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Economy Current Affairs March 3rd Week 2021

India`s Foreign Exchange Reserves Now Worlds Fourth Largest:

India`s foreign exchange market has grown to become the world`s fourth largest. 
♦ India`s foreign exchange reserves have surpassed Russia`s and are now the world`s fourth highest. 
♦ Due to a small current account surplus, funds pouring into the local stock market, and a rise in foreign direct investment, India`s reserves are sufficient to finance approximately 18 months of imports. 
♦ India`s foreign currency reserves dropped by US$4.3 billion to US$580.3 billion as of March 5. 
♦ On the International Monetary Fund (IMF) table, China has the most foreign exchange reserves, followed by Japan and Switzerland.

Indias Per Capita - National Steel Policy:

The Minister of Steel stated in his written response to the Rajya Sabha that India`s per capita steel consumption is 74.7 kg, compared to the world average of 229 kg in 2019-20. 
About National Steel Policy: 
♦ The 2017 "National Steel Policy" aims to increase India`s steel production potential to 300 tonnes by 2030. 
♦ It has a long-term goal of increasing domestic demand, producing high-quality steel, and making the industry more competitive globally. 
National Steel Policy Objectives: 
♦ By 2030-31, raise crude steel output capacity to 300 tonnes. 
♦ Steel consumption per capita will grow to 160 kg by 2030-31. 
♦ Domestic production of strategically used high-end automotive steel, unique steel and alloys, and electrical steel will reach all demands by 2030-31. 
♦ By 2025-26, becoming a net exporter of steel. 
♦ Increase the domestic supply of washed coking coal to 50 percent by 2030-31, reducing reliance on imported coking coal. 
♦ Quality requirements for domestic steel products should be developed and enforced. 
♦ Assist the industry in becoming a world leader in energy and raw material productive steel production by 2030-31.

Economy Current Affairs March 3rd Week 2021

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