RBI gold reserves increased
Indian products are widely purchased in the Diwali market. There has been a huge boom in the country’s retail sector on Dhanteras. According to an estimated report by the Confederation of All India Traders i.e. CAIT, retail trade across the country reached around Rs 60,000 crore on Dhanteras this year. This figure shows that people are increasingly interested in local products. This means that the impact of Vocal for Local is clearly visible. According to experts, there has been a drop in sales of Chinese products related to Diwali. China has suffered a loss of Rp1.25 trillion this season. To meet the growing demand for local products, merchants are increasingly focusing on this.
At the same time, on Dhanteras, there is good news regarding gold reserves in India. According to the latest data released by the RBI, the amount of gold reserves held at the national level is increasing significantly. The RBI has managed to safely import 102 tonnes of gold into the country from the safe deposit boxes of the Bank of England. As of September 30, 60 percent of total gold reserves had increased, while at the end of March it was 50 percent. At the end of September, the RBI had a total of 855 tonnes of gold. This achievement is a sign of a change in strategy. From September 2022 until now, 214 tons of gold have been brought home.
RBI gold reserves increased
In early May it was reported that India had already brought back 100 tons of gold from the United Kingdom, the largest repatriation of gold since the 1990s. At that time, the government had pledged gold in foreign banks due to the balance crisis of payments. However, today India’s goal is to keep money safe rather than harnessing it in emergency situations.
The RBI’s semi-annual report on foreign exchange reserve management indicates that gold held nationally increased by more than 100 tonnes between April and September. It rose to 510.46 tonnes, up from 408 tonnes at the end of March. While at the end of the last fiscal year it had 822.10 tons of gold. Of these, 324.01 tonnes of gold were kept in the Bank of England and the Bank for International Settlements.
In the last five years, the RBI’s gold reserves have increased from 618 tonnes to 854 tonnes. According to the report, the proportion of gold in foreign exchange reserves in value terms increased from 8.15 percent in March this year to around 9.32 percent in September.
The rise of the iPhone made in India
Mobile phones from foreign companies made in India are creating a sensation in the world. The scenario of Indian mobile exports has changed. Exports of Indian-made iPhones have increased by around 30 percent. In September this year, the turnover of Apple iPhones manufactured in India reached $6 billion. This is 30 percent more than last year. This is a sign of minimal dependence on China. It is estimated that by the end of this year this business could reach 10 billion dollars.
According to a report, three major companies, Foxconn Technology Group, Pegatron Corp and Tata Electronics, are exporting Indian-made iPhones to many countries. The Foxconn plant in Chennai is a leader in this matter. At the same time, Tata Electronics, after acquiring its factory from Wistron Corp last year, has brought in around $1.7 billion in iPhone exports from its Karnataka plant between April and September.
Great announcement in the health field.
On the festival of Dhanteras and Diwali, Prime Minister Modi gifted the country with several projects worth Rs 12,850 crore in the field of health. On the 9th of Arogya Diwas, the Prime Minister extended health coverage to all senior citizens aged 70 years and above under the Jan Arogya Yojana.
On this occasion, the Prime Minister has also asked pharmaceutical companies to reduce the prices of three anti-cancer drugs. The National Pharmaceutical Pricing Authority (NPPA) has issued a memorandum directing interested companies to reduce the MRP of three anti-cancer drugs: Trastuzumab, Osimertinib and Dervalumab. The Ministry of Chemicals and Fertilizers reported that, as announced in the current budget, these medicines are exempt from customs duties.
Real Estate IPO Boom
Real estate IPOs in India have raised Rs 13.5 billion so far in 2024. This figure is almost double what was raised last year. This year, as of October 20, 123 IPOs have been listed. This is more than the total number of 2023. This is an indicator of the market boom. On the other hand, the participation of retail and institutional investors is increasing. This is increasing corporate revenue and market credibility. There have been 47 real estate IPOs since 2010, raising over Rs 30,000 crore in the post-pandemic era alone.
repatriation of artifacts
During Prime Minister Modi’s visit to the United States in 2016, American officials promised to return 157 stolen Indian artifacts. During Prime Minister Modi’s recent visit, 248 antiques were returned. In this sense, the return of these artifacts represents a milestone in the restoration of cultural heritage. This highlights the importance of international cooperation and the legal framework for the return of stolen cultural property. In recent years, many valuable items were illegally shipped out of India. The return of these artifacts now underlines the growing importance of international law in the protection of cultural property.
Foreigners are using UPI
Spanish Prime Minister Pedro Sanches praised Indian digital payment method by using UPI to purchase Lord Ganesha idol in Mumbai during his three-day visit to India. Earlier in January, French President Emmanuel Macron also made payments through UPI during his Republic Day visit to India. A week after Macron’s visit, the UPI was formally inaugurated at the iconic Eiffel Tower in Paris. Now Pedro Sánchez’s visit coincided with the Diwali celebrations, where he and his wife Begoña Gómez participated in the traditional festivities. They also enjoyed popular Indian sweets including laddus.
Spending on credit cards increased
Due to the Christmas holidays, the amount of spending on credit cards has increased. According to the information, in September there was a 25 percent year-on-year increase in credit card spending, the highest in 6 months. Although many banks saw higher slippages during the July-September quarter of 2024-25, expenses rose more than 20 per cent for the first time since February.
According to data from the Reserve Bank of India, spending reached Rs 1.76 trillion in September, while it was Rs 1.42 trillion in the same period last year. Credit card spending in August 2024 was Rs 1.68 trillion.
According to market experts, there is a possibility that the shares of asset management companies (AMCs) will continue to rise. Most brokerage houses have increased the prices assigned to the 4 AMC stocks. HDFC AMC, the largest listed AMC, reported a net profit of Rs 577 crore, up 32 per cent over the same quarter last year. Nippon India AMC’s profits rose 47 percent. Aditya Birla Sun Life (ABSL) AMC and UTI AMC recorded a profit growth of 36 per cent and 31 per cent respectively.
