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India’s forex reserves surge to record high, economic survey 2023-24 reveals; check key factors behind this rise
According to the Economic Survey, India’s foreign exchange reserves increased by $68 billion during the 2023-24 fiscal year, marking the highest rise among major foreign exchange reserves-holding countries. The growth signifies a return to near-record levels, last achieved in October 2021. A strong foreign exchange reserves position is crucial for India’s vision of becoming a $5 trillion economy.
According to the Economic Survey, India’s foreign exchange reserves increased by $68 billion during the 2023-24 fiscal year, marking the highest rise among major foreign exchange reserves-holding countries. The growth signifies a return to near-record levels, last achieved in October 2021. A strong foreign exchange reserves position is crucial for India’s vision of becoming a $5 trillion economy.
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