Business Standard

What $650 billion can buy

India's stock of external commercial borrowing, for instance, is in excess of $200 billion

Photo: Bloomberg
Premium

Photo: Bloomberg

Rajesh Kumar
India’s foreign exchange reserves have gone up by over $160 billion since the beginning of the last fiscal year and are currently at about $640 billion. If the trend continues, India could soon have reserves worth over $700 billion. The country clearly has come a long way from the situation it faced in the early 1990s when it narrowly avoided a default. But now that India has one of the largest foreign exchange reserves, the debate has shifted to what it should do with the pool. It is often suggested that reserves should be used to finance infrastructure needs. But
Disclaimer: These are personal views of the writer. They do not necessarily reflect the opinion of www.business-standard.com or the Business Standard newspaper

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Nov 24 2021 | 11:44 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com