Use the Foreign Exchange reserves – World Bank VP
We are sitting on a neat pile of over 178 Billion Dollar foreign exchange reserves. But is it wise to sit over such a huge pile? The World Bank Vice President Praful Patel does not think so. He wants part of these funds to be utilized in the high-return infrastructure sector. "India can utilise a part of its forex reserves for setting up a fund for the infrastructure sector on the pattern of Singapore,", he said.
Finance Minister P Chidambaram is reported to have set up a group headed by Finance Secretary Ashok Kumar Jha to look in to the partial use of forex reserves for infrastructure.
Incidentally, if you think Patel is an Indian, you are mistaken; he belongs to Uganda.