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India's Forex Reserves soar to global high, covering over 10 months of imports
The Business Guardian
|July 23, 2024
India’s foreign exchange reserves, in the recently concluded financial year 2023-24, increased the highest among major reserves-holding countries globally, asserted the Economic Survey tabled in Parliament on Monday.
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During the financial year, the foreign exchange kitty had increased by USD 68 billion.
A moderation in the current account deficit (CAD) amidst large capital inflows into India enabled the addition of foreign exchange reserves in 202324, the government said in the Economic Survey.
The buffer of foreign exchange reserves insulates domestic economic activity from global spillovers.
“These reserves act as a cushion and provide liquidity, ensuring India can meet its external obligations,” the Economic Survey read.
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