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New Delhi: India's foreign exchange reserves increased by USD 7.023 billion, reaching a fresh record high of USD 681.688 billion, during the week that ended on August 23, according to data released by the Reserve Bank of India. The previous record high was USD 674.919 billion.
The reserves have been on an upward trend for some time. In 2024 alone, they have risen by approximately USD 60 billion cumulatively. This buffer of foreign exchange reserves helps insulate domestic economic activity from global shocks.
According to the latest data from the RBI, India's foreign currency assets (FCA), the largest component of forex reserves, rose by USD 5.983 billion to USD 597.552 billion. Gold reserves during the week increased by USD 893 million, bringing the total to USD 60.997 billion. As per estimates, India's foreign exchange reserves are now sufficient to cover about a year of projected imports.
In the calendar year 2023, India added about USD 58 billion to its foreign exchange reserves. In contrast, India's forex reserves saw a cumulative decline of USD 71 billion in 2022. Forex reserves, or foreign exchange reserves (FX reserves), are assets held by a nation's central bank or monetary authority.
These are generally held in reserve currencies, typically the US Dollar and, to a lesser extent, the Euro, Japanese Yen, and Pound Sterling. The RBI closely monitors the foreign exchange markets and intervenes only to maintain orderly market conditions, aiming to contain excessive volatility in the exchange rate without reference to any pre-determined target level or band.\
The RBI frequently intervenes in the market through liquidity management, including the sale of dollars, to prevent a steep depreciation of the rupee.

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Pune police have uncovered a share market fraud worth ₹2.89 crore following the arrest of a man involved in vehicle theft.
Police, on Saturday, detained accused Shankar Raosaheb Shinde, 33, from Ravtale-Karudgaon in Ahmednagar district and handed him over to Shevgaon police and seized a stolen car worth of ₹12 lakh from him.
Officials from robbery and vehicle theft prevention unit 2 of the Pune city police got a tip-off that Shinde was trying to sell a stolen car in Hadapsar. Acting on the information, police laid a trap and arrested the accused.
Sandipan Pawar, police inspector, said, “During investigation he (the accused) revealed that he was involved in a share market scam and duped many investors from Ahmednagar district to the tune of ₹2.89 crore.’’
The accused through a financial firm approached many investors in Shevgaon area. He promised 10 per cent monthly returns on the investment amount.
Responding to such an attractive offer, many investors invested in the scheme. But when he suffered losses, he did not return the money and went missing.
A case was registered against him at Shevgaon police station on July 25 under sections of 420, 406,409 and 34 of the Indian Penal Code (IPC).
The accused claimed that due to his weak financial condition he was involved in vehicle theft and recently he stole a car and was trying to sell it to get money.

