PM Highlights Financial Reforms and Strong FX Reserves

Modi also outlined the strength of India’s financial framework. With foreign‑exchange reserves now exceeding $700 billion, the country enjoys one of the most robust banking systems worldwide. This resilience has helped sovereign credit ratings move upward. He pointed to the GST overhaul, which turned a complex tax maze into a unified national market, and to the new insolvency law and streamlined labor codes that have consolidated 29 labor statutes into four simple codes, easing business operations.