Once perennial borrower India is now lender
Facebook Twitter google+ RSS Feed

Once perennial borrower India is now lender

Friday, 28 November 2003, 08:00 Hrs
Printer Print Email Email
NEW DELHI: India, once a perennial borrower, has turned into a lender with foreign exchange reserves racing to $90 billion and the economy shrugging off a patch of slow growth.

"We have joined developed countries in debt forgiveness and providing financial assistance to a large number of countries," External Affairs Minister Yashwant Sinha said while inaugurating the India-European Union (EU) Business Summit here Friday.

The turnaround had come about because India had managed its external resources well, he said, adding that the world was beginning to recognise this.

India is now lending to the International Monetary Fund (IMF) "so that it can lend to other countries, particularly the least developed countries".

India had also stopped taking aid from most countries, he added.

Source: IANS
Experts on SiliconIndia
Santhosh  K
Sr. Soft. Engg.
Oracle India
Nehal Vyas
Sr. Team Lead
Cyberoam Tech.
Rani Malli
Sr. Director
Sr. Executive
Vijay Balkrishna Konduskar
Business Consultant
Imans Web Tech
Dr L P  Sharma
Technical Director
Reena Khanna
Dellas  Asse
sys-network admin
Computer Station
Write your comment now
Submit Reset