reserves of the country stood at 413.8 billion US dollars as on January 12 this
year according to the economic survey presented to the Parliament by the
finance minister Arun Jaitley on January 29th. India has emerged as
sixth largest country holding maximum foreign exchange reserves the survey said
The reserves reached 409.4 billion US dollars on
end-December 2017. It grew by 14.1 percent on a y-o-y basis from end
December 2016 (US$ 358.9 billion) to end December 2017 (US$ 409.4 billion)
The reserves grew by 10.7 percent from end-
March, 2017 (US$370.0 billion) to end December 2017.
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.