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Interim Budget: $15 bn to be added to forex reserves this year

The Hindu BusinessLine:  February, 2014

Mumbai: India will add $15 billion to forex reserves this year, Finance Minister P Chidambaram said in the course of his Interim Budget speech at Parliament today.

India had forex reserves amounting to $292.33 billion as on February 7. About $1.26 billion came in the first week of February.

He said that the current account deficit will also be cut to $45 billion dollars. Fiscal deficit would be cut to 4.6 per cent of GDP, well within the ‘redline’, he added.

These numbers are expected to offer confidence to the market and stave off any threat of any downgrade by international rating agencies.