Latest Economy updates

To know more about basic Economy, 

Click this link =>Concepts of India Economy

And, here are the recent updates of Economy:

Year 2021

RBI: launched a 20 digit number for the purpose of Legal Entity Identifier.

Fortune 500 list 2020: keeps the company Reliance Industries at the topmost slot in Indian Companies.

Positive Pay System: RBI introduced this system to reduce Frauds in Cheque System, to read more about it  click here

Indian Forex reserves reaching new highs To read more click here

Vodafone & Idea renamed their joint venture as VI.

SBI launched SAFAL yojna: SAFAL(Safe & Fast delivery of Agriculture Loans).  To read more click here.

Apple Inc.: 

                Apple tops Saudi Aramco as the most valuable

 publicly listed co, 

Future Brand Index 2020:   Apple tops the list while Indian Company Reliance Industries secured the 2nd place.

Indian Economy turned 3rd largest Economy in 2017 after China(16.4%%) & USA(16.3%) with 6.7% with respect to Purchasing Power Parity(PPP). 

General  Budget 2020:

Economic Survey 2020:

The Trade Barriers :

Indian forex reserve touch highest point:

The Forex Reserves of India are increasing and are to hit 500 billion USD soon. In May 2020, the Indian Forex Reserves touched an all-time high of 493 billion dollars.

What is Foreign Exchange Reserve?

The Foreign Exchange Reserves are the reserve assets that are held by the central bank in foreign currencies. It is used to back the liabilities faced by a currency due to the influence of monetary policy.

Why are the Forex Reserves rising?

The Forex Reserves of India are increasing mainly due to a fall in crude oil prices. Also, the rise is because of the increase in investment in Foreign Direct Investments (FDI) and Foreign Portfolio Investors (FPI).

Significance The Forex Reserves are held by the GoI to maintain liquidity in the country. It also helps to absorb shocks where access to borrowing is curtailed. The Forex Reserves are an important component of the Balance of Payment and also an essential element to analyze the external position of the economy.

Components of Foreign Reserves of India?

The Foreign Exchange Reserve of India comprises of the following SDR (Special Drawing Rights) in International Monetary Fund. The SDR is the reserve Currency with the IMF.

Gold RTP

RTP is Reserve Tranche Position in International Monetary Fund. It is the reserve capital with International Monetary Fund.