India’s Forex Reserves Surpasses Russia


India’s forex reserves increased for the second consecutive week, touching $ 584.554 billion as of February 26, up by $689 million, the Reserve Bank said on March 5. The overall reserves had increased by $169 million to $583.865 billion in the previous reporting week. The reserves, which have been steadily increasing over the last few months, had touched an all-time high at $590.185 billion for the week ended January 29 this year. India has the 4th largest foreign exchange reserves in the world, after China, Japan and Switzerland. It surpassed Russia whose reserves stood at $580.1 bn on March 14. India’s reserves are sufficient to cover 18 months of imports.

Over 680.68 LMTs paddy purchased during current KMS

Paddy procurement for Kharif 2020-21 is continuing smoothly in the procuring States & UTs of Punjab, Haryana, Uttar Pradesh, Telangana, Uttarakhand, Tamil Nadu, Chandigarh, Jammu & Kashmir, Kerala, Gujarat, Andhra Pradesh, Chhattisgarh, Odisha, Madhya Pradesh, Maharashtra, Bihar, Jharkhand, Assam, Karnataka, West Bengal and Tripura with purchase of over 680.68 LMTs of paddy up to 15 March,2021.This is an increase of 13.98 % against the last year corresponding purchase of 597.18 LMT. Out of the total purchase of 680.68 LMT, Punjab alone has contributed 202.82 LMT which is 29.79 % of total procurement.