India secures $73 billion forex inflows in under 11 weeks
India has managed to bring in a massive $73 billion in foreign exchange inflows in less than 11 weeks, making waves globally for both speed and scale.
This boost came mostly from long-term deposits by nonresident Indians (NRIs) and big institutional funds, giving the country's financial reserves a solid lift.
NRIs contributed $65.4 billion via FCNR(B)
Out of the total, $65.4 billion came from FCNR(B) deposits, underlining the overwhelming response of Non-Resident Indians to the scheme.
This number already beats the Reserve Bank of India (RBI)'s previous record from 2013, and with still another week left for the scheme to run, it's on track to set a new global benchmark.
Government credits financial framework, FCNR(B) swap
The government credits its attractive financial framework with drawing so much interest. Plus, the RBI's 2013 FCNR(B) swap scheme.
Altogether, these moves have made India's economy even more resilient.