Business
India Reports Record High Current Account Surplus Amid Demand Drop
India saw a record high current account surplus a rarity for the economy in the April-June quarter as a precipitous drop in local demand led to sharper fall in imports compared to exports. The quarter also saw net portfolio and foreign direct investment flows slow to a trickle, while remittances from foreign workers fell.
Balance of payments data released by the RBI showed :
- India’s current account balance recorded a surplus of $19.8 billion in the April- June 2020 quarter, compared to a surplus of $0.6 billion in the preceding quarter.
- As a percentage of the GDP, current account balance rose 3.9% in the April- June 2020 quarter, compared to 0.1% in the preceding quarter.
- Forex reserves saw an accretion of $19.8 billion in BoP terms during the quarter as compared to $14 billion in the previous quarter.
This is the second consecutive quarter that the economy has seen a current account surplus. It is also the highest on record.
Implication Of Current Account Surplus
As the RBI absorbs dollars, it has continued to supply rupee liquidity to the market. This, in turn, may suggest that there is a wider pool of local savings that could support an increased borrowing programme from the government. “Given the current account surplus, there are more savings in the economy than we think. So, India may be able to absorb a higher level of borrowing that most believe,” said Sajjid Chinoy, chief India economist at JPMorgan
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Business
Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise
%20(3).jpg "Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise")
Tributes continue to pour in for Ratan Tata, with Virat Kohli and Jay Shah taking to their social media accounts to bid farewell to the industrialist.
Former Indian captain and batting legend Virat Kohli paid a touching tribute to Ratan Tata, the legendary business tycoon, who passed away on Wednesday night. Tata, a Padma Vibhushan recipient, was undergoing treatment in intensive care since Monday but breathed his last in Mumbai, leaving a profound impact on many across the nation.
Kohli expressed his condolences through his Instagram account on Thursday morning, sharing a heartfelt message along with a photo of the late industrialist.
Tata’s contribution to business, society, and philanthropy has been widely acknowledged, and his passing marks the end of an era.
The Board of Control for Cricket in India (BCCI) secretary, Jay Shah, also conveyed his sorrow, stating, “Deeply saddened by the loss of Shri Ratan Tata Ji. His leadership, integrity, and dedication to society set a remarkable standard for legacy. My heartfelt condolences to his loved ones. Rest in peace, Sir.” Shah’s words reflect the collective grief of a nation that has long admired Tata’s contributions to the country.
BCCI’s tribute
Additionally, the BCCI issued a statement about his demise.
“The BCCI expresses its deepest sorrow and joins the nation in mourning the passing of Shri Ratan Tata ji. His invaluable contributions across diverse fields have been instrumental in shaping India’s growth and success story.
His extraordinary legacy, founded on the principles of passion, empathy, visionary leadership, innovation, and excellence, will continue to inspire and guide future generations for years to come,” the statement read.
Ratan Tata, born on December 28, 1937, in Mumbai, embarked on his journey with the Tata Group in 1962 as a young executive. Over the decades, he transformed the group into a global conglomerate. His work was acknowledged with India’s second-highest civilian honour, the Padma Vibhushan, in 2008, and he received numerous accolades, including honorary doctorates from prestigious institutions in India and abroad.
Tata is survived by his family, including brothers and sisters Simone Tata, Jimmy Tata, Noel Tata, Aloo Tata, Shireen Jejeebhoy, Deanne Jejeebhoy, Leah Tata, Maya Tata, Neville Tata, Manasi Tata, Jamset Tata, Tiana Tata, and others, as mentioned in a family statement.
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