India should closely monitor forex reserves'

India should closely monitor forex reserves.

India should closely monitor the currency reserves at 248 billion U.S. dollars in 2008-09-Booth 309 billion compared with U.S. dollars in the year prior period, TC Venkat Subramanian, Chairman and Managing Director of Export Import Bank, said.

India should closely monitor forex reserves.

Provision of the convocation address here yesterday at Thiagarajar School of Management, Subramanian America for the global economic crisis, the debt and said it proved "toxic acid for the U.S. economy."

India should closely monitor forex reserves.


He said the Economic Meltdown began in America and as its imports fell, it started effect on the economies of other countries, including Japan and the European Union. American people had borrowed heavily for their homes, without a focus on savings.

Negative savings rate in this country things even worse, made an impact on the financial system, "he said. He said falling remittances from Indian workers by 10-15 percent, are likely

The forex inflows from foreign direct investment, stock markets and foreign institutions had to fall from 64 billion U.S. dollars to 13 billion U.S. dollars. However, he said, would revive the IT companies by 2010 by cutting costs..