Foreign exchange reserves in India reached an all-time record high of $ 448 billion

Foreign exchange reserves in India

India's foreign exchange reserves rose to $ 44.8 million on November 22, from $ 448250 million the previous week. India's foreign exchange reserves averaged $ 2,277,552 million from 1998 to 2019, reaching an all-time record high of $ 4,486 million in November 2019 and a record low of $ 29048 million in September 1998.

This increase was mainly due to an increase in foreign currency assets, which are an important component of total reserves, and increased from $ 2.174 billion to $ 42.8 billion, according to data released on Friday in the reference week.

In India, foreign exchange reserves are foreign assets held or controlled by the country's central bank. Reserve of gold or some currencies. They can also be in the form of special withdrawal rights and securities that are traded in foreign currencies, such as securities, government bonds, corporate bonds and reverse conversion bonds and loans in foreign currencies. This page contains the latest values ​​reported for - Indian foreign exchange reserves - in addition to previous, high and low, short-term and long-term estimates, economic calendar, consensus surveys and news. India's foreign exchange reserves - current data, historical charts and calendar versions - last updated in November 2019.

Foreign exchange reserves continued to increase, rising $ 1,710 billion to new highs of $ 447.81 billion in the week ended November 8. This is evident from weekly data published by the Reserve Bank. In the previous week, reserves rose $ 3.515 billion to $ 446.098 billion.

This increase was mainly due to an increase in foreign currency assets, which are an important component of total reserves, and increased from $ 2.174 billion to $ 42.8 billion, according to data released on Friday in the reference week.
Foreign currency assets denominated in US dollars include appreciation or devaluation of non-US units such as the euro, pound sterling, and yen held in foreign exchange reserves. Gold reserves fell $ 443 million to $ 26.910 billion this week.

The Special Withdrawal Rights at the International Monetary Fund (IMF) fell $ 3.4 million to $ 1.44 billion during the week. The country's reserve position with the IMF has also fallen from $ 17 million to $ 3.630 billion, data show.

Exceeding the FY20 target, India's fiscal deficit touched Rs 7 trillion

The Indian government budget deficit has exceeded the target set for 2019-2020 (FY20). India's budget deficit for the April-October period is $ 7.2 trillion, or 102.4% of the budget target for the current financial year, according to government data on Friday. This is 102.4 percent of the full-year target compared with 103.9 percent in the same period last year (2018-19 or FY19).

According to the government, net tax revenue for April-October was Rs.6.83 trillion, while total expenditure was Rs.65.5 trillion.

Total government revenue during the period was Rs.9,344,606 billion, including Rs 6,883,486 billion, taxpayers Rs, 2,24,148 billion, and non-debt capital.

Income from non-debt capital also included the loan repayment value of 9,461 rupees.

Proceeds from sales contributed Rs 17,365 in the final results.

The total expenditure of the Indian government in the period from April to October 2019 amounted to Rs. 16,54,905 crore, where Rs. 14,53,632 crores are in the profit and loss account and Rs. 2,01,273 crore is in the capital account.

Of the total income, Rs 2,89,565 million was interest payments, while Rs 2,266,244 was due to large subsidies.

3,666,871 rupees were transferred from the center to the state government as a tax return. This is 10,205 rupees less than last year.

The budget deficit for April-October reached 7.2 trillion rupees and exceeded FY20 target

Increasing non-tax revenues, which kept revenues and investment at the same level as the previous year, helped overcome the deficit.

With the July GDP data released on Friday, it is now possible to calculate the fiscal deficit for the first half of the 2019-20 April period (April-September) as a percentage of the nominal gross domestic product (GDP) of 6.6 percent. This is proportional to the budget target of 3 , 3 percent of GDP, Finance Minister Nirmala Sitharaman said in his first budget address on July 5.

The increase in tax-free income from April to October was mainly due to a surplus approved by the Reserve Bank of India on the recommendation of the Bimal Road Panel regarding the central bank's capital reserves. Data shows that dividends and profits, including dividends from banks and state-owned companies, were $ 1.58 trillion, or 97 percent of the target for the full year, compared with only 46 percent for the same period last year.

 "The growth of non-tax revenues from April to October, mainly because increased RBI payments to the central government helped limit the budget deficit," said Devendra Kumar Pant, chief economist at India Ratings.

From April to October, total expenditure was $ 16.55 trillion, or 59.4 percent of the estimated full-year expenditure, compared with 59.6 percent for the same period last year. Investment for the seven months to October contributed 59.5 percent of the full-year target, compared with 59 percent for the April to October 2018 period, while revenue was 59.4 percent compared to 59.7 percent.

"The government has increased spending on new companies, while revenue for revenue has decreased slightly in the first seven months of 2019-2020," said Madan Sabnavis, chief economist at CARE Ratings.

Total sales for the April-September period totaled Rs.9.3 trillion, or 44.9 percent of the full-year target, compared with 44.4 percent for the same period last year. Given the economic slowdown, tax revenue reached 41.4 percent of the total annual target compared to 44.7 percent in the previous year.

Non-tax income and non-debt income save some numbers. Non-taxable income was 71.6 percent of the full-year target compared to 52.1 percent in the same period last year, while non-debt related capital income was 22.4 percent, up from 20.8 percent.

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