RBI

The surge in the forex kitty amounted to $2.95 billion for the week, marking the sixth consecutive week of growth following a notable increase of $26.5 billion over the preceding five weeks.

Previously, UPI payments from PPIs were restricted to the respective web or mobile applications provided by the PPI issuers. However, with the introduction of third-party UPI apps, users can now enjoy enhanced convenience and accessibility in making payments. This strategic move is expected to catalyze the proliferation of digital payments across the economy, streamlining the transaction process for individuals and businesses alike.

This decision comes after a pause in the rate increase cycle that commenced in April of the previous year, following a series of six consecutive rate hikes amounting to 250 basis points since May 2022.

In its previous monetary policy announcement in February, the RBI had set the GDP growth rate at 7 percent for the upcoming financial year starting from April 1.

The decision to withdraw Rs 2,000 denomination banknotes from circulation was announced by the RBI on May 19, 2023.

These bonds comprise three categories: firstly, the "7.33 per cent Government Security 2026" will be offered for a set amount of Rs 6,000 crore via a price-based auction employing the multiple price method. Secondly, the "New Government Security 2034" will be available for Rs 20,000 crore through a yield-based auction also utilizing the multiple price method. Thirdly, the "7.25 per cent Government Security 2063" will be up for sale for Rs 12,000 crore via a price-based auction employing the multiple price method, as stated by the Finance Ministry in an official statement.

Modi emphasized India's youthful demographic advantage and the government's efforts in diversifying the economy by opening up sectors such as green energy, digital technology, defense, MSMEs, space, and tourism. He urged the RBI to craft innovative policies to cater to the aspirations of the youth and nurture these burgeoning sectors.

During the reported week, there was a modest increase of $140 million in the foreign exchange reserves. Notably, the surge in reserves owes much to the appreciation in the value of gold reserves, which saw a rise of $347 million.

Throughout the fiscal year's initial nine months, the CAD has demonstrated moderation, declining to 1.2 per cent of GDP from 2.6 per cent in the corresponding period the previous year. This positive development is attributed to a decrease in the merchandise trade deficit, according to the RBI.

Outbound FDI, delineated in terms of financial commitments, encompasses three principal components: equity, loans, and guarantees.