Chennai: Union Commerce and Industry Minister Arun Shourie on January 25 called for concerted efforts to utilise the growing foreign exchange reserves of India.

Addressing an open house meet on Exim policy, he said though it was heartening that the foreign exchange reserves presently stood at a comfortable $ 72 billion, this was no reason to be complacent.

He said due to the interest rate differentials between Europe and India, foreign exchange reserves were likely to be accumulated, adding this situation called for timely utilisation of the reserves.

The minister also stressed the need for more co-operation among the Centre, state governments, industry and trade to see that the ongoing economic reforms became truly successful at the ground level.

"Reforms just by announcements are not enough any more. Every effort should be made to implement reforms on the actual ground level."

He said the global economic situation was getting more and more competitive.

"The world is not going to slow down just because we have not improved."

PTI