Hyderabad: Indian foreign exchange reserves have crossed $590 billion. In contrast, the total Indian foreign debt stands at $544 billion. Union Minister of State for Finance, Anurag Thakur expressed satisfaction saying that India has joined the Net Creditor countries’ ranks. In the last one year, Thakur pointed out that there has been a substantial rise of $119 billion in the forex reserves.
Thakur said that there has been a significant increase in the Forex reserves. The country is in the phase of V-shaped, overcoming the Coronavirus crisis. The substantial rise in GST collections is the indicator for this recovery. In January, the GST collections have been nearly ₹1.2 trillion. All this shows that the Indian economy is coming back to its original state.
Indian became the country to attract the highest foreign direct investment despite the Coronavirus pandemic. Now the Indian economy has started performing well and the country is standing firm by itself. Desperate efforts were being made to save the lives of the countrymen during the Coronavirus pandemic and at the same time, certain firm steps were taken on the economic front. Thakur expressed happiness, saying that the good effects are becoming apparent now.
Predictions were that the size of the Union budget for this year would be ₹30 trillion. Thakur pointed out that the total budget was taken to ₹34 trillion. Meanwhile, Thakur expressed confidence that the Indian economy will attain the size of $5 trillion in the next four to five years.
Economists are confidently stating that the effects of the confidence shown by Foreign investors in the Indian economy will become apparent, soon. Also, the multinational companies coming out of China choose India to set their projects up alternatively. Confidence is being expressed that this will give an impetus to the manufacturing sector. The International Monetary Fund has also predicted that the Indian economy will grow at 11.5% in 2021-22.
European, as well as the Middle Eastern countries, are expressing interest to invest in India. Qatar has setup a special task force for investment in India. Even Saudi Arabia had announced a few months ago, that path for Saudi investment, in India, is being opened, leaving behind the Coronavirus crisis. Whereas, the United Arab Emirates had already assured that India’s investment would be prioritised.
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