With Forex Reserves At Lifetime High Of Over $590 Billion, India Becomes “Net Creditor”: MoS Finance Anurag Thakur

With the nation's forex reserves kitty swelling to a lifetime high of over $590 billion, India has now has become a "net creditor" given its external debt stands at much lower $554 billion, reports Economic Times.

Sharing the positive development for the Indian economy, Union Minister of State (MoS) for Finance Anurag Singh Thakur shared that the forex reserves have risen by whopping $119 billion compared to the previous year.

MoS Thakur also exuded confidence that over the coming four or five years India would become a $5 trillion economy. Speaking about the Union Budget which was announced by Minister of Finance Nirmala Sitharaman on 1 February, he mentioned that the budget was a "transparent one" and that except the opposition parties al sections of the people had appreciated it.