India's Foreign Exchange Reserve In Comfortable Position: Piyush Goyal

India has a strong foreign exchange reserve and the country is in a comfortable position to meet all the requirements even in any worst-case scenario in the next five-six years, Commerce and Industry Minister Piyush Goyal said on Wednesday.

India's forex kitty jumped USD 3.553 billion to USD 599.529 billion for the week ended May 12, according to the Reserve Bank of India.

The minister added that the RBI had respected and acknowledged government efforts to control inflation because they had also temporarily frozen interest rates at the most recent monetary policy committee (MPC) meeting.

He stated, "We have substantial foreign exchange reserves... Given our current foreign exchange reserves, India is in the best case scenario capable of meeting our foreign exchange needs for the next 5 to 6 years, regardless of whatever difficulties anyone may encounter."

The minister added that the RBI had respected and acknowledged government efforts to control inflation because they had also temporarily frozen interest rates at the most recent MPC meeting.

He stated, "We have substantial foreign exchange reserves... Given our current foreign exchange reserves, India is in the best case scenario capable of meeting our foreign exchange needs for the next 5 to 6 years, regardless of whatever difficulties anyone may encounter."