India becomes the Fourth Economy of the world to surpass $700 billion ( the all time high of $704.89 billion) in Foreign Reserves, joining Japan, China and Switzerland. It’s a historic moment for India and Indians today.
We are now 3x (3 times) of UK forex :). This is the power of Positive Government Policies Policies related to foreign trade, investment, and fiscal management and powerful socio-economic steps taken by Government and respective Indian Govt. Ministeries. The finance experts and the analysts express that the growth in forex reserves will be driven by a balance-of-payments surplus owing to a smaller current account deficit.
FYI, having a stronger forex is important for business trading in the world market. Imports and exports of a nation directly impact its forex reserves. Holding more forex reserves helps a nation to strengthen its domestic currency (Indian Rupee) which again acts as a reflection of a good economy.
India’s foreign-exchange reserves are predicted to reach $745 billion by March 2026 as indicated by Bank of America, hence more power to the central bank in managing the Rupee. While the Reserve Bank of India aims to build a substantial buffer to handle external risks and currency volatility, we should hope a better value – appreciation of Rupee in near future.
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