In the Realm of Hope

In the Realm of Hope Jairaj Kapadia OFFICIAL figures of foreign exchange reserves and of proposals of foreign direct investment approved by the government of India and the Reserve Bank make impressive reading. But as against that, export statistics have proved depressing. Given the situation of the forex reserves getting augmented with the stand by credit arrangement with the IMF and with World Bank loans, it is the position in respect of exports and approved FDI proposals maturing into actual investment of foreign funds that matters in the ultimate analysis. But hope remains of these recording a rising trend after the announcement of the unified market-determined exchange rate of the rupee.