CURRENT AFFAIRS (THIS WEEK SUNDAY TO WEDNESDAY) #1

 

India’s forex reserves cross $600 billion mark

India’s forex reserves crossed the $600 billion mark for the first time, as per the latest data from the Reserve Bank of India (RBI) on Friday, June 11, 2021.

The country’s foreign exchange reserves rose by $6.842 billion taking it to $605 billion in the reporting week ended June 4, 2021. India now stands behind Russia by only $200 million in terms of foreign exchange reserves.

Shaktikanta Das, RBI Governor said, “The current level of forex reserves is enough to cover nearly 16 months of imports”. The central bank has earned enough resources with the increased reserves to tackle any challenges arising due to sudden policy or geopolitical shifts that could lead to depletion of funds from India. READ MORE HERE

ADB to provide $484 million loan for Chennai-Kanyakumari Industrial Corridor

The amount by ADB will be used to upgrade about 590 km of state highways in the Chennai-Kanyakumari Industrial Corridor Influence areas, covering 23 of the 32 districts between Chennai and Kanyakumari in Tamil Nadu.

READ MORE HERE

India elected to United Nations Economic and Social Council for 2022-24 term

India was elected to UN ECOSOC in the Asia-Pacific States Category along with Kazakhstan, Afghanistan, and Oman.

The Economic and Social Council of 54 members is at the heart of the United Nations system for advancing the three dimensions of sustainable development- economic, social, and environmental.

India has been currently serving the 201-22 term as the non-permanent member of the powerful United Nations Security Council and will assume the presidency of the 15 nation council in August 2021.

India ties with Russia as 4th largest forex reserves holder

As per Reserve Bank of India’s data, the foreign exchange reserves of India has crossed  $600 billion marks for the first time. The Forex reserve of India increased by USD 6.842 billion to $605.008 billion in the week ended June 04, 2021. This is the lifetime high of India’s foreign asset. With this, India has tied with Russia as the fourth largest reserve holder in the world. The forex reserve of Russia is calculated to be $605.2 billion.