The country’s foreign exchange reserves fell $1.13 billion in the week up to September 11 to $284.4 billion on the back of portfolio investments and revaluation of currencies.
The country managed a reasonable economic growth of 6.1 per cent during the first quarter of the current fiscal despite the global financial crisis impacting manufacturing and certain services like hotels.
India needs to scale up its spending on Science and Technology from the current level of expenditure in this field which stands a one per cent of the GDP, said Prime Minister Manmohan Singh.