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The reserves for March dropped $7.2 billion, or 1.5 per cent, said the Central Bank.
Russia holds less than 10 per cent of the multi-billion dollar global space market.
HSBC said slowing demand can be linked to forthcoming elections.
This is China’s second policy paper in attempts to smoothen troubled ties with the European Union.
Gazprom on Tuesday set an increase in the price of gas for Ukraine.
The Central Bank pegged 2014-15 GDP growth for India at a central estimate of 5.5 per cent.
China has set a target of 7.5 per cent in 2014, unchanged from that of last year.
814 million Indians will cast their ballot from April 7- May 12 in the world’s largest democratic exercise.
The US Business Association is lobbying to enlist India under Priority Foreign Country.
