Unprecedented Growth: India's Foreign Exchange Reserves Reach Historic High of $648.70 Billion
Unprecedented Growth: India's Foreign Exchange Reserves Reach Historic High of $648.70 Billion

New Delhi: Under Prime Minister Narendra Modi's leadership, India's economy continues to achieve remarkable milestones. The country's foreign exchange reserves have surged to an unprecedented high, reaching $648.70 billion during the week ending May 17, 2024. This marks a significant increase of $4.54 billion from the previous week, with strong growth observed in foreign currency assets and gold reserves as well. Notably, foreign exchange reserves had crossed the historic $600 billion mark in June 2021, more than doubling since the UPA regime's levels in 2014.

Moreover, the new financial year heralds positive news for the economy, with record-breaking tax collections seen under PM Modi's leadership. Goods and Services Tax (GST) collections for April 2024 surpassed Rs 2.10 lakh crore, the highest ever recorded. This represents a 12.4 percent increase compared to the previous year, marking a significant milestone in GST revenue since its implementation in July 2017. The robust tax collection trend is indicative of the economy's resilience and growth trajectory.

In addition, the Indian stock market has witnessed historic highs, with both the Bombay Stock Exchange's Sensex and the National Stock Exchange's Nifty reaching unprecedented levels. On April 10, 2024, the Sensex surpassed the 75,000 mark, closing at 75,038.15, while the Nifty closed at a record level of 22,753.80. These milestones reflect investor confidence and optimism in the Indian economy under PM Modi's leadership, with previous records consistently being surpassed in recent months.

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