| | NOVEMBER 20238Small businesses are the backbone of the Indian economy, according to Defence Minister Rajnath Singh, and they generate more jobs than large corporations. The minister praised small industry for balancing the economy while speaking to business leaders and aspiring entrepreneurs at the opening of the three-day "India Manufacturing Show" in Bengaluru."Small businesses generate more job possibilities than major sectors when it comes to investment made. They also make sure that wealth is distributed more fairly throughout society. Many MSMEs are succeeding in exports and are joining the largest corporations in the world's global supply chains", he said. "Heavy industries, too, play a big role in the nation's development, but the country cannot fully progress by ignoring small industries", he stated.Singh also emphasised how small businesses can adjust to changes more readily than big businesses. The flexibility of small industries to adapt raises the potential for innovation. "In terms of new products, services, and business models, small industries frequently bring more innovation than large industries", the speaker stated. The minister clarified that emphasising small businesses does not imply diminishing the significance of large industries. He described their relationship as symbiotic. India's foreign exchange reserves climbed by $2.6 billion to $586.5 billion for the week ended October 27, according to a report released by the Reserve Bank of India (RBI) on November 3. Prior to this, foreign exchange reserves decreased by $2.36 billion for the week ending October 20, totaling $583.5 billion. Foreign currency assets (FCAs), as reported in the RBI's Weekly Statistical Supplement, rose by $2.3 billion to $517.5 billion.The effect of non-US currency appreciation or depreciation in foreign exchange reserves, such as the euro, pound, and yen, is included in the FCAs, which are expressed in dollars. SDRs decreased by $15 million to $17.91 billion, while gold reserves increased by $0.49 billion to $45.9 billion. The IMF now has $4.77 billion in reserves instead of $0.208 billion.It should be mentioned that in October 2021, the nation's foreign exchange reserves hit a record high of USD 645 billion. Since the central bank uses the reserves to protect the rupee from pressure, mostly from worldwide events, the reserves have been decreasing.Generally speaking, the RBI will occasionally step in and control liquidity by selling dollars, among other things, to stop the rupee from depreciating significantly. The Reserve Bank of India (RBI) keeps a careful eye on the foreign exchange markets and only steps in to keep things in order by limiting excessive market volatility and not worrying about any set target level or band. "MSMES TO CREATE MORE EMPLOYMENT OPPORTUNITIES", SAYS DEFENSE MINISTERINDIAN FOREIGN EXCHANGE RESERVES NOW VALUE TO $586 BILLIONIN FOCUSIN FOCUS
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