India raises $73 bn in forex inflows at record pace

India has mobilised total foreign exchange inflows of $73 billion in less than 11 weeks, in the largest and fastest-ever foreign-currency mobilisation exercises undertaken globally.

The finance ministry said, in a statement, that by securing large-scale, long-term non-resident deposits and commercial institutional funding entirely on tap, the government has fortified its external buffers with maximum cost-efficiency.

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"This has comfortably surpassed the scale and pace of the RBI's 2013 FCNR(B) swap scheme, which had raised about $26 billion over roughly three months," the ministry said, adding with still another week left for the scheme to run, it is poised to become the largest and fastest foreign-currency mobilisation exercises in the world.

"FCNR(B) deposits alone accounted for $65.40 billion, underlining the overwhelming response of Non-Resident Indians to the scheme," it said.