India's foreign exchange reserves rises to lifetime high of USD 575.29 billion
New Delhi | Jagran News Desk: India's forex reserves or foreign exchange reserves have risen to its lifetime high of USD 575.29 billion, up USD 2.518 billion, during the week ended November 20. The country's forex reserves cross the USD 500 billion-mark for the first time during the week ended June 5. It crossed the USD 550 billion-mark in the week ended on October 9.
According to the Reserve Bank of India (RBI), the rise in the forex reserve is linked to the huge increase in foreign currency assets (FCA). The FCA has shot up USD 2.835 billion to USD 533.103 billion in the week under review.
The Indian economy is well on track to recovery after suffering massive losses due to the coroanvirus induced lockdown. The country's Gross Domestic Product (GDP) contracted 7.5 per cent in the July-September quarter (Q2), according to the provisional estimates released by the Ministry of Statistics and Programme Implementation on Friday.
The contraction of 7.5 per cent is seen as a sign of revival after the GDP saw an unprecedented 23.9 per cent decline during the April-June quarter (Q1) due to the nationwide lockdown to contain the novel coronavirus.
Some sectors have bounced back with the resumption of economic activities. The electricity, gas, water supply and other utility services have shown a growth of 4.4 per cent; agriculture, forestry and fishing sector at 3.4 per cent and manufacturing sector showed a marginal growth of 0.6 per cent.
Posted By: Shashikant Sharma