New Delhi: Mahindra Group Chairman Anand Mahindra on Thursday called for the country's forex reserves to be used "wisely to get back on the growth path", reminding that 30 years ago India had almost run out of foreign exchange.
In a tweet commenting on an article that stated that India's forex kitty is closing in on USD 500 billion and the current reserves of USD 493 billion are enough to fund 17 months of imports, Mahindra said, "30 yrs ago India had almost run out of forex. Now we have the 3rd largest global reserves."
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30 yrs ago India had almost run out of forex. Now we have the 3rd largest global reserves. In these uncertain times this news is a morale booster. Let’s not forget our country’s potential & let’s use this resource wisely to get back on the growth path https://t.co/k7UA8s43mO
— anand mahindra (@anandmahindra) June 11, 2020 " class="align-text-top noRightClick twitterSection" data="
">30 yrs ago India had almost run out of forex. Now we have the 3rd largest global reserves. In these uncertain times this news is a morale booster. Let’s not forget our country’s potential & let’s use this resource wisely to get back on the growth path https://t.co/k7UA8s43mO
— anand mahindra (@anandmahindra) June 11, 202030 yrs ago India had almost run out of forex. Now we have the 3rd largest global reserves. In these uncertain times this news is a morale booster. Let’s not forget our country’s potential & let’s use this resource wisely to get back on the growth path https://t.co/k7UA8s43mO
— anand mahindra (@anandmahindra) June 11, 2020
"In these uncertain times this news is a morale booster. Let's not forget our country's potential & let's use this resource wisely to get back on the growth path," he added.
The article pointed out that India has already marched ahead of Russia and South Korea in terms of forex reserves to become the third biggest holder, after China and Japan.
According to the RBI's weekly statistical supplement, the overall forex reserves increased to $493.480 billion from $490.044 billion reported for the week ended May 22.
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India's forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and India's reserve position with the International Monetary Fund (IMF).
On a weekly basis, FCAs, the largest component of the forex reserves, edged higher by $3.503 billion to $455.208 billion.
However, the value of the country's gold reserves decreased by $97 million to $32.682 billion. Besides, the SDR value remained flat at $1.432 billion.
The country's reserve position with the IMF increased by $31 million to $4.158 billion.
(With Inputs from PTI And IANS)
