According to figures provided by the central bank on Friday, India's foreign exchange (FX) reserves have been steadily increasing over the past six weeks, reaching a new high of $692.3 billion as of September 20. A significant overall gain of $19.3 billion has been recorded over the past five weeks, with an additional $2.84 billion added during the most recent reporting week. The interventions in the foreign exchange market by the Reserve Bank of India (RBI) to control the rupee's excessive volatility and the appreciation or depreciation of foreign assets kept in reserves are the main caus
The United States' economic growth accelerated in the second quarter, owing mostly to strong consumer spending, the Commerce Department reported on Thursday. The GDP expanded at an annualised rate of 3.0%, which was unchanged from the prior estimate. According to economists, this was consistent with forecasts. In contrast, growth in the first quarter was revised to 1.6%, up from the previously reported 1.4% rate. The government corrected the national account statistics from the first quarter of 2019 to the first quarter of 2024. This indicated that economic growth and business earnings in
Indonesia has officially applied to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), to expand its export markets and attract more investment. On Wednesday, Indonesia's national news agency, Antara, reported on the important decision, citing the country's main economic minister, Airlangga Hartarto. According to Hartarto, Indonesia addressed a formal letter to New Zealand, the CPTPP's depositary. The letter underlines Jakarta's desire to join the agreement that connects 12 member countries. "This decision is part of our efforts to structurally reform I
India has now surpassed Japan to become Asia's third most powerful country, according to the Lowy Institute's most recent Asia Power Index. This shift demonstrates India's growing strength on the continent, cementing its position as a global player with aspirations to become a superpower. The Asia Power Index, published annually by Australia's Lowy Institute, assesses countries' power dynamics throughout Asia using variables such as economic resources, military strength, diplomatic influence, and cultural reach. India's ascension reflects its expansion in strategic areas such as defence, d
Hardeep Singh Puri, India's Petroleum Minister, claimed that bilateral trade between India and the United States has the potential to exceed $500 billion, up from $200 billion currently. He underlined that the United States is currently India's sixth-largest energy trade partner, with hydrocarbon trade expected to reach $13.6 billion in 2023-24, nearly doubling that of 2018-19. This increased momentum shows that there is substantial potential for future trade expansion. Puri made these comments during a panel at Gastech 2024, a global energy conference. He spoke with stakeholders from the
India is on track to become the world's third-largest economy by FY31, with a 6.7% growth rate expected this fiscal year, according to S&P Global. The report, "India Forward: Emerging Perspectives," emphasises the importance of ongoing reforms to improve business efficiency, increase private sector investment, and minimise dependency on state resources. It also forecasted an 8.2% growth rate for FY24, emphasising the need for infrastructure development and geopolitical policies to boost commerce. India's equity markets are projected to stay active due to robust growth prospects and imp
Ghana's GDP expanded by 6.9% in the second quarter of 2024, its strongest increase since Q2 2019. According to official statistician Kobina Annim, this outperformed analysts' predictions, owing in significant part to the extractive sector's rapid rise. The industrial sector expanded by 9.3%, up from 6.8% in the previous quarter, while agriculture and services rose by 5.4% and 5.8%, respectively. Despite issues in the cocoa subsector, which contracted by 26.2% for the fourth consecutive quarter, agriculture as a whole performed well, employing approximately 40% of the workforce. Ghana, t
On Wednesday, Prime Minister Narendra Modi spoke at the SEMICON 2024 conference near the capital, emphasising the significance of supply chain resilience and advocating for more semiconductor production in India. He emphasised the importance of semiconductors in everything from smartphones to electric vehicles and artificial intelligence, saying, "Resilience of the supply chain is critical." The pandemic highlighted global supply chain vulnerabilities, particularly in businesses relying on Chinese imports, such as semiconductor manufacturing. PM Modi cited India's reforming administration,
Prime Minister Narendra Modi stated India's intention to increase its electronics sector to $500 billion by 2030, emphasising the country's developing semiconductor prowess. Modi spoke at a chip conference near New Delhi, emphasising India's advantages, which include a $155 billion electronics sector. India is actively pursuing chipmakers, similar to the incentives that prompted Apple to assemble $14 billion worth of iPhones nationwide. The government has already approved more than $15 billion in semiconductor projects. Major initiatives include the Tata Group's proposal to build India's f
Taiwan's exports reached a new high of $43.64 billion in August, mainly due to increased demand for chips in the expanding Artificial Intelligence (AI) industry. The 16.8% year-on-year increase beat predictions of 7.35% and marked the tenth straight month of export growth. According to the finance ministry, increased demand for AI and high-performance computers, as well as worldwide businesses stockpiling new items, helped boost exports. The ministry predicts consistent growth in the second half of the year, particularly during the holiday season in Western countries like the United States