New Heights on Foreign Exchange Reserve Promising Growth Prospect for India’s External Industry
India’s increasing Foreign Exchange Reserve (Forex) plays a crucial role in supporting the nation’s robust economic growth in a sluggish world economic scenario. In recent years, the country has made a remarkable history by touching the highest point of Forex reserve. It has sufficient Forex accumulation to support the projected imports of the country for 11 months as per RBI. Source: https://www.msn.com/en-in/money/markets/indias-market-cap-crosses-5-trillion-milestone/ar-BB1mWZng The Forex reserve witnessed a total accumulation of US$ 651.5 billion as of 31 st May 2024, the highest so far ever. As per RBI’s recent Balance of Payment (BOP) data, India has gained US$ 63.7 Billion in Foreign exchange Kitty in 2023-24 . India in terms of total reserves in the past few years is substantially driven by diverse components where the external industry has shown tremendous growth prospects. These accumulated reserves act as a cushion against the volatile curre...