Forex reserves adequate to deal with crisis: Ajay Seth

Dismissing concerns regarding depletion of forex reserve, economic affairs secretary Ajay Seth stated that India has a fairly large reserve to sail through the current financial crisis. Foreign exchange reserves were down for a seventh continuous week, dropping to USD 545.7 billion on 16 September 2022. According to Seth, there has been a depletion as inflows have come down and trade deficit is higher. However, the country’s forex kitty has adequate funds to tide over this situation, he added. The economic affairs secretary further stated that the government intends to stick to fiscal deficit target of 6.4 per cent for the current fiscal ending March 2023 and is fully committed to its capex plan.