Biz Updates: India’s foreign exchange reserves rise $10.87 billion, Google pulls out hundreds of workers

New Delhi| India’s foreign exchange reserves increased by $10.872 billion to $676.268 billion during the week ending April 4. The Reserve Bank of India (RBI) gave this information on Friday. This had increased total foreign exchange reserves by $6.596 billion to $665.396 billion in the previous week under review.

This is the fifth consecutive week when foreign exchange reserves have increased. Meanwhile, the RBI has intervened in the foreign exchange market to help ease rupee fluctuations. Foreign exchange reserves had touched an all-time high of $704.885 billion at the end of September 2024.

Foreign currency assets, a major component of foreign exchange reserves, rose by $9.074 billion to $574.088 billion in the week ended April 4, according to data released Friday. Expressed foreign currency assets compared to the dollar include the effect of fluctuations in the prices of non-US units such as the euro, pound and yen held in foreign exchange reserves.

Gold reserves rose by US$1.567 million to US$79.36 billion during the week, the RBI said. Special Drawing Rights (SDRs) have risen by US$186 million to US$18.362 billion, the top bank said. India’s reserve position with the IMF also rose by US$46 million to US$4.459 billion in the week under review, according to Reserve Bank of India data.

Finance Minister invited Austrian companies to invest in India’s emerging sector
Finance Minister Nirmala Sitharaman on Friday urged Austrian companies to invest in India as it offers many opportunities in new and emerging sectors. Addressing the India-Austria Business Roundtable in the capital Vienna, he said Austrian companies should take advantage of the many opportunities presented by India as the country sought reforms to accelerate economic growth and equity and ensure ease of doing business. Tremendous progress has been made as a result of the government’s efforts.

“I also highlighted emerging opportunities in new and emerging areas such as green hydrogen, electric vehicles, digital public infrastructure and innovation”, he said. India is an excellent gateway to Asia and the global South” He said that overall the prospects for a strong economic and commercial partnership between India and Austria are very bright.

Google evacuated hundreds of employees from Android, Pixel Phone department
Tech giant Google has laid off hundreds of employees from its platform and device department. This team worked for Android software, Pixel phones and Chrome browser. In January this year, Google had offered the employees of the same unit to leave their jobs voluntarily. A Google spokesperson said the company is working more efficiently and faster after the merger of its platform and device teams last year. It has also cut some jobs in addition to the voluntary exit program offered earlier. The company is reviewing team structures in view of changing business needs and market conditions. This decision has been taken at a time when many global companies including Amazon, Intel and Goldman are also cutting jobs amid the increasing impact of Artificial Intelligence and global economic uncertainty.

PNB cuts interest rate on FD
Punjab National Bank (PNB) has reduced the interest rate on fixed deposits i.e. FD. The new rate will be between 3.50 and 7.10 per cent. 300-day deposits will fetch 6.50 per cent interest instead of 7.05 per cent and 303-day deposits will earn 6.40 per cent interest instead of 7 per cent.

RBI to buy securities worth 400 billion
Reserve Bank of India i.e. RBI will buy securities worth Rs 400 billion from the open market on April 17. RBI will also operate a 43-day variable rate repo for Rs 1.5 lakh crore on the same day, the central bank said in a statement released on Friday.

16% decline in vegetable oil imports
The country’s vegetable oil imports declined by 16 per cent in March to 9.98 lakh tonnes. Vegetable oil imports have declined due to a sharp decline in crude sunflower oil purchases. According to Solvent Extractors Association of India, vegetable oil imports had been more than 11.82 lakh tonnes in March, 2024.