[ad_1] India added $ 47.5 billion to this foreign exchange reserves Last fiscal year, down almost half of the previous year. But a drill down of the data shows that about $26 billion of those incremental reserves were due for approval. special Drawing Rights From International Monetary Fund and revaluation of gold reserves. Only $4 billion worth of hard foreign currency assets were added to the forex kitty. An additional $17.7 billion in reserves was provided by the IMF SDR The allocation and the increase in the value of gold…
Tag: FY12
Electronics trade deficit reaches record $56 billion in FY12
[ad_1] The trade deficit in electronics widened to a record $56 billion in fiscal 2012, as both imports and exports hit fresh peaks, adding to the pressure on the country’s current account at a time when rising oil prices had already hit the import bill. is extended. After oil and petroleum products, electronics remains the second largest contributor to the country’s overall merchandise trade deficit.Electronics exports grew 41% to $15 billion in the last fiscal, while imports grew 35 percent to $70.8 billion, according to commerce ministry data. Earlier, in…