Blogged Pages - 22420151034

15:34

Can Indian Economy Survive Without Western Money?

From the Blog riazhaqIndia runs massive current account deficits. Its imports far outstrip exports year after year. According to the Reserve Bank (RBI) data, in the April-December 2014 period of last fiscal, India's current account deficit stood at $31.1 billion or 2.3% of GDP. In spite such large recurring deficits, India has built up over $300 billion in foreign exchange reserves. How does it do it? The simple answer is: Foreign money inflows in the form of debt and investments mainly from the West keep the Indian economy afloat. Sources of FDI in India Source: Financial ExpressThese inflows have dramatically increased with western support for India in the post Cold War world. Here's how Indian journalist Pankaj Mishra explains the larger western interest driving this phenomenon: *"Seen throughpakistanblogs.blogspot.comRead Full PostComments

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