April 6 (Lagos) - Reserve Bank of India has disclosed that its foreign reserves recently hit an all time high of USD 424 billion.
They also disclosed Gold reserves of USD 21 billion.
The special drawing rights with the International Monetary Fund rose by $2.1 million to $1.544 billion.
The Indian economy has emerged as the fastest growing economy of the world under the leadership of PM Modi who stormed to power in the 2014 elections by a record margin.
Since 2014, the Country has turned a new leaf and carried out major economic reforms which included scrapping of old currency notes and issuing new notes, implementing a Goods and Services Tax (GST) while arresting indebted business leaders. The World Bank recently noted the country for improvement in ease of doing business.
India's currency has also been stable currently trading at 64.88 rupees to 1 USD mainly due to the rising foreign reserves.
reporting for easykobo.com on Friday, April 6 2018 from Lagos, Nigeria