Data recap: MLA profiles, bullish markets, forex
₹5 crore or more. Stock markets have seen a remarkable rally this week with investors gaining over ₹11 trillion in just four trading sessions in December. Over 37% of the MLAs elected in the just-concluded assembly elections in five states declared at least one criminal case against them, an analysis of data compiled by the Association for Democratic Reforms (ADR) showed.
Telangana had the highest incidence, with 82 of 119 MLAs having such a record—an increase from 73 in 2018. About half the MLAs are accused of "serious" crimes. On 24 November, India's foreign exchange reserves rebounded to $597.9 billion, up from the recent low of 20 October but down since July levels.
The reserves have displayed a pattern of fluctuations. The recent uptick is attributed to a decline in the return on the 10-year US government bond, prompting foreign institutional investors (FIIs) to reinvest in India. This eliminates the need for the Reserve Bank of India (RBI) to tap into its reserves to safeguard the rupee, according to a Mint explainer.
1.6 million: That’s the number of active companies in India as of October, data from the ministry of corporate affairs showed. Over 96,800 companies have been formed in the current financial year so far. The surge was led by service sector businesses, which accounted for 42% of all new incorporations in the month of October.
Manufacturing firms accounted for 14% of the new registrations. India had 1.53 million companies as of March 2023. Investors gained over ₹11 trillion in the first four trading sessions in December.
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