ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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EMPLOYMENT-Doubtful Claim

Other Side of the Story THE government and the Reserve Bank have reason to be pleased at the rise in the country's foreign currency reserves which have now touched $ 10.2 billion. The rise in foreign currency assets in 1993-94 so far has been of the order of $ 3.77 billion of which a little over $ I billion is attributable to portfolio investment by foreign institutional investors (FIIs), another $ 1 billion to borrowing abroad by Indian companies through global depository receipts and $ 0,5 billion to foreign direct investment (FDI) flows. While there may have been some inflow under exceptional financing, the bulk of the balance of about $ 1.27 billion is to be explained by current account transactions.

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