Summary
India’s foreign exchange reserves have surpassed the $700 billion mark, making it the fourth country globally to achieve this milestone, following China, Japan, and Switzerland. This significant increase in reserves is attributed to the effective monetary policies implemented under the leadership of RBI Governor Shaktikanta Das.
The recent surge in India’s forex reserves, which rose by $311 billion during Das’s tenure, highlights the resilience of the Indian economy amidst global financial challenges. The reserves are crucial for maintaining economic stability, supporting the Indian rupee, and providing a buffer against external shocks. As of October 2024, the data released by the Reserve Bank of India (RBI) confirmed this remarkable achievement, underscoring the effective management of foreign exchange assets in the country. The growth in reserves not only reflects strong economic fundamentals but also enhances investor confidence in India’s financial landscape.
Forex reserves surged $311 billion under RBI Governor Shaktikanta Das
Oct. 6 / Business Standard / Focuses on the impressive $311 billion increase in reserves during Shaktikanta Das's tenure, providing a clear quantitative perspective that underscores effective monetary policy and economic resilience in India. “ Latest RBI data showed, India's foreign exchange reserves surpassed the $700 billion mark
Forex reserves top $700 bn, India becomes 4th country to cross this mark
Oct. 4 / Business Standard / Highlights India's significant milestone of surpassing $700 billion in forex reserves, emphasizing its position as the fourth largest globally, while succinctly contextualizing the achievement within the economy. “ India is only the fourth economy in the world to cross $700 billion in reserves after China, Japan, and Switzerland