Business / Narendra Modi government made a new record, India became the 5th largest country in the world overtaking US

Zoom News : Jun 12, 2021, 10:01 PM
New Delhi: The Narendra Modi government at the Center has managed to win the trust of foreign investors despite the Corona epidemic. The biggest example of this is that the country's foreign exchange reserves have increased by $ 6.842 billion and crossed $ 600 billion for the first time.

RBI released data

According to the weekly data released by the Reserve Bank of India (RBI) on Friday, the reason for this increase is the good growth in foreign currency assets. It forms a significant part of the total currency reserves. Earlier, in the week ended May 28, 2021, foreign exchange reserves had increased by $ 5.271 billion to $ 598.165 billion. Foreign currency assets rose by $7.362 billion to $560.890 billion during the week under review.

India becomes 5th largest country in the world

According to reports, India has become the fifth largest country in the world with this new record in terms of foreign exchange reserves. The special thing is that India has also overtaken America in this matter. America's forex reserve is only $ 142 billion and it is at 21st place in the list. While many other countries including Singapore, Hong Kong are even behind. Now only China, Japan, Switzerland and Russia are above India in this list.

Gold reserve reduced to one million dollars

Note that foreign currency assets are expressed in dollars. This includes assets denominated in the euro, pound and yen in addition to the dollar. Gold reserves declined by $ 502 million to $ 37604 billion during the week under review. The Special Drawing Rights (SDR) with the International Monetary Fund (IMF) declined by $1 million to $1.513 billion. At the same time, the country's reserves with the IMF also decreased by $ 16 million to $ 5 billion.