India's foreign reserves have crossed USD600 billion in the first half of 2021-22 and touched USD 633.6 billion as of December 31, 2021, as per the Economic Survey tabled in the Parliament on Monday.
As per the Survey tabled by Finance Minister Nirmala Sitharaman in the Parliament, India's merchandise exports and imports rebounded strongly and surpassed pre-COVID levels during the current financial year.
There was a significant pickup in net services with both receipts and payments crossing the pre-pandemic levels, despite weak tourism revenues.
Net capital flows were higher at USD 65.6 billion in the first half of 2021-22, on account of continued inflow of foreign investment, revival in net external commercial borrowings, higher banking capital and additional special drawing rights (SDR) allocation.
India's external debt rose to USD 593.1 billion at the end-September 2021, from USD 556.8 billion a year earlier, reflecting additional SDR allocation by IMF, coupled with higher commercial borrowings.
As of end-November 2021, India was the fourth-largest forex reserve holder in the world after China, Japan and Switzerland.
( With inputs from ANI )
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