In a significant economic achievement, India now ranks as the world’s fourth-largest holder of foreign exchange reserves, surpassing the US, Germany, and Canada. The Reserve Bank of India (RBI) recently reported that India’s forex reserves reached a record high of $704.9 billion as of September 27, up by $12.6 billion from the previous week. This new peak not only highlights India’s robust economic standing but also provides a strong financial buffer against global market uncertainties.
This achievement marks a dramatic shift from when India was labeled among the “Fragile Five” economies, reflecting the country’s progress toward becoming a fast-growing, stable economic powerhouse. India’s growth trajectory has garnered attention from the International Monetary Fund (IMF), which projects a 7.0% growth rate for India in 2024—maintaining its status as the world’s fastest-growing major economy amid global challenges. The IMF expects these positive trends to continue through 2025, positioning India as a bright spot in the global economic landscape.
