December-end forex reserves up 14.1 percent: Economic Survey

The Economic Survey 2017-18 tabled in Parliament on Monday said that foreign exchange reserves grew by 14.1 per cent at the end of December 2017

The Economic Survey 2017-18 tabled in Parliament on Monday said that foreign exchange reserves grew by 14.1 per cent at the end of December 2017.

The survey presented by Finance Minister Arun Jaitley in Parliament showed that foreign exchange reserves during the period under review increased to $409.4 billion

"India's foreign exchange reserves reached $409.4 billion on end-December 2017. Foreign exchange reserves grew by 14.1 per cent on a y-o-y basis from end December 2016 ($358.9 billion) to end December 2017 ($409.4 billion) and it grew by 10.7 per cent from end- March, 2017 ($370.0 billion) to end December 2017," the survey said.

"Foreign exchange reserves increased further to $413.8 billion on January 12, 2018."

As per the survey, the import cover of India's foreign exchange reserves was 11.1 months at end-September 2017 as compared with 11.3 months at end-March 2017.

"Within the major economies running current account deficit, India is among the largest foreign exchange reserve holders and sixth largest among all countries of the world," the survey added.

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