report, Deloitte said the rapid growth of the middle-income class has led to rising purchasing power and even created demand for premium luxury products and services. With the expectation that the number of middle-to-high-income segments will be one in two households by 2030/31, up from one in four currently, we believe this trend will likely become further amplified, driving overall private consumer expenditure growth, it said.
International Monetary Fund has warned that large fiscal deficit and public debt was hampering India's economic growth, which is slated to go up by 1.0 per cent to 5.5 per cent this fiscal in the face of good monsoon.
Indications are that Reddy will take charge as RBI Governor after the annual meeting of the IMF slated in late September.\n\n
The International Monetary Fund sees a long war in Iraq cutting global economic growth by up to two percentage points from a revised 2003 forecast of 3.3 per cent, Germany's Handelsblatt daily reported on Tuesday.
Patel, 55, who took over as the 24th Governor of the central bank on September 5, 2016, had the shortest tenure since 1992.
As per the charges, these proscribed outfits were operating under the guise of charities and were involved in funnelling funds to terror suspects.
Gold reserves increased $1.54 billion to $32.68 billion in the reporting week.
Gold reserve also declined by $340 million to $30.55 billion.
Gold reserves remained unchanged at $21.584 billion.
The value of the gold reserves increased $78.2 million to $22.764 billion
Last week, the forex reserves had surged by $2.374 billion to $363.171 billion.
Lagarde had said an Indian could head IMF.
The reserves had dropped by $1.434 billion to $348.934 billion.
In the previous week, the reserves had fallen by $3.028 billion to $360.797 billion.
Gold reserves remained unchanged at $20.691 billion.
A recession is unlikely in the APAC region in the coming year, although the area will face headwinds from higher interest rates and slower global trade growth, Moody's Analytics said on Thursday. In its analysis titled 'APAC Outlook: A Coming Downshift', Moody's said India is headed for slower growth next year more in line with its long-term potential. On the upside, inward investment and productivity gains in technology as well as in agriculture could accelerate growth.
The downgraded World Bank forecast follows a similar move by the International Monetary Fund, which cut its growth forecasts two months ago
In the previous week, the reserves had fallen by $121.3 million to $360.905 billion.
The gold reserves remained unchanged at $18.691 billion.
The World Bank has appointed Indermit Gill, an Indian national, chief economist and senior vice-president for development economics at the multilateral development bank. "Indermit Gill brings to this role a combination of leadership, invaluable expertise and practical experience working with country governments on macroeconomic imbalances, growth, poverty, institutions, conflict, and climate change," World Bank President David Malpass said in a statement. His appointment will be effective September 1, 2022.
The gold reserves remained unchanged at $18.691 billion in the week.
What some of our leaders were up to on Tuesday, November 15.
Continuing their rising trend, the country's foreign exchange reserves increased by $1.350 billion to touch a record high of $361.601 billion in the week to April 22.
Foreign currency assets surged $2.541 billion to $284.571 billion in the period.
Arvind Panagariya, sherpa for India at the summit, tweeted about the "interaction".
Country's foreign exchange reserves declined sharply by $3.433 billion to $351.920 billion.
In the previous week, reserves had declined by $1.03 billion to $353.33 billion.
Employment in India saw a V-shaped recovery after being adversely impacted between April and June 2020 during the Covid lockdown and during April-June 2021, when the second wave struck, said Krishnamurthy V Subramanian, former chief economic advisor, in a paper released on Friday. Subramanian is now serving as executive director of the International Monetary Fund (IMF). From the official survey data of the National Sample Survey Organisation (NSSO), the paper titled 'Employment in India: Data Sources, Facts, and Trends' showed that both worker-population ratio (WPR) and labour force participation rate (LFPR) were higher, while the unemployment rate was lower during October-December 2022 when compared to the corresponding quarter in 2019.
China on Tuesday inked an agreement worth a whopping USD 4.8 billion with cash-strapped Pakistan to set up a 1,200-megawatt nuclear power plant as a sign of increasing strategic cooperation between the two all-weather allies.
'We don't have to go abroad for anything.' 'Anyone who thinks we have a lot to learn from the US needs to have his head examined.' 'We are in a new era.'
Indian-American business leader Ajay Banga is poised to become the next President of the World Bank after the nomination period closed and no country proposed an alternate candidate for the prestigious post. In February, President Joe Biden announced that the US would be nominating Banga to lead the World Bank because he is "well equipped" to lead the global institution at "this critical moment in history." The World Bank on Wednesday closed a month-long window for nominations for its next president, with no alternatives announced to 63-year-old Banga.
