“External sector indicators have improved significantly. Foreign exchange reserves have rebounded from USD 524.5 billion on October 21, 2022 and now stand in excess of USD 600 billion taking into account our forward assets.”
— Shaktikanta Das, Reserve Bank of India Governor
Reserve Bank of India Governor Shaktikanta Das in a statement said that the inward gross remittances from NRIs for FY 2022–23 had reached a record high of USD 107.5 billion.
In his statement on the Indian Monetary Policy Committee Report, Das said, “External sector indicators have improved significantly. Foreign exchange reserves have rebounded from USD 524.5 billion on October 21, 2022 and now stand in excess of USD 600 billion taking into account our forward assets.”
He added that India’s services exports had continued to grow at a healthy pace in the first two months of 2023. Indian regulators had recorded that remittances by NRIs had crossed USD 10 billion in late 2022. The latest spike in remittances was attributed to better growth prospects of the Gulf Cooperation Council (GCC) countries. He also said that the RBI was keeping a close watch on the banking sector turmoil in some developed countries.
International Monetary Fund (IMF) Managing Director Kristalina Georgieva warned that the world economy is expected to grow at less than 3 per cent this year, with India and China expected to account for half of global growth in 2023
“Bank failures and contagion risk have brought financial stability issues to the forefront. Amidst this volatility, the banking and non-banking financial service sectors in India remain healthy and financial markets have evolved in an orderly manner. Economic activity remains resilient and real GDP growth is expected to have been 7.0 per cent in 2022-23,” he stated.
International Monetary Fund (IMF) Managing Director Kristalina Georgieva warned that the world economy is expected to grow at less than 3 per cent this year, with India and China expected to account for half of global growth in 2023.
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