2022-02-10 16:13:25
Welcome to New Bharat (INDIA).
India’s Forex reserve exceeds all external debt, India now net creditor*
Since past few years, India has become a very resilient economy amid global uncertainty. While the inflation in many developing countries is nearing double-digit, and above 5 per cent in developed countries (note that these countries never crossed 2 per cent inflation in the last few decades), India’s inflation remained relatively stable at 5-6 per cent.*
◆ At a time when the foreign exchange reserves of countries like Brazil, South Africa, Turkey, and Pakistan are depleting, India amassed a record amount of forex in the last few years.
◆ In the ongoing fiscal year, India’s foreign exchange reserves have been above the foreign debt the country had throughout that year. This means India can service all of its debt in one go without impacting its macroeconomic stability.
◆ The current level of foreign exchange reserves is enough to cover more than one year of imports.
◆ The foreign exchange reserves of the country are around 634 billion dollars while the foreign debt is around 600 billion dollars.
◆ Advance estimates suggest that GDP will record an expansion of 9.2% in 2021-22.
◆ Unlike countries like Pakistan and Turkey, India never let its foreign debt exceed 20% of GDP, thus maintaining macroeconomic stability.
◆ The country is all set to soar up above 8 per cent economic growth in the ongoing decade, making it the third-largest economy in the world after the United States and China by 2030.
◆ India is already the third-largest economy in terms of Purchasing Power, but in market exchange terms it is still behind Japan (5 trillion dollars approx) and Germany (4 trillion dollars approx).
◆ The Economic growth for FY 23 is estimated to be around 8-8.5% as per the Economic Survey.
Countries like China and Brazil, which were growth engines of the global economy for the last four decades alongside India, are fading away with below 5 per cent growth meanwhile India’s growth shot up above 8 per cent in all prospects.*
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Regards,
KIRAN SHETH (WOLF OF INDIA).
www.WolfOfDalalStreet.com
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