NEW DELHI (CU)_India’s forex reserves hit an all-time high of US$590 billion, while external debt is US$554 billion, making the country a “net creditor”, Minister of State for Finance Anurag Singh Thakur said.
He noted that this increase in forex reserves, by US$119 billion over the previous year, was a result of a ‘V’ shaped recovery the country is witnessing post COVID, which is evident by the government’s Goods and Services Tax collection during the past four months.
“India is standing back on its feet,” Thakur said. “The economy is witnessing a V shaped recovery and that is why in the last four months we have seen GST collection of more than one lakh rupees per month.”
He noted that in the month of January, the total GST collection in the country was close to ₹ 1.20 trillion (US$16.5 billion).
According to the Minister, the South Asian country received the highest Foreign Direct Investments during the COVID-19 pandemic, which was a result of the country’s “decisive leadership”.
According to the latest data from the Reserve Bank of India’s (RBI), in the reporting week ended January 29, the country’s forex reserves rose on account of an increase in foreign currency assets, a major component of the overall reserves, which increased to USD 547.22 billion.
During the press conference, Thakur also hailed the recent Union Budget, which he described as a “transparent one” appreciated by all interested groups except the opposition parties.
The minister said that he hoped India would become a USD five trillion economy in the next four or five years.
