In 1991, India had foreign exchange reserves totalling US$5.8 billion, sufficient for funding only three weeks imports.
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In 1991, India had foreign exchange reserves totalling US$5.8 billion, sufficient for funding only three weeks’ imports. Since then the country has accumulated over US$400 billion despite substantially easing restrictions on spending in foreign exchange and remitting it out for various purposes. How did this happen?
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Answer The substantial increase in Indias foreign exchange reserves from US58 billion in 1991 to over US400 billion is attributed to various economic ...View the full answer
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Corporate Finance Theory And Practice In Emerging Economies
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