India's reserves stand out among the Brics

Mumbai

TWO years on from the emerging-market squall that offered a demonstration of what might happen when the US Federal Reserve finally raises interest rates, there's one Bric member that stands out for preparing for the storm.

India central bank governor Raghuram Rajan has methodically built up a record US$320 billion stockpile of foreign-currency reserves, which are up 14 per cent from a year ago. By contrast, stockpiles have shrunk in Brazil, Russia and China.