'India Can Repay 94 Per Cent Of Foreign Debt And Fund 11 Months Of Imports With Forex Reserves': CM Devendra Fadnavis | VIDEO

Mumbai, June 12: Maharashtra Chief Minister Devendra Fadnavis on Friday asserted that India remains the world's fastest-growing major economy and possesses sufficient foreign exchange reserves to cover 94 per cent of its foreign debt and nearly 11 months of imports.

Economic growth and forex reserves
Speaking at a press conference in Mumbai to mark 12 years of the NDA government under Prime Minister Narendra Modi, Fadnavis said concerns about an economic slowdown were misplaced, pointing to India's robust growth trajectory and strengthening financial position.

He noted that India has emerged as the world's fourth-largest economy and is rapidly moving towards becoming a $5 trillion economy. According to Fadnavis, the Indian economy has crossed the ₹345 lakh crore mark, while the country's foreign exchange reserves stand at nearly ₹67 lakh crore.

Capacity to meet debt and import needs
Highlighting the significance of the reserves, the Chief Minister said India currently has the capacity to finance all imports for the next 11 months and repay 94 per cent of its foreign debt if required.

He contrasted the present economic situation with earlier years when India was considered one of the "Fragile Five" economies and faced concerns over debt sustainability.

Fadnavis recalled that international institutions such as the World Bank and the International Monetary Fund (IMF) had once warned India about the risks of falling into a debt trap due to inadequate foreign exchange reserves. However, he said the situation has undergone a dramatic transformation over the past decade.

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Comparison with UPA tenure
Drawing a comparison between the UPA and NDA tenures, Fadnavis claimed that during the UPA government, India often did not have enough foreign exchange reserves to cover even one month of imports.

In contrast, he said, the country today possesses reserves sufficient for 11 months of imports, reflecting the strength and resilience of the Indian economy.

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