Mahindra Group Chairman Anand Mahindra on Thursday called for the country's forex reserves to be used "wisely to get back on the growth path", reminding that 30 years ago India had almost run out of foreign exchange.
In a tweet commenting on an article that stated that India's forex kitty is closing in on USD 500 billion and the current reserves of USD 493 billion are enough to fund 17 months of imports, Mahindra said, "30 yrs ago India had almost run out of forex. Now we have the 3rd largest global reserves."
"In these uncertain times this news is a morale booster. Let's not forget our country's potential & let's use this resource wisely to get back on the growth path," he added.
The article pointed out that India has already marched ahead of Russia and South Korea in terms of forex reserves to become the third biggest holder, after China and Japan.
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