BUSINESS
'India's forex reserves dropping below $500 bn would force RBI to hike more aggressively'
In other words, the Reserve Bank of India (RBI) could start to accumulate reserves again should the USD start to weaken. This would keep the rupee underperforming, the report said. The RBI has used close to $100 billion of FX reserves since late 2021 to defend the currency. Such action makes sense as it had been accumulating FX reserves before that and it wants INR stability in order not to import inflation, the report added.
Government unveils framework to prevent fake reviews of products
These have been finalised by the Bureau of Indian Standards (BIS) and came into being after the Department of Consumer Affairs received a slew of complaints on fake review of products being posted by several e-commerce companies on the social media and on web portals. BIS will also develop a conformity assessment scheme for the standard within 15 days to assess compliance.
Economy doing well, can reach $5 trillion target by 2025-26: Officials
Economic affairs secretary Ajay Seth, Niti Aayog CEO Parameswaran Iyer and Chief Economic Adviser V. Ananth Nageswaran are learnt to have made presentations before the committee, where the projections on the economic growth and the roadmap towards becoming a $5 trillion economy were given, sources informed further. Finance Secretary T.V. Somanathan, who was also summoned by the panel, could not attend the meeting.
Govt keen to increase demand for steel by enhancing capital infra: Jyotiraditya Scindia
The government had withdrawn the export duty on iron ores lumps and fines below 58 per cent Fe content, iron ore pellets and the specified steel products including pig iron last Saturday. The import duty concessions on Anthracite / PCI coal, coking coal, coke and semi coke and ferronickel were also withdrawn.
iPhone: Made in India to become a regular feature
It is considered that this is the tech giant's strategy to diversify manufacturing and relocating its plant outside of China amid mounting geopolitical tensions and the global supply chain "de-risking" which is underway because of China's "zero-Covid" policy, but India is the desired destination shows a significant milestone in the history of the company and India's preparedness, past performance especially its remarkable resilience during and after the second wave of Covid-19 and competency as well.
Indian startups must brace for a long funding winter: Flipkart CEO
“This is going to be tough next year. My estimate is that a lot of startup founders will hit the market between April to June next year, and that’s the moment of truth for the ecosystem,” Krishnamurthy said during an event organised by The Economic Times. Krishnamurthy told the gathering that startup founders should embrace a down-round and restructure their firms.
India 5G tablet shipments grow 61% QoQ in Q3, Samsung leads
"Shipments of 5G tablets continued to gain strength in Q3 2022. This is driven by the recent 5G auctions, and the beginning of the 5G era. The growth in 5G Tablets is consistent with the trends seen in the 5G smartphone market," said Menka Kumari, analyst, Industry Intelligence Group (IIG), CMR.
UPI payment apps may impose transaction limit
Soon users may not be able to make unlimited payments via UPI payment apps. The National Payments Corporation of India (NPCI), which operates the UPI digital pipeline, is in discussions with the Reserve Bank about implementing its proposed December 31 deadline for limiting player volume to 30 per cent.
Chingari introduces new monetisation plan for creators, users
Creators and users will be offered daily, weekly and monthly subscription plans for monetisation for as low as Rs 20. The platform said that subscription plans will allow creators and users to withdraw their earnings directly into their bank account. “This is another step towards the democratisation of the creator economy where micro and nano-influencers from tier 2 and tier 3 cities can also monetise their content at a minimal cost,” said Sumit Ghosh, CEO and Co-Founder, Chingari.
Drop below $500 billion in India's forex reserves would force RBI to hike more aggressively
In other words, the Reserve Bank of India (RBI) could start to accumulate reserves again should the USD start to weaken. This would keep the rupee underperforming, the report said. The RBI has used close to $100 billion of FX reserves since late 2021 to defend the currency. Such action makes sense as it had been accumulating FX reserves before that and it wants INR stability in order not to import inflation, the report added.
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