India now “net creditor” with forex reserves of $590-bn, says MoS Anurag Singh Thakur

Anurag Singh Thakur
Union Minister Anurag Singh Thakur

India’s forex reserves have risen to USD 590 billion, up by USD 119 billion over the previous year, Minister of State for Finance Anurag Singh Thakur said. India’s external debt is USD 554 billion, making it a “net creditor”, reported PTI.

The Minister said India received the highest Foreign Direct Investments even during COVID-19 times due to “decisive leadership.”

Post-COVID Recovery: Anurag Singh Thakur said the country is witnessing a ‘V’ shaped recovery post COVID-19 pandemic, which is evident by the GST collection during the past four months. Also Read: India emerging as preferred investment destination: Foreign investors pump in Rs 19,473 cr into Indian equities, pull out Rs 4,824 cr

He said the GST collections indicate that the economy is in recovery as the Government has taken the right steps saving lives and the economy as well. Also Read: India needs to make efforts to get rating upgrade in line with fundamentals, says Chief Economic Adviser K V Subramanian

“India is standing back on its feet.

The economy is witnessing a V shaped recovery and that is why in the last four months we have seen GST collection of more than one lakh rupees per month. Also Read: We now have 4,000 new variants of coronavirus that causes COVID-19!

And in the month of January the total collection was close to Rs 1.20 lakh crore, he told reporters in a press conference.

Union Budget 2021-22: Thakur said that except the opposition parties, all sections of people had appreciated it. The budget estimates for the current fiscal was Rs 30.42 lakh crore, while it was increased by over Rs four lakh crore to Rs 34.50 lakh crore for the next fiscal. Also Read: Union Budget 2021: Check out highlights from India’s first paperless Budget

He hoped that India would become a USD five trillion economy in the next four or five years.

Describing the budget as a “transparent one”, the minister explained the salient features of it.

Disinvestment proposals: Centre will decide on divesting stakes of Public Sector Enterprises from time to time, based on NITI Aayogs recommendations. He said many companies have grown post-disinvestment and the Centre will try to talk to the RINL stakeholders.

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