India's forex reserves adequate to tackle Brexit impact: RBI

KOZHIKODE: The country's foreign exchange reserves and import cover of more than a year would be sufficient in managing the temporary effects of Brexit, a Reserve Bank official said today.

"India's forex reserves of more than $360 billion and import cover of more than a year would be adequate in managing the temporary effects of the recent Brexit, if at all there is an impact," RBI Regional Director, Thiruvananthapuram, SMN Swamy, said here.

He was speaking after inaugurating a day long seminar on 'Role of private remittances in the socio-economic scenario of Kerala' at the Indian Institute of Management, Kozhikode (IIM-K).

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Swamy also spoke on the importance of remittances in reducing India's reliance on foreign aid, building the country's forex reserves as well as meeting the current account deficit, an IIM-K release said.

Chairperson of Technology Business Incubator of IIM-K Prof Keyoor Purani stressed on the importance of channelising remittances into entrepreneurial ventures so that Kerala can transform itself from a consumption to a production economy.