Foreign exchange reserves have dropped to about $533 billion from a peak of about $634 billion in 2021, in part because of the growing current account deficit that S&P says will jump to 3% of GDP in the current fiscal year from 1.6% in the preceding fiscal. S&P expects commodity prices, particularly for energy, to stabilise around current levels through 2023, after which they may decline more meaningfully, which would help moderate the current account deficit.

Strategic experts on both sides are now of the view that if the Diwali deadline for the FTA is still met, the result would be a much less comprehensive deal than was expected, leaving key sectors open for future negotiations. UK Trade Secretary Kemi Badenoch seemed to lay the groundwork for this last week, when she said that an FTA with India would not mean that "we can't do even more later".

"Over the next couple of months, I think over next 30 to 60 days... Government of India and India Semiconductor Mission will be rolling out those proposals that have been scrutinized and that have passed the investment," Chandrasekhar said in his virtual address at the summit.

This will be the first time since the onset of the Monetary Policy Framework which came into effect in 2016 that the RBI will be made to explain its actions in a report to the government.

Prime Minister's Development Initiative for North East Region (PM-DevINE), a Rs 6,600 crore scheme to support infrastructure, industries and other livelihood projects in the Northeastern states, was approved on Wednesday by the Union Cabinet, chaired by Prime Minister Narendra Mod

The amendment follows extensive consultations with stakeholders and it was decided to amend the existing Act to bring it in line with Part IXB of the Constitution. The Multi-State Co-operative Societies Act, 2002 was enacted with a view to facilitating democratic functioning and autonomous working of multi-state co-operative societies in line with the established co-operative principles.

Retail inflation data for September was also released today. It showed CPI jumped to 7.4 per cent during the month owing to a rise in food prices, particularly vegetable prices which soared by over 18 per cent.

Exports to the country in the first eight months of the calendar jumped 144.5% compared with the same period in 2020 on the back of sustained demand for luxury watches since normalcy started returning after the Covid-19 pandemic.