Source: aajtak
With five phases of the ongoing Lok Sabha Elections 2024 already concluded and only two rounds of voting left, the final results are due on June 4, 2024. Ahead of this, in just the past week, five pieces of good news have come in for Prime Minister Narendra Modi's government, serving as evidence of the Indian economy's high-speed growth. These encouraging updates range from the Indian Stock Market to the Reserve Bank of India (RBI).
Source: aajtak
Sensex Surges to New Heights
Beginning with the stock market, which is racing ahead with incredible momentum just before the election results. On Thursday, the fourth business day of the week, BSE's Sensex broke its previous record to set a new 52-week all-time high. At market closure, the Sensex stood at 75,418.04, up by 1196.98 points or 1.61%. Earlier in the final hour of trade, it had touched a new high of 75,499.91.
Source: aajtak
Nifty Writes History
Keeping pace with the Sensex, Nifty too, during Thursday's trading session, leapt by 369.85 points or 1.64%, to close at an all-time high of 22,997.65. Nifty had started the day at 22,614.10, but its speed picked up as the day progressed.
Source: aajtak
BSE Market Cap Crosses 5 Trillion
Like Sensex and Nifty, Bombay Stock Exchange (BSE) also made history last Tuesday. The BSE Market Cap crossed 5 trillion dollars for the first time, making India the fifth country in the world to achieve this feat. Before this, the stock markets of the USA, China, Japan, and Hong Kong had already demonstrated this achievement.
Source: aajtak
RBI Makes Significant Announcements
The fourth piece of good news comes from the Reserve Bank of India (RBI), and it's twin-fold positive news indeed. Reportedly, due to a staggering increase of 3 trillion rupees in banks' earnings, RBI has declared a hefty dividend sum of 2.11 trillion rupees. RBI annually transfers a specified amount from its investment income as a dividend to the central government. Last financial year, the central bank had distributed 874.16 billion rupees as dividends to the center. RBI earns this money through investments and appreciation in the value of held dollars.
The RBI, while releasing its bulletin, stated that due to increasing demand in the rural economy and higher non-food expenditures, India's growth rate for the current fiscal's first quarter is likely to hit 7.5 percent.
Source: aajtak
UN Endorses India's Robust Growth Pace
Alongside RBI's optimistic growth forecast, the United Nations (UN) has also endorsed India’s accelerating momentum by revising its growth rate projections for India up by 0.7 percent to 6.9 percent for 2024. Hamid Rashid, the chief of the UN's Global Economic Monitoring Branch, asserted that improved outlooks, lower inflation rates, robust exports, and increased foreign investments will bolster this growth.
