India’s forex reserves jump to $630 billion

 

Prime Minister Narendra Modi of India stated that the country’s foreign reserves had climbed to $630 billion from $200-275 billion seven years ago.

He made the announcement while speaking to Bharatiya Janata Party (BJP) workers on the 2022 budget on Wednesday.

“Seven years ago, $275 billion was reserved in India and today, the foreign exchange reserve is around $630 billion,” Modi said.

He gave his government the credit for the phenomenal increase.

He called the Union Budget 2022 “progressive” and said the country’s GDP has increased by over 1 lakh crore in seven or eight years.

“The budget has been appreciated. Seven-eight years ago, India’s GDP was Rs 1 lakh 10,000 crore. But today, it’s about Rs 2 lakh 30,000 crore.

“In 2013-14, India’s exports were around Rs 2 lakh 50,000 crore. But today, the export is around 4 lakh 70,000 crore,” PM Modi said.

“Even during these Covid times, India has managed to grab the attention of the world with its economic stability,” PM Modi said.

Ad

He explained various provisions of the budget 2022 and urged them to inform the people across states.

He said the budget focuses on providing necessities to the needy, middle class and the youth.

What India forex reserves mean:

As of end-November 2021, India held the fourth-largest foreign exchange reserves holder in the world after China, Japan, and Switzerland.

The $634 billion reserve is equivalent to 13.2 months of imports and higher than the country’s external debt.