This country is smaller than Haryana, has less population than Uttarakhand still has more forex reserves than India, it is…, China at…
Wyatt Mason 
India is the 5th largest economy in the world and leading in different sectors, however this small country has taken over India in terms of Forex reserves.
Finance Minister Nirmala Sitharaman has stated that India holds the fourth-largest foreign exchange reserve in the world. India’s forex reserve is $658.8 billion, which is sufficient to cover 11 months of the country’s imports. The countries which are ahead of India in forex reserves are China, Japan, and Switzerland.
India has a forex reserve with $658.8 billion and is at the fourth position globally. The Finance Minister shared this information in the Rajya Sabha on Tuesday. When it comes to forex reserves, China is far ahead than any other country. China’s forex reserve is a massive $3.68 trillion, which is nearly six times that of India. China is the world’s second-largest economy, while India ranks fifth.
Japan has the second-largest forex reserve at $1.23 trillion, followed by Switzerland in third place with $927 billion, which is 1.5 times India’s forex reserve.
Switzerland: Small in Size
Switzerland has a population of only 8.8 million and an area of 41,285 sq. km. This means Switzerland has a smaller population than Uttarakhand and a smaller area than Haryana. Uttarakhand’s population exceeds 10 million whereas Haryana’s area is 44,212 sq. km.
Gold Reserves: Switzerland vs. India
Switzerland is also ahead of India in gold reserves. Its central bank has 1,040 tonnes of gold, whereas the Reserve Bank of India (RBI) has 848 tonnes.
Switzerland’s per capita GDP is $106,097, compared to India’s $2,698. The Swiss economy is considered one of the most advanced in the world and has been ranking at the top of the Global Innovation Index for several years.
Top 10 Countries by Forex Reserves
India, China, Turkey, and Poland have recently increased their gold holdings in forex reserves to reduce dependency on the US dollar. According to IMF data, India ranks fourth in forex reserves.
Here’s the list of the top 10 countries by forex reserves:
- China – $3.68 trillion
- Japan – $1.23 trillion
- Switzerland – $927 billion
- India – $658.8 billion
- Russia – $616 billion
- Hong Kong – $463 billion
- Saudi Arabia – $432 billion
- South Korea – $415 billion
- Germany – $387 billion
- Singapore – $377 billion
Many countries are diversifying their reserves to increase their economic security.
