Will India face Sri Lanka, Pakistan-like economic crisis? Raghuram Rajan's reply
Hindustan TimesFormer Reserve Bank of India governor Raghuram Rajan on Saturday said the central bank has done a good job in increasing the foreign exchange reserves and the country would not face the economic problems like Sri Lanka and Pakistan. Sri Lanka’s inflation surged to 60.8 per cent in July, up from 54.6 per cent in June, the crisis-hit country's statistics department said on Saturday, as food and fuel remained scarce amid depleted foreign exchange reserves. According to the latest RBI data, India's foreign exchange reserves stood at $571.56 billion for the week ended July 22. According to the Reserve Bank of India's weekly statistical supplement, the forex reserves declined during the week ended July 22 only because of the drop in foreign currency assets.