Commerce Minister said- Foreign exchange reserves are sufficient to meet every need. Loktej Business News
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New Delhi, May 24 (Hindustan Times). Union Commerce and Industry Minister Piyush Goyal has said that India currently has sufficient foreign exchange reserves. The foreign exchange reserves are in a satisfactory position to meet all the requirements of the country in the next five-six years under worst-case scenarios.
Piyush Goyal said this while addressing the Annual Session 2023 of the Confederation of Indian Industry (CII) on Wednesday. The Commerce Minister said that the government’s efforts have helped in managing inflation. He said that I am happy that the Reserve Bank has also not changed the interest rates in the last review meeting of the Monetary Policy Committee, giving ‘recognition’ to it.
The Commerce Minister said that no other developing country in the world is in such a better position. This is the first time that traders are seeing interest rates at par with developed countries. He said that India’s trading partners want to expedite negotiations for Free Trade Agreement (FTA). Goyal expressed confidence that by 2030, the country will reach the figure of $ 2,000 billion worth of goods and services exports.
It may be noted that India is currently negotiating such agreements with Canada, the European Free Trade Association (EFTA), the UK and the European Union (EU). On the other hand, according to the Reserve Bank of India (RBI) data, India’s foreign exchange reserves have increased by $ 3.55 billion to reach $ 599.52 billion in the week ended May 12.
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