When Piketty came to India
Thomas Piketty, the French economist and author of the famous book Capital in the Twenty First Century, was recently in India. He delivered a lecture on the state of inequality globally as well as in India.
India’s foreign exchange (Forex) reserves rose by $4.44 billion as on December 29, 2017, official data showed on Friday.
The Reserve Bank of India’s (RBI) weekly statistical supplement showed that the overall Forex reserves rose to $409.36 billion from $404.92 billion reported for the week ended December 22.
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India’s Forex reserves comprise of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and the RBI’s position with the International Monetary Fund (IMF).
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Segment-wise, FCAs — the largest component of the Forex reserves — increased by $4.42 billion to $385.10 billion during the week under review.
Besides the US dollar, FCAs consist of nearly 20-30 per cent of major global currencies. It also includes investments in US Treasury bonds, bonds of other selected governments and deposits with foreign central and commercial banks.
The country’s gold reserves value remained stagnant at $20.71 billion, while SDRs inched up by $8.9 million to $1.51 billion.
Similarly, the country’s reserve position with the IMF rose by $12.1 million to $2.03 billion.
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