Current Affairs - Economy

A high-level delegation from Uttar Pradesh is set to participate in the World Economic Forum meeting in Switzerland, scheduled from January 15 to 19. The delegation aims to showcase the state’s strides towards becoming a trillion-dollar economy and transforming metropolitan towns into focal points across various sectors.

India slipped to the fourth position in the global ranking of startup funding in 2023, experiencing a significant downturn with only $7 billion in total funding, after holding the third spot in both 2021 and 2022.

According to S&P Global's 2022 Insurance Report, LIC (Life Insurance Corporation of India) secured the fourth position globally in terms of life and accident & health reserves, with reserves amounting to $503.7 billion.

The Reserve Bank of India reported a substantial increase of $2.5 billion in India's foreign exchange reserves for the week ending November 24, reaching a total of $597.93 billion. This surge is primarily attributed to foreign portfolio flows into the debt market, reflecting a strategic move by the RBI to manage the rupee’s level.

India's fiscal deficit has reached 45% of the annual target of Rs 17.87 trillion during the period from April to October in the financial year 2023-24.