India Current Affairs - 2020

Indian Foreign Exchange Reserves increased by $2.063 billion

The data from the Reserve Bank of India (RBI) shows that the Foreign Exchange Reserves of India increased by $2.063 billion to $400.24 billion in the week to February 1. The foreign exchange reserves had increased by USD 1.497 billion to reach USD 398.178 billion in the previous week corresponding to January 25. The increase in the value of the Foreign Exchange Reserves is attributed to the increase in foreign currency assets.

India’s Forex Reserves

The components of India’s Forex reserves are:

  • The Foreign Currency Assets which forms a major component of the overall reserves increased by $1.280 billion to $373.430 billion. Foreign currency assets expressed in USD are subjected to the effects of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves.
  • In the reporting week, the gold reserves also increased by $764.9 million to $22.686 billion.
  • India’s special drawing rights with the International Monetary Fund (IMF) rose by $6.2 million to $1.470 billion.
  • India’s reserve position with the IMF also increased by $11.2 million to $2.654 billion.

Foreign Exchange Reserves are used to back liabilities on their own issued currency as well as to influence monetary policy. These reserves act as a buffer during the challenging times to the economy.

India to Train Civil Servants from Bangladesh

During the ongoing visit of the Abul Hassan Mahmood Ali, the Foreign Minister of Bangladesh, India and Bangladesh signed a MoU for training 1800 Bangladesh Civil Servants. The MoU was signed between India’s National Centre for Good Governance (NCGG) and the Ministry of Public Administration of Bangladesh.

The NCGG would be training the Bangladesh civil servants for the second time. 1500 Bangladesh Civil Servants have already been trained in NCGG under the first MOU signed 5 years ago.

The civil servants from Bangladesh would be trained at the NCGG an institute under the Department of Administrative Reforms and Public Grievances (DAR&PG).

Officers of the rank Additional Deputy Commissioners/ Additional District Magistrates, Upazila Nirbahi Officers, Deputy Director Local Government, Senior Assistant Secretaries, Senior Assistant Commissioners, Assistant Commissioners (Land) and Officers of equivalent rank in the Ministries from Bangladesh Civil Service (Administration) cadre would be trained in India.

The Civil Servants from Bangladesh will be trained in e-Governance and service delivery, public policy and implementation, information technology, decentralization, urban development and planning, Ethics in Administration and challenges in the implementation of SDGs.