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.
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