Indian Economy News

India@75: Forex reserves multiply 355 times since independence

  • IBEF
  • August 16, 2022

In comparison to the early stages of independence, India's foreign exchange reserves increased 355 times. The foreign reserve position of a country served as a buffer against unforeseen external shocks. Forex reserves were US$ 1.82 billion in 1951-52 and remained below this level for the next two decades.

Since the 1990s, forex reserves have increased 60 times, and the country now has the fourth largest reserves in the world (as of November 2021). India’s forex reserves were at US$ 51 billion in 2001-02, US$ 260 billion in 2011-12 and US$ 607 billion in 2021-22. Foreign exchange reserves were at US$ 572.978 billion in the week ending August 5, according to Reserve Bank of India (RBI) data.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.