After a period of regulatory challenges and a temporary exit, Binance, one of the world’s largest cryptocurrency exchanges, has re-entered the Indian market. This development comes as a significant move in the global cryptocurrency landscape and has generated considerable excitement among Indian crypto enthusiasts and traders.
Background: The Ban and Regulatory Challenges
The re-entry of Binance into India marks the end of a complex chapter of regulatory uncertainty. In 2018, the Reserve Bank of India (RBI) issued a circular that prohibited banks and financial institutions from providing services related to cryptocurrencies. This move effectively forced several cryptocurrency exchanges to shut down or relocate outside of India. Binance, like many others, was impacted by this regulatory environment, leading to its initial withdrawal from the Indian market.
In March 2020, the Supreme Court of India lifted the RBI’s banking ban, citing it as “disproportionate,” which briefly revived hopes for the cryptocurrency sector in India. However, the market remained under a cloud of uncertainty due to the government's proposed Cryptocurrency and Regulation of Official Digital Currency Bill. This bill sought to ban all private cryptocurrencies while laying the groundwork for an official digital currency. While the bill was never officially passed, the threat of its potential implementation kept the industry on edge.
Binance’s Strategic Comeback:
Binance's return to India is a calculated move in response to evolving regulatory clarity and the increasing demand for digital assets in the country. With over 1.4 billion people and a tech-savvy population, India presents a massive market for digital assets and blockchain technology. Binance’s decision to re-enter is likely driven by a mix of market potential and the desire to establish a strong foothold in a country that could play a critical role in the future of global crypto adoption.
The company’s comeback strategy involves multiple facets:
1. Regulatory Compliance: Binance has pledged to work closely with Indian regulators to ensure full compliance with local laws. The exchange aims to set a precedent for adhering to both existing and future regulations. Binance has also expressed its willingness to cooperate with law enforcement and contribute to developing a clear and conducive regulatory framework for cryptocurrencies in India.
2. Localized Offerings: Understanding the unique needs of the Indian market, Binance plans to introduce products and services tailored specifically for Indian users. This includes a user-friendly interface, local language support, and localized payment options to make it easier for Indians to invest in cryptocurrencies.
3. Partnerships and Collaborations: Binance is expected to collaborate with Indian blockchain companies and financial institutions to foster innovation and growth in the crypto ecosystem. Such partnerships can help build trust and credibility among users and regulators alike.
4. Educational Initiatives: Recognizing the need to educate the masses about cryptocurrencies and blockchain technology, Binance plans to roll out various educational programs. These initiatives are aimed at demystifying digital currencies and promoting their safe and responsible use.
The Market Reaction and Future Prospects:
The news of Binance's return has been met with enthusiasm from Indian crypto traders and investors. Social media platforms are abuzz with discussions on the impact of this move, and many see it as a positive step towards mainstream acceptance of cryptocurrencies in India.
However, the future remains uncertain as the regulatory environment in India continues to evolve. The government’s stance on cryptocurrencies has oscillated between caution and curiosity, with ongoing debates about the potential risks and benefits of digital currencies. While Binance’s re-entry could potentially pave the way for other global exchanges to follow suit, it also underscores the need for clear, consistent, and forward-looking regulatory policies.
Conclusion:
Binance's re-entry into the Indian market is a significant milestone in the global cryptocurrency narrative. It not only reflects the growing importance of India as a key market for digital assets but also highlights the potential for constructive dialogue between regulators and industry players. As the crypto landscape continues to evolve, Binance’s experience in India will likely serve as a valuable case study for other markets grappling with similar regulatory challenges.
The coming months will be crucial in determining the long-term impact of Binance's return on India's cryptocurrency sector. With the right mix of regulatory support, market innovation, and consumer education, Binance could well position itself as a leading player in India's digital revolution.
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India's total dematerialised, or demat accounts - necessary for holding shares and securities in electronic form - have surpassed the 17 crore mark for the first time in August, according to latest numbers from depositories.
A total of 42.3 lakh new demat accounts were opened in August - a month that saw heightened stock market volatility - pushing the total to 17.11 crore. Data from the depositories shows that the addition was marginally lower than July's 44.44 lakh demat accounts, but was significantly higher to the addition of 31 lakh in August 2023.
Interestingly, India's total demat accounts are now ninth in rank, when stacked against world's most populous countries, ie, the total demat count exceeds populations of countries like Russia, Ethiopia, Mexico, and Japan. This figure is close to that of Bangladesh's population.
The milestone has been reached just two months after the count had hit 16 crore. Since January 2023, more than 6 crore new demat accounts have been added, reflecting a growing appetite for equity investing among Indian households.
August also marks the sixth instance of monthly demat additions exceeding the 40 lakh figure. Previously, this milestone was achieved in December 2023, followed by January-February and June-July this year.
So far in 2024, nearly 3.18 crore fresh demat accounts have been opened, surpassing the total additions of 3.10 crore in 2023.

A section of analysts say many investors and traders tend to open demat accounts as markets rise, and participation increases. Other factors driving the growth include the ease of completing KYC online, possibility of switching brokers digitally, increased awareness, and investors running multiple accounts.

