Economy 2024

Economy 2024  > ... ...

=>Indian forex at its record height:  it reached at ＄705 b, the 4th largest in the world after US, China, and Switzerland.

India brought back its gold from Britain, which was in UK banks as a guarantee for loan.

=>Cashless transections surpasses all: India is making digital payments as much as whole of the rest of the world.

=>Indian GDP vis-a-vis other nations:

GDP vs Loans:

=>Contribution of each state in Indian GDP:

=>Indian share market(BSE): becomes the 4th largest one in the world, putting Hong Kong behind.

=>List of richest nations by GDP: India stands at the 5th rung.

=>"Made-In-India" gets repo: as Russia bought of worth 33000 crore and paid all in Indian currency.

=>India's Forex Reserves Jump: India's Forex Reserves Jump By $3.66 Billion To $641 Billion. After falling for three consecutive weeks, Indias forex reserves jumped $3.668 billion to $641.59 billion for the week ended May 3, according to the latest RBI data. For the week ended April 5, the reserves had hit an all-time high of USD 648.562 billion, following multiple weeks of increases. The foreign currency assets, a major component of the reserves, increased by $4.459 billion to $564.161 billion. Gold reserves decreased $653 million to $54.88 billion during week ended May 3. The special drawing rights (SDRs) were up $2 million to $18.051 billion, according to the latest RBI data.

Increase in Gold reserve: 

=>China was the largest trade partner of India in 2023-24: 

• In the fiscal year 2023-24, China has overtaken the US as India's largest trading partner, with a total two-way commerce of $118.4 billion, as per the data from the economic think tank GTRI. India's exports to China rose by 8.7 percent to $16.67 billion, while imports increased by 3.24 percent to $101.7 billion.
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=>World's wealthiest cities: New York tops the list.Indian city Mumbai is at rank of 24th and Delhi is at 37th rank, This year US city Washington DC found no place in the list.

=>Indian Economy is still at a robust pace(March 2024):

=>Global Entrepreneurship Monitor Report 2023-24: GEM began in 1999 as a joint project between Babson College (USA) and London Business School (UK). The consortium has become the richest resource of information on entrepreneurship, publishing a range of global, national and 'special topic' reports on an annual basis. Here, UAE tops the list. 

        According to the 2023/2024 Global Entrepreneurship Monitor (GEM) report, India has improved its ranking from fourth to second place out of 49 countries, making it one of the world's best places to start a business. The GEM score is based on a survey of entrepreneurship experts in India, who evaluate the country's Entrepreneurship Framework Conditions. India scores 6.6 for support and 6.7 for access to resources, making it second and third,

=>More updates on the current status of Indian Forex: 

= GST collection of March 2024: 1.78 lakh cr.

=Defence export: 21082 Cr.(an increase of 32.5％ w.r.t. last finance year)

=Forex: 64243 billion $.( as on 22 March 2024)

=>Current status of Indian Forex: 

It has risen to 💲 625 billion.

 While India is to pay its debt of 💲 635.3 billion.

see world Debt by country: