Economy

  • Forex Reserves at $562.9 bn; Fall by $70 bn in 2022

    India’s foreign exchange reserves fell by $70.1 billion in 2022, data released by the Reserve Bank of India (RBI) shows. The forex reserves stood at $562.9 billion in the week ended December 30. The decline in the forex reserves is...

    Published On January 9th, 2023
  • RBI Survey for Price Movements, Inflation Assessment Launched

    The Reserve Bank of India has launched the Inflation Expectations Survey of Households (IESH) which will provide useful inputs for monetary policy. In the January 2023 round, the survey will be conducted across 19 cities. It aims to capture subjective...

    Published On January 5th, 2023
  • Govt Eyes $17 billion Cut in Food, Fertiliser Subsidies in 2023/24

    India aims to cut spending on food and fertiliser subsidies to 3.7 trillion rupees ($44.6 billion) in the fiscal year from April, down 26% from this, to rein in a fiscal deficit that ballooned during the COVID-19 pandemic. Spending on...

    Published On January 5th, 2023
  • India’s International Financial Assets Drop by $56.5 bn in Q2

    India’s international financial assets declined by $56.5 billion during July-September 2022 with valuation losses accounting for a major part. Reserve assets remained the dominant component (62.9% share) of India’s international financial assets. The net claims of non-residents on India increased...

    Published On January 4th, 2023
  • India’s Unemployment Rate Rises to 8.30% in Dec 2022

    Unemployment rate in India rose to 8.30 per cent in December 2022, the highest in 16 months, according to data from Centre for Monitoring Indian Economy (CMIE). It was 8 per cent in the month of November. While urban unemployment...

    Published On January 4th, 2023
  • UPI Processes Record 7.82 bn Transactions in December, ends 2022 on a High

    India’s Unified Payments Interface (UPI) processed a record 7.82 billion transactions in December, worth a total of INR 12.82tn ($174.6bn). This represents an increase of 7.12% in volume and 7.73% in value compared to November. On a year-on-year basis, volume...

    Published On January 3rd, 2023
  • GST collections in December up by 15 percent to Rs 1.49 lakh cr

    December GST collections up by 15 percent According to a government announcement, India's goods and services tax receipts increased 15% year over year in December to Rs 1.49 lakh crore ($18.07 billion), suggesting robust economic activity throughout the holiday season....

    Published On January 2nd, 2023
  • Index Of Eight Core Industries Increases By 5.4 Per Cent

    Production of eight infrastructure sectors increased by 5.4 per cent in November against a 3.2 per cent growth in the same month last year on a better show by coal, fertiliser, steel, cement and electricity segments. Crude oil, natural gas and...

    Published On December 31st, 2022
  • India’s April-November Fiscal Deficit Widens on-year to 58.9% of FY23 Aim

    The government's fiscal deficit in end-November touched 59 per cent of the full year Budget Estimate on increased capital expenditure and slow growth in non-tax revenue. In actual terms, the fiscal deficit, which is the difference between expenditure and revenue,...

    Published On December 31st, 2022
  • India-Australia Economic Cooperation and Trade Agreement Comes into Force

    India, Australia Economic Cooperation and Trade Agreement comes into force from 29 December. India and Australia signed the Economic Cooperation and Trade Agreement (ECTA) on the 2nd of April 2022. ECTA is the first trade agreement of India with a...

    Published On December 29th, 2022