 "Prime Minister Narendra Modi with his Japanese counterpart Shinzo Abe during the joint press statement in Tokyo on Monday. Photo: PTI")
In another move by the Modi regime to shore up the rupee and address current account deficit (CAD) woes, India and Japan on Monday inked an agreement to raise their emergency provision to increase the forex flow up to $75 billion from the current $50 billion.
Technically called the bilateral currency-swap agreement, this facility will not only enable India to save up to $75 billion on tap when the need arises, it will also help in bringing down the cost of capital for Indian entities while accessing the overseas market.
However, the Reserve Bank of India (RBI) is yet to
