They did it in 1998 and again in 2013. Non resident Indians could do it now yet again though the crisis is not full blown as in 2013, with Forex reserves standing at comfortable US $410 billion level constituting 10 months’ import. But then with imports being 30 percent of the gross domestic product (GDP), India is hugely import dependent on the oil front and the twain can have a devastating effect on our Forex position what with international oil and currency markets feeding on each other to a telling effect insofar as India is concerned. With hot money (read Foreign Portfolio Investment) constituting as much as 70 percent of our Forex reserves, it is time to beef up the Forex reserves with something more durable.
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