RBI gold reserves increase
During Diwali, Indian products are purchased in large quantities in the market. The retail industry in India sees a huge boom during Diwali. According to an estimated report by the Confederation of All India Traders (CAIT), the national retail trade volume during the Dhantras this year reached about Rs 60,000 crore. This figure demonstrates the growing interest in local goods. This means the impact of Vocal for Local is clear. According to experts, sales of Chinese products related to Diwali have declined. China’s losses this quarter amounted to 1.25 trillion rupees. Traders are now paying more and more attention to this in order to meet the growing demand for local agricultural products.
At the same time, there is good news about India’s gold reserves. According to the latest data released by the Reserve Bank of India, the number of gold reserves held in the country is increasing significantly. The Reserve Bank of India has successfully imported 102 tonnes of gold into the country safely from a safe deposit box at the Bank of England. As of September 30, total gold reserves increased by 60%, compared with 50% at the end of March. As of the end of September, the Reserve Bank of India had a total of 855 tons of gold. This achievement is a sign of a strategic shift. Since September 2022, 214 tons of gold have been brought back.
RBI gold reserves increase
It was reported in early May that India had shipped back 100 tons of gold from the UK, which was the largest gold shipment since the 1990s. At that time, due to the balance of payments crisis, the government had pledged gold in foreign banks. However, today India’s goal is to keep funds safe rather than tap them in emergencies.
The Reserve Bank of India’s semi-annual report on foreign exchange reserve management noted that domestic gold holdings increased by more than 100 tons between April and September. Production increased to 510.46 tons from 408 tons at the end of March. As of the end of the last fiscal year, its gold reserves were 822.10 tons. Among them, 324.01 tons of gold are stored in the Bank of England and the Bank for International Settlements.
Over the past five years, the Reserve Bank of India’s gold reserves have increased from 618 tons to 854 tons. The report shows that in value terms, gold’s proportion in foreign exchange reserves increased from 8.15% in March this year to approximately 9.32% in September.
Made in India iPhone craze
Mobile phones made in India by foreign companies are making waves in the world. India’s mobile phone export pattern has changed. Exports of iPhones made in India increased by about 30%. As of September this year, Apple’s revenue from iPhones manufactured in India has reached US$6 billion. This is a 30% increase from last year. This is the smallest sign of dependence on China. The business is expected to reach US$10 billion by the end of this year.
According to reports, three major companies, Foxconn Technology Group, Pegatron Technology and Tata Electronics, are exporting Indian-made iPhones to many countries. Foxconn’s Chennai plant is quite advanced in this regard. Meanwhile, Tata Electronics’ Karnataka factory contributed about $1.7 billion to iPhone exports from April to September after acquiring the factory from Wistron last year.
Important announcements in the health field
During Diwali and Diwali, Prime Minister Modi gifted various health sector projects worth Rs 12,850 crore to the country. On the 9th, the Prime Minister extended health insurance coverage to all senior citizens aged 70 and above under the Jan Arogya Yojana.
This time, the Prime Minister also asked pharmaceutical companies to reduce the prices of three anti-cancer drugs. The National Pharmaceutical Prices Authority (NPPA) has issued a memorandum instructing companies to reduce the prices of three anti-cancer drugs – Trastuzumab, Osimertinib and Dervalumab. MRP. The Ministry of Chemicals and Fertilizers said these drugs have been exempted from customs duty as per the announcement in the current budget.
Real estate IPOs boom
Indian real estate IPOs have raised Rs 13,500 crore so far in 2024. The figure is nearly double the amount levied last year. As of October 20 this year, there have been 123 IPOs. This is more than the 2023 total. This is an indicator of market prosperity. On the other hand, participation from retail and institutional investors is increasing. This increases business revenue and market credibility. Since 2010, there have been 47 real estate IPOs, raising over Rs 30,000 crore in the post-pandemic era alone.
Return of cultural relics
During Prime Minister Modi’s visit to the United States in 2016, U.S. officials promised to return 157 stolen Indian cultural relics. Prime Minister Modi returned 248 artifacts during his recent visit. In this sense, the return of these artifacts is a milestone in the restoration of cultural heritage. This highlights the importance of international cooperation and legal frameworks in the return of stolen cultural property. Over the past few years, many precious cultural relics have been illegally shipped out of India. The return of these artifacts highlights the growing importance of international law in protecting cultural property.
Foreigners are using UPI
Spanish Prime Minister Pedro Sánchez, during his three-day visit to India, praised India’s digital payment methods and purchased a Ganesha idol in Mumbai using UPI. 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, UPI was officially launched at the iconic Eiffel Tower in Paris. Now, Pedro Sanchez’s visit coincides with Diwali celebrations, and he and his wife, Begoña Gomez, take part in the traditional festivities. They also enjoy popular Indian sweets including laddus.
Increased credit card spending
Affected by the festival, the amount of credit card consumption increased. Data show that credit card spending increased by 25% year-on-year in September, the highest in six months. While many banks saw higher slippages in the July-September quarter of 2024-25, disbursements increased by more than 20% for the first time since February.
Reserve Bank of India data showed expenditure reached 1.76 trillion rupees in September, compared with 1.42 trillion rupees in the same period last year. Credit card spending in August 2024 was Rs 1.68 trillion.
Market experts say there is a possibility of further increase in the holdings of asset management companies (AMCs). Most brokerages raised their assigned prices on all four AMC shares. HDFC AMC, the largest listed AMC, reported net profit of Rs 5.77 billion, up 32% from the same period last year. Nippon India AMC’s profit rose 47%. Profits at Aditya Birla Sun Life (ABSL) AMC and UTI AMC grew by 36% and 31% respectively.
