Category: Economics Current Affairs

India’s Forex Reserves Have Dropped Below $600 Billion: India’s forex reserves have dropped below $600 billion, plunging by about $45 billion since September 3, 2021, when forex reserves stood at an all-time high of $642 billion. Reasons behind drop in India’s forex reserves: The drop is because of a fall in the dollar value of […]

Remittance Expected To Increase By 4.2 Percent In 2022: Officially recorded remittance flows to low- and middle-income countries (LMICs) are expected to increase by 4.2 percent in 2022 to reach $630 billion. This follows an almost record recovery of 8.6 percent in 2021, according to the World Bank’s latest Migration and Development Brief released today. […]

Central African Republic (CAR) Became The Second Country To Adopt Bitcoin: The Central African Republic (CAR) became the second country after El Salvador to adopt Bitcoin as legal tender. The Union Budget 2022-2023 of India has also proposed to introduce a digital currency in the coming financial year. It was also announced that “any income […]

Foreign Exchange Reserves: The Reserve Bank of India (RBI) added another 16.58 tonnes of gold to the country’s foreign exchange reserves in the last six months, bringing the country’s gold holdings to more than 700 tonnes (around 760.42). Gold was acquired by the RBI at a time when Foreign Portfolio Investors (FPIs) left India, and […]

Foreign Contribution (Regulation) Act, 2010: Representatives of NGOs, middlemen and public servants of Foreign Contribution Regulation Act (FCRA) division of MHA were recently arrested by the CBI for committing violations of FCRA provisions and facilitating illegal clearances in lieu of bribes”. FCRA clearances have been a fraught issue for several years, and the government has […]

Initial Public Offering (IPO) of LIC: The biggest-ever initial public offering (IPO) of India is by the Life Insurance Corporation of India (LIC). It has been fully booked under all the offered categories LIC’s IPO has received bids for 2.95 times the shares that were being offered. This helped the central government to raise Rs […]

Depreciation Of Indian Rupee : All-Time Low Of 77.44 Against The U.S. Dollar: The Indian rupee fell to an all-time low of 77.44 against the U.S. Dollar. Depreciation: Currency depreciation is a fall in the value of a currency in a floating exchange rate system. Rupee depreciation means that the rupee has become less valuable […]

Neobank : 100th Unicorn In The Country India’s wave of unicorns reaches an all-time high with Neobank Open becoming the 100th unicorn in the country. Neobank startup, OPEN becomes the 100th unicorn in India with the latest funding of 50 million dollars from IIFL along with existing investors. The Indian Startup Ecosystem, the third-largest in […]

Repo Rate Increased: The Reserve Bank of India (RBI) raised the repo rate by 40 basis points (bps) to 4.4% citing inflation that was globally “rising alarmingly and spreading fast”. Monetary Policy Committee (MPC) had in an off-cycle meeting reviewed the latest economic developments including the impact of the war in Ukraine and decided to […]

Nomination Of Rajiv Ranjan As Ex-Officio Member Of Monetary Policy Committee: The Central Board of Directors of Reserve Bank of India (RBI) has approved nomination of Rajiv Ranjan as ex-officio member of Monetary Policy Committee (MPC). The Reserve Bank of India Act, 1934 was amended by Finance Act (India), 2016 to constitute MPC. It is […]