Where there are signs of recession in many countries around the world. At the same time, meanwhile, the figures related to the Indian economy are presenting some other picture.
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Due to the sinking of the banks of many countries around the world, there is a situation of recession all around. Meanwhile, the figures related to the Indian economy are presenting a different picture. For the second consecutive week, India’s foreign exchange reserves have increased. The country’s foreign exchange reserves have increased by $ 5.977 billion to $ 578.778 billion in the week ending March 24. The Reserve Bank of India ie RBI has given this information on Friday. In the previous week under review, the reserves had increased by $12.8 billion to $572.8 billion.
Country’s foreign exchange reserves increased
Earlier in October 2021, the country’s foreign exchange reserves had reached a record level of $645 billion. There was a decline in the reserve, as the central bank deploys this reserve amid pressure on the rupee due to global conditions. In the week ending March 24, foreign currency assets, which form a major part of the reserves, increased by $4.38 billion to $509.728 billion. This information has been received from the data released by RBI. It is seen in dollar terms. This includes the effect of an increase or decrease in non-US units such as the euro, pound and yen held in foreign exchange reserves.
At the same time, the country’s gold reserves have increased by $ 1.37 billion to reach $ 45.48 billion. The central bank said that Special Drawing Rights (SDRs) have increased by $ 201 million to $ 18.419 billion. At the same time, the country’s reserve position with the IMF has also increased by $ 27 million to $ 5.151 billion in the week under review.
Growth in core sector production, CAD decreased
At the same time, in February 2023, the production of eight infrastructure sectors has increased by 6 percent on an annual basis. Positive growth has been seen in all sectors except crude oil. Official data in this regard has been released on Friday. Earlier in January 2023, 7.8 percent growth was seen in these eight sectors and 5.9 percent in February 2022.
On the other hand, India’s current account deficit has come down to $18.2 billion in the third quarter. This is 2.2 percent of the country’s GDP. Earlier in the second quarter, this figure was $ 30.9 billion or 3.7 percent of GDP and $ 22.2 billion or 2.7 percent of GDP a year ago.
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