Updated Mar 15, 2021 | 09:03 IST
Rising forex reserves hold significance for India as it will give comfort to credit rating agencies and foreign investors that India can meet its debt obligations despite a declining fiscal outlook. Representational image
New Delhi: The government s focus on cutting down imports and increasing exports by giving a boost to domestic manufacturing has helped India become the fourth largest forex holder in the world, surpassing Russia.
According to the Reserve Bank of India, foreign exchange reserves of the country declined by $4.255 billion to $580.299 billion in the week ended March 5 from $584.554 billion on February 26. India s forex reserves had touched a record high of $590.185 billion in the week ended January 29, 2021.
The country is witnessing a V shaped recovery post COVID-19 pandemic, which is evident by the GST collection during the past four months, says Minister of State for Finance Anurag Singh Thakur