Latest Indian Economy-one-liners

Indian Rupay Card Phase-II: started in Bhutan.

Hero Motocorps Joins Harley Davidson:  US bike maker Harley Davidson (HD) formalised its tie-up with Hero Motocorp under which the latter will sell and service the former's motorcycles in India. Hero Motocorp will also set up a brand exclusive chain of dealerships across the country that will also sell HD's spare parts, accessories, general merchandise as well as apparel. 

Base year for CPI for Industrial Worker Changed:  The government plans to change the base year for the Consumer Price Index for Industrial Workers (CPI-IW) to 2016 from 2001. This could mean further increase in Dearness Allowance (DA)/Dearness Relief (DR), when revised from next year. Yearly inflation as represented by All India CPI-IW is key for calculating DA and DR.

The policy of Domestically Manufactured Iron & Steel Products: led to the reduction of  20,000 crore Rs.  in  Steel Import.

Vodafone & Idea renamed their joint venture as “VI”.

 

EASE 2.0 reforms:  are related to the banking sector.

 

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%%) & the USA(16.3%) with 6.7% with respect to Purchasing Power Parity(PPP).  

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.