Key facts
- India has the capacity to repay 94% of its foreign debt in a single day.
- India's foreign exchange reserves are sufficient to cover nearly 11 months of imports.
- India's economic growth rate is the highest in the world.
- India has become the world's fourth-largest economy, exceeding $4.5 trillion.
- Annual digital payments in India have reached Rs 314 lakh crore.
Maharashtra Chief Minister Devendra Fadnavis on Friday asserted that India possesses the financial capacity to repay 94 percent of its foreign debt within a single day, thereby dispelling concerns about an economic slowdown.
Addressing a press conference marking Prime Minister Narendra Modi's 12 years in office, Fadnavis recalled a period when India's ability to meet its foreign debt obligations was questioned, necessitating intervention from the IMF and World Bank. He contrasted this with the present situation, where India's foreign exchange reserves stand at approximately Rs 66 lakh crore, sufficient to cover nearly 11 months of imports.
Fadnavis highlighted that India continues to achieve the highest growth rate globally, despite recurrent predictions of a recession. He noted that India has emerged as the world's fourth-largest economy, having surpassed the $4.5 trillion mark and is on track to become a $5 trillion economy.
Furthermore, Fadnavis pointed to India's leadership in digital transactions, with annual digital payments reaching Rs 314 lakh crore and the Unified Payments Interface (UPI) gaining adoption in nearly 30 countries. He reiterated that India's economy has consistently expanded and remains the fastest-growing among major economies.