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

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 on Saturday. 

"India's forex reserves of more than US $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, S M N 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).

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.