India’s forex reserves 4th largest in the world at $297.3 bn

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NEW DELHI: The Economic Survey on Friday said India has the fourth largest foreign exchange reserves, which helped the nation to tide over global financial crisis .

India’s foreign exchange reserves touched $ 297.3 bn in December, 2010 from $ 279.1 bn in March. “It needs to be acknowledged that foreign exchange reserves have helped insulate India from the worst impact of the crisis,” it said.

Unlike many Western nations, India was relatively less affected by the global financial meltdown in 2008-09 that had pushed many advanced economies into recession. India had the fourth largest foreign exchange reserves at $ 297.3 bn at the end of December 2010, it said.