Kranthi Bathini, Director - Equity at WealthMills Securities, said that India is currently seeing a financialisation of assets, with equity awareness growing rapidly. The stock market still has a strong long-term growth potential, compared to other asset classes, he said. Investors are acting in a matured manner and focusing on long-term prospects, while also looking to capitalise on the short-term trend, he added. Overall, more investors are entering the stock market with a longer term perspective rather than a short one.
The strong returns from domestic markets since last year too also led to a steady influx of new investors. However, many analysts are now talking about rising valuations. Since January 2023 till date, India's benchmarks Sensex and Nifty have surged 35 percent and 39 percent respectively, while border BSE Mid and Smallcap indices have risen 94 percent each.
While there may be pockets of overvaluation, Bathini says every bull run presents opportunities, and it is crucial to seize them. In India, equities are under owned, with a relatively low percentage in individual portfolios, and it is this under-ownership that is driving more people to enter the stock market.
Nilesh Sharma, Executive Director and President of SAMCO Securities too said that while there may be pockets of over-valuation, Indian markets have shown consistent growth and remain stable compared to global peers.

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Prime Minister Narendra Modi on Wednesday met with Sultan Haji Hassanal Bolkiah of Brunei for a bilateral meeting on wide-ranging topics and discussed trade ties, commercial linkages and people-to-people exchanges.
“I express my heartfelt gratitude to you and the entire Royal Family for your kind words, warm welcome and hospitality. I convey my greetings to you and the people of Brunei on the 40th anniversary of Independence on behalf of 1.4 billion Indians. We have centuries-old cultural ties,” PM Modi said.
“The basis of our friendship is our great cultural tradition. Under your leadership, our relations have been growing stronger day by day. The memories of your visit to India as the Chief Guest on our Republic Day in 2018 are still remembered with great pride by the people of India,” he added.
The Prime Minister further stated, “I am extremely happy that I have had the opportunity to visit Brunei at the beginning of my third term and to discuss the future with you. It is also a happy coincidence that this year we are celebrating the 40th anniversary of our bilateral partnership. Brunei being an important partner in India’s Act East Policy and Indo-Pacific Vision is a guarantee of a bright future for us.”
PM Modi, who is the first Indian Prime Minister to travel to Brunei on a bilateral visit, was welcomed by Sultan Bolkiah and his close family members at the Istana Nurul Iman, which is the official residence of the Sultan, and the seat of the Brunei government.

“Delighted to meet His Majesty Sultan Haji Hassanal Bolkiah. Our talks were wide ranging and included ways to further cement bilateral ties between our nations. We are going to further expand trade ties, commercial linkages and people-to-people exchanges,” Modi said in a post on X.

PM Modi’s historic visit is an important milestone in the 40-year diplomatic relationship between the two countries that enjoy a friendly relationship marked by mutual respect and understanding on bilateral and multilateral issues, officials said.
“Building stronger India-Brunei relations. PM @narendramodi was warmly welcomed at the Istana Nurul Iman by His Majesty Sultan Haji Hassanal Bolkiah of Brunei and his close family members.
Brunei is an important partner in India’s ‘Act East’ Policy and its Vision of the Indo-Pacific,” the Ministry of External Affairs (MEA) posted on X along with the photos.
The two countries are linked by history, culture and tradition spanning a millennium, the MEA had said ahead of Modi’s visit to the South East Asian nation.
Earlier on Tuesday, Modi, who is the first Indian Prime Minister to travel to Brunei on a bilateral visit, said he was looking forward to his meetings with Sultan Hassanal Bolkiah and other members of the royal family “to take the historical relationship to new heights.” The Prime Minister said he was looking forward to strong ties with Brunei, as he arrived here on the first leg of his two-nation trip meant to strengthen cooperation in sectors like defence, trade and investment, energy as well as people-to-people exchanges.
As a special gesture, Modi was received by Crown Prince Al-Muhtadee Billah at the airport. He visited the iconic Omar Ali Saifuddien Mosque here and also inaugurated the new chancery premises of the High Commission of India. At both places, he interacted with the Indian diaspora.
From Brunei, Modi will travel to Singapore later on Wednesday.

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Introduction

India's trade landscape has witnessed remarkable shifts in recent years. According to a recent report by the Global Trade Research Initiative (GTRI), India experienced a trade surplus with 151 nations in the first half of 2024 while grappling with trade deficits from 75 countries. These figures underline India’s growing export prowess and the challenges posed by specific nations, particularly in industrial goods and essential imports. This article delves into India’s trade surplus highlights, the impact of trade deficits, and the crucial steps India must take to strengthen its trade balance.

