Fortune India TheNext500: India's forex reserves touch $600 bn from $400 bn in four years, says Anurag Singh Thakur

Stressing that the rising foreign exchange reserves reflect the inherent strength of the Indian economy, information and broadcasting minister Anurag Singh Thakur said it took India eleven years to build a forex reserve of $400 billion from $200 billion but we have increased it to $600 billion in just the last four years. “India faced a balance of payment crisis, and today we have a healthy surplus. This reflects the strength of India’s growing economy, which is attributable to the mid and small companies,” said Thakur addressing the Fortune India Next 500: growth drivers award on Friday.

Thakur also mentioned how the Jan Dhan initiative for financial inclusion of the poor has led to wider circulation of money among those who remained outside the purview of the formal economy for a long time. “In 2008, we were the world’s most unbanked nation. In the last nine years, we have opened more than 480 million bank accounts. The opposition then criticized PM Modi for announcing the move of financial inclusion from the ramparts of the red fort. Concerns were raised on the utility of bank accounts for the poor. ₹2,47,000 crore has been transferred to the bank account of the poor, who never used to be a part of the economy. That much money came into circulation in the economy with PM Modi’s initiative of financial inclusion for the poor,” Thakur said.

Seeking suggestions on industry for cutting down on compliances, Thakur said, “On ease of doing business, we were ranked at 147th position in 2014, and by 2020 we reached the 63rd position. I am not saying that we have done our best. We are still in the process of doing so. Suggestions on cutting down compliance burden are welcome.”