With Forex Reserves At Lifetime High Of Over $590 Billion, India Becomes “Net Creditor”: MoS Finance Anurag  ThakurMinister of State for Finance Anurag Thakur (Anushree Fadnavis/Hindustan Times via Getty Images)

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 emphasised that India is standing back on its feet as the economy is chartering a V-shaped recovery. He asserted that is the reason why GST collections have been more than Rs 1 lakh crore over the past four months, touching the lifetime high of Rs 1.2 lakh crore in January.

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.

An Appeal...

Dear Reader,

As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.

Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.

We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.

Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.

Become A Patron
Become A Subscriber