India’s foreign reserves hit record high of USD 705 billion and services PMI slows to 57.7 in September

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India’s foreign exchange reserves, held by the Reserve Bank of India (RBI), surged to a record USD 705 billion as of September 27th. This impressive increase further reinforces India’s robust economic position in global markets.
Meanwhile, in India, the HSBC Services Purchasing Managers’ Index (PMI) was revised lower to 57.7 in September from an initial estimate of 58.9. Despite the downward revision, the PMI remains strong, with the index marking the fastest growth in the services sector in five months, following a robust reading of 60.9 in August.
India’s economic outlook also appears promising, with Finance Minister Nirmala Sitharaman announcing that the country’s per capita income is expected to grow by an additional USD 2,000 over the next five years. This positive forecast reflects India’s sustained economic growth and development, positioning the nation for continued progress.
The US labor market saw significant improvements in September as the unemployment rate dropped to 4.1%, the lowest in three months. This is a decrease from August’s 4.2%, reflecting the ongoing recovery in the job market. Notably, the US economy added 254,000 jobs in September, a substantial increase from the upwardly revised 159,000 jobs in August. This job growth far surpassed analysts’ forecasts of 140,000, signaling strong momentum in employment gains.
In global economic developments, Japan’s reserve assets increased to USD 1.25 trillion in September, up from USD 1.24 trillion in August. This marks the highest level of reserves since April, highlighting Japan’s growing financial stability and strengthening foreign exchange reserves.