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India’s foreign exchange reserves rose by $ 4.235 billion in the week ending May 8, RBI data showed on Friday. According to RBI’s weekly statistical supplement, total foreign exchange reserves rose to $ 485.313 billion from $ 481.078 billion reported for the week ending May 1.
India’s foreign exchange reserves include foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and India’s reserve position with the International Monetary Fund (IMF).
On a weekly basis, FCAs, the largest component of foreign exchange reserves, rose higher by $ 4.233 billion to $ 447.548 billion. Similarly, the value of the country’s gold reserves increased but marginally. It increased by $ 13 million to $ 32.291 billion. However, the SDR value slipped by $ 3 million to $ 1.423 billion.
In addition, the country’s reserve position with the IMF fell by $ 8 million to $ 4.051 billion.
Separately, India’s GDP for the 2020-21 fiscal year is likely to grow in the range of 0.9 percent to 1.02 percent, according to a report by Crediwatch.
“In the event that the shutdown is extended until the end of May (which is a more likely scenario in some states), we will only be able to see any green upturn in the recovery towards the end of 3. quarter, GDP will range from 0.9 percent to 1.02 percent, ”it said.
Several states have expanded the shutdown, and Prime Minister Narendra Modi in his address to the nation on Tuesday hinted at a casual alockdown 4.0 “. The third phase of the nationwide lockdown will end on May 17, Sunday.
In the economic package announced by the government, Meghna Suryakumar, CEO of Crediwatch, said: “If the stimulus works, it will be between 1 and 1.02 percent, I think one percent of GDP growth is what everyone looking at.” The coronavirus pandemic and the nationwide shutdown have brought the Indian economy to a halt, and business organizations and economists have been expecting huge job losses, which will shut down businesses in the event of insufficient state aid.
Indo-Asian News Service