France: An economic adviser to Prime Minister Manmohan Singh, Suresh Tendulkar, said he is urging the government to diversify its $264.6 billion (Rs12.7 trillion) foreign exchange reserves and hold fewer dollars. Sound counsel: Suresh Tendulkar of the PM’s economic advisory council has urged the government to diversify its foreign exchange reserves. Subhav Shukla / PTI “The major part of Indian reserves is in dollars—that is something that’s a problem for us,” Tendulkar, chairman of the prime minister’s economic advisory council, said in an interview on Saturday in Aix-en-Provence, France, where he was attending an economic conference. Singh is preparing to join leaders from the Group of Eight (G-8) industrialized nations—the US, Japan, Germany, Britain, France, Italy, Canada and Russia—at a summit in Italy this week that is... [read full story]
