India won’t seek IMF funds in 5 years: Rajan

India is not facing any economic crisis and won’t approach IMF for funds in the next five years as the country has enough forex reserves,Reserve Bank Governor Raghuram Rajan has said.

“There’s no way we are close to being a country in financial or economic crisis… There is not a chance we will go to the IMF for money in the next five years,” he said at CNN’s Debate on the Global Economy. The RBI has taken a series of measures to strengthen rupee and promote growth. Allaying fears of India not being able to meet its financial obligations,Rajan said: “India’s external debt to GDP is 22 per cent. 22 per cent of GDP is external debt and India’s has reserve of $280 billion which is 15 per cent of GDP.”

In other words,the country can pay three-fourth of its debt from its forex reserves,Rajan added.