India's Trade Surplus: Key Highlights

Between January and June 2024, India achieved an impressive trade surplus with 151 countries, accounting for 55.8% of its exports and 16.5% of its imports. This surplus totaled USD 72.1 billion, a testament to India's growing global trade influence. Major contributors to this surplus were the United States and the Netherlands, where India enjoyed a surplus of USD 21 billion and USD 11.6 billion, respectively.
The significant trade surplus underscores India's increasing exports in various sectors, particularly technology, pharmaceuticals, and services. The strong performance in these areas allowed India to offset its imports from these nations, contributing positively to the country's overall trade dynamics.

The Trade Deficit Dilemma

Despite a robust trade surplus with 151 nations, India faces a daunting trade deficit with 75 countries. These countries represent 44.2% of India's exports but a staggering 83.5% of its imports, resulting in a USD 185.4 billion trade deficit. This deficit highlights India’s dependence on specific imports, particularly industrial goods, crude oil, and coal.
India’s largest trade deficits were recorded with China, Russia, Iraq, Indonesia, and the UAE. China remains India’s largest trade deficit partner, with a deficit of USD 41.88 billion between January and June 2024. The lion’s share of India's imports from China consists of industrial goods, which account for 98.5% of the total imports from China. This situation emphasizes India's reliance on Chinese industrial products and highlights the need for India to develop its manufacturing sector to reduce this dependency.

Key Deficit Drivers : Crude Oil and Industrial Goods

While India’s trade deficit is significantly impacted by the import of crude oil and coal, the GTRI emphasizes that this is not a cause for concern. These imports are essential to power India’s growing economy, and the deficit related to energy imports is considered manageable. However, the think tank stresses that India must focus on reducing imports of industrial goods, particularly from China, as these imports threaten India's economic sovereignty.
Goods such as man-made filaments, rolling stock, glassware, and toys make up a large portion of imports from China, with over 50% of India’s global imports of these goods coming from China. This dependency underscores the urgent need for India to ramp up domestic production of critical industrial products and reduce its reliance on foreign imports, particularly from China.

Top Trade Deficit Nations

India’s top five trade deficit partners include China (USD 41.88 billion), Russia (USD 31.98 billion), Iraq (USD 15.07 billion), Indonesia (USD 9.89 billion), and the UAE (USD 9.47 billion). These countries represent a significant portion of India’s overall trade deficit, driven by high imports of crude oil, petroleum products, and industrial goods.
In addition to these nations, India’s trade deficit exceeds USD 1 billion with 18 other countries, including Saudi Arabia, Switzerland, South Korea, Japan, and Qatar. Despite these deficits, GTRI highlights that trade imbalances with countries exporting crude oil and coal are less concerning than deficits driven by industrial goods imports.

Strategic Approach to Trade Deficits

GTRI suggests that India should prioritize reducing its reliance on industrial goods from countries like China while maintaining strategic imports of essential resources like oil and coal. Deep investments in domestic manufacturing are critical to achieving this objective. By doing so, India can safeguard its economic independence and ensure a more balanced trade relationship with its global partners.
Moreover, the report also points out that India must be vigilant regarding imports of gold, silver, and diamonds, particularly from countries such as Switzerland, the UAE, and Hong Kong. Recent tariff cuts on precious metals have the potential to further increase imports, which could widen the trade deficit with these nations.

Changing Trade Partners: USA Overtakes China

A notable development in India's trade scenario is the shifting role of its top trading partners. In a significant revision, updated trade data for FY24 shows that the USA has overtaken China as India’s top merchandise trade partner. This shift is driven by an increase in imports from the USA, which now stands at USD 42.2 billion, making the USA India’s leading trade partner with a total trade value of USD 119.7 billion.
This shift reflects India's growing economic ties with Western nations and underscores the importance of diversifying trade relationships to reduce reliance on any single country, particularly China.

Conclusion

India’s trade landscape in the first half of 2024 reflects both its growing strength as a global exporter and the challenges posed by its reliance on imports, particularly from China. While a trade surplus with 151 nations is a positive sign, the significant deficits with countries like China and Russia highlight the need for India to enhance domestic production and reduce dependency on foreign industrial goods. By prioritizing deep manufacturing and diversifying its trade relationships, India can safeguard its economic future and position itself more securely in the global trade ecosystem.