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India’s Forex Reserves Rise By $2 Bn

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October 1: “We are confident that we will be able to contain the CAD at $70 billion and also get additional capital flows to fund it fully without any drawdowns,” Economic Affairs Secretary Arvind Mayaram says. The fiscal deficit target of 4.8% will be fully met, he says, adding that gross tax collections up to August have grown 8.7% YoY, with better collections expected in September. He also assessed encouraging data points and economic growth expectations for the year.