India's foreign exchange reserves stood at $634... ... Budget 2022 Live: Digital Rupee To Be Launched By RBI In FY23

India's foreign exchange reserves stood at $634 billion, which is higher than its external debt, and is equal to 13.2 months of merchandise imports. "The combination of high foreign exchange reserves, sustained foreign direct investment, and rising export earnings will provide an adequate buffer against possible global liquidity tapering in 2022-23", states the Economic Survey, in reference to global central banks hiking interest rates and reducing pandemic-era easy money.