India's merchandise exports, imports rebound strongly, surpass pre-COVID level: Economic Survey

New Delhi [India]: India's merchandise exports and imports rebounded strongly and surpassed pre-COVID levels during the current financial year.

There was a significant pickup in net services with both receipts and payments crossing the pre-pandemic levels, despite weak tourism revenues, the Economic Survey said.

Net capital flows were higher at the US $ 65.6 billion in the first half of 2021-22, on account of continued inflow of foreign investment, revival in net external commercial borrowings, higher banking capital and additional special drawing rights (SDR) allocation.

India's external debt rose to $ 593.1 billion at the end-September 2021, from $ 556.8 billion a year earlier, reflecting additional SDR allocation by IMF, coupled with higher commercial borrowings.

Foreign Exchange Reserves crossed US$ 600 billion in the first half of 2021-22 and touched US $ 633.6 billion as of December 31, 2021.

As of end-November 2021, India was the fourth-largest forex reserves holder in the world after China, Japan and Switzerland. (ANI)