Forex reserves surge

Mumbai, March 13: The country’s foreign exchange reserves surged $772 million to touch record levels of $109.13 billion even as gold reserves declined by $99 million for the week ended March 5. Following fresh inflows and revaluation of the dollar vis-a-vis other currencies, the foreign exchange reserves, which include gold reserves, grew to $1,09,132 million, according to the Reserve Bank of India’s weekly statistical bulletin released here today. The foreign currency assets rose by $871 million to touch $1,04,940 million.

Govt role

New Delhi, March 13: Disinvestment minister Arun Shourie today came out strongly in favour of a radical restructuring of the country’s system of governance by drastically reducing the functions of the government. He said the government had “become like an ocean” covering all spheres of life and this had led to the entire system getting bogged down in red-tape.