Gold Imports Dip 30% To _____ Billion in Aprilâ€“February 2023.

Business and Economics - General Knowledge Questions

$52.01 Billion

$46.3 Billion

$39.72 Billion

$31.8 Billion

Correct Answer : $31.8 Billion

India's gold imports, which have a bearing on the current account deficit, fell about 30% to $31.8 billion during April-February 2023 due to high customs duty and global economic uncertainties, according to data from the commerce ministry.

* Imports of the yellow metal stood at $45.2 billion in the corresponding period of 2021-22.

* The imports are in the negative zone since August 2022.

* Silver imports, however, rose by 66% to $5.3 billion during April-February 2023.

* The significant fall in gold imports though has not helped in narrowing the country's trade deficit -- the difference between imports and exports. The merchandise trade deficit for April-February 2022-23 was estimated at $247.52 billion against $172.53 billion in the year-ago period.

* According to industry experts, high import duty on gold and global economic uncertainties are the reason for the dip in the imports of the precious metal.

* "India imported about 600 tonnes of gold during April-January 2023, and it is down because of high import duty. The government should take a view on the duty part to help domestic industry and push exports," former GJEPC chairman and managing director of Kama Jewelry Colin Shah said..

Source : The Hindu

Published On : April 12, 2023

Recent Updates in Business and Economics - General Knowledge Questions

Q .

India's Trade Deficit Narrows to ______ Billion in August 2023.

$24.16 Billion

$27.39 Billion

$30.72 Billion

$33.65 Billion

Correct Answer : $24.16 Billion

India’s merchandise exports in August 2023 declined by 6.86% to $34.48 billion compared to $37.02 billion in August 2022. The decline is evident in key sectors like Non-petroleum and non-gems and jewellery. India’s trade deficit for August 2023 narrowed to $24.16 billion, showing a 2.8% improvement from the $24.86 billion deficit in the same month last year (2022).

Merchandise Imports Dip : Imports of merchandise also saw a decrease, down by 5.23% to $58.64 billion from $61.88 billion in August 2022.

Trade Deficit Narrows :

* Despite the decline in both exports and imports, India’s trade deficit for August 2023 narrowed to $24.16 billion, showing a 2.8% improvement from the $24.86 billion deficit in the same month last year.

April-August Trends :

* In the April-August period of 2023, merchandise exports contracted by 11.9% to $172.95 billion.
* Merchandise imports also fell by 12% to $271.83 billion during the same period.

Services Sector :

* In August 2023, services exports were estimated at $26.39 billion, slightly down from $26.50 billion in August 2022.
* Services imports for August 2023 stood at $13.86 billion, down from $15.22 billion in August 2022.

Services Sector Growth (April-August) :

* Services exports for the period from April to August 2023 reached $133.38 billion, reflecting a positive growth rate of 5.14% compared to the same period in the previous year.
* Services imports for the same period stood at $71.98 billion.

Sectoral Highlights :

* Notable sectors with substantial growth in merchandise exports in August 2023 included Iron Ore (1556.09%), Oil Meals (57.26%), and Electronic Goods (26.29%).
* Electronic goods exports surged to $2.17 billion in August 2023, compared to $1.72 billion in August 2022, with substantial growth of 35.22% over the April-August 2023 period.

Challenges in Imports :

* Merchandise imports faced challenges in August 2023, with 15 out of 30 key sectors experiencing negative growth.
* Notable sectors with declining imports included Silver (-78.15%), Cotton Raw & Waste (-74.67%), and Fertilisers (-55.69%).

Overall Trade Performance (August 2023) :

* India’s overall exports, including both merchandise and services, stood at $60.87 billion in August 2023, reflecting a 4.17% decline compared to August 2022.
* Imports for the same period totaled $72.50 billion, decreasing by 5.97% year-on-year, resulting in an overall trade deficit of $11.63 billion for August.

Published On : September 16, 2023

Category : Business and Economics

Q .

Mcap of seven of top-10 most valued firms eroded by __________Crores in first weak of Aug 2023.

Rs 92,947.86 Crores

Rs 1,00,947.86 Crores

Rs 1,09,947.86 Crores

Rs 1,21,947.86 Crores

Correct Answer : Rs 1,09,947.86 Crores

The combined market valuation of seven of the top-10 most valued firms eroded by Rs 1,09,947.86 crore last week, with State Bank of India taking the biggest hit, in-tandem with weak trend in equities.

Last week, the BSE benchmark fell by 438.95 points or 0.66 per cent.

From the top-10 pack, Reliance Industries, ICICI Bank, Hindustan Unilever, ITC, State Bank of India, Bharti Airtel and Bajaj Finance were the laggards while Tata Consultancy Services (TCS), HDFC Bank and Infosys witnessed addition in their market valuation.

The valuation of State Bank of India tumbled Rs 38,197.34 crore to Rs 5,11,603.38 crore.

Shares of State Bank of India on Friday (4th August 2023) fell by nearly 3 per cent after the company's first quarter earnings failed to cheer investors.

The market capitalisation (mcap) of ICICI Bank eroded by Rs 17,201.84 crore to Rs 6,79,293.90 crore.

ITC's valuation tanked Rs 16,846.18 crore to Rs 5,66,886.01 crore and that of Bajaj Finance fell by Rs 14,366.34 crore to Rs 4,32,932.18 crore.

The mcap of Reliance Industries went lower by Rs 11,806 crore to Rs 16,98,270.74 crore and that of Hindustan Unilever declined by Rs 9,069.42 crore to Rs 5,98,299.92 crore.

Bharti Airtel's valuation dipped by Rs 2,460.74 crore to Rs 4,97,908.56 crore.

However, the mcap of TCS jumped Rs 31,815.45 crore to Rs 12,59,555.25 crore.

Infosys added Rs 15,791.49 crore taking its valuation to Rs 5,72,062.52 crore. The mcap of HDFC Bank climbed Rs 7,080.63 crore to Rs 12,47,403.26 crore.

Reliance Industries remained the most valued firm of the country, followed by TCS, HDFC Bank, ICICI Bank, Hindustan Unilever, Infosys, ITC, State Bank of India, Bharti Airtel and Bajaj Finance..

Source : Times of india

Published On : August 6, 2023

Category : Business and Economics

Q .

Which Company to acquired online marketplace OLX India's auto sales business for Rs 537 crore?

CarTrade Tech Ltd

CarWale

CARS24

CarDekho

Correct Answer : CarTrade Tech Ltd

Mumbai-based used cars platform CarTrade Tech Ltd on Monday (10th July 2023) said it will acquire online marketplace OLX India's auto sales business for Rs 537 crore.

* In a stock exchange filing on Monday (10th July 2023), CarTrade said that it will acquire 100% stake in Sobek Auto India Pvt Ltd, the entity that houses OLX India’s automotive business, in an all-cash deal, and the acquisition will likely to be completed in 21-30 days.

* On Monday (10th July 2023), Cartrade's scrip on BSE closed 1.8% lower at Rs 486.3.

* Sobek is a company incorporated under the Companies Act, 2013. It is engaged in the business of running an automotive digital platform and a classifieds internet business.

* On June 30, 2023, Sobek has acquired the classifieds internet business from OLX India Private Limited on the terms and conditions agreed under a business transfer agreement.

* Last month (June 2023), Prosus-owned OLX has shut down its automotive business unit OLX Autos in a few regions, including Argentina, Mexico and has also laid off 800 employees.

* Earlier this year, OLX announced that they will lay off 15 per cent of their workforce. This amounts to 1,500 employees globally in 2023 as a part of the restructuring. They attributed the move to poor macroeconomic conditions..

Source : Business Today