There has been a sharp rise in India's overall import bill in the first nine months of FY22, leading to a decline in import cover despite record forex reserves.
Forex reserves at the end of December 2021 were equivalent to 12.8 months of India's merchandise imports, down from a record high of 17.7 months in FY21.
The ratio is expected to decline further as Brent crude oil price averaged $74 a barrel in the first nine months of FY22.
This story is from the January 28, 2022 edition of Business Standard.
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This story is from the January 28, 2022 edition of Business Standard.
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