new Delhi. While on one hand there is a setback in every sector of the country during the Coronavirus Era, on the other hand, the government seems to be getting a lot of relief on the Forex Reserve front. The country’s foreign exchange reserves are setting a new record every week. The special thing is that these are good signs for the economy of the country. The more foreign reserves a country has, the stronger its economy is. RBI ( rbi ), The country’s foreign exchange reserves increased by $ 1.27 billion to $ 517.63 billion in the week ended July 17, the highest level ever. Let us also tell you what kind of data the Reserve Bank has released.
Data released by RBI
According to data released by RBI, in the past week, foreign currency assets, also known as assets, have increased by $ 1.24 billion. Which has increased to $ 476.88 billion in total. If we talk about touching the $ 500 billion foreign exchange reserves for the first time, then on June 5 this figure was revealed. India crossed the 400 billion mark for the first time on 8 September 2017. At the same time, in the UPA tenure i.e. in 2014, India’s foreign currency reached 311 billion dollars.
The country’s economy is growing continuously
If the rating agency Fitch is to be believed, then the economy of the country is showing a steady increase. According to Fitch’s estimate, the country’s economy finance may come down to 9.5 per cent in 2021-22. Whereas in the current financial year, this figure can be 5 less. According to Fitch, the country’s growth rate is expected to pick up after the passage of the corona virus crisis. On the other hand, the country’s sovereign rating from Standard & Poor’s has been maintained at BBB minus. S&P has relied on the Indian economy to keep Outlook stable. According to the S&P report, the country’s growth rate is currently under pressure. At the same time, it can be seen in the year 2021.
Government has also given confidence
On the other hand, the country’s government has also expressed confidence about the economy. A few days ago, a program on the Transport and Highway Minister said that the current decline is temporary. After the end of the corona virus, the country’s economy will get wings. He also said that even today the country’s economy is the fastest growing economy in the world. At the same time, Sebi head chief had said that he is fully ready to make the country a $ 5 trillion economy.