There is a big fall in the rupee against the dollar. At the same time, the country is discussing the GST reform. Now the country’s Finance Minister Nirmala Sitharaman has given a big statement on the falling rupee. He has clearly stated that it remains closely watching. It is having a very bad effect on exports and the government and ministry are trying to reduce its effect. Let us know that in the current year, the rupee has seen a decline of Rs 3.50, or 4 percent in the current year. According to some experts, the Indian rupee has become the worst performing currency in the entire Asia. Let us also tell you what the country’s Finance Minister Nirmala Sitharaman said on this…
Nirmala Sitharaman’s statement on rupee
Regarding the fall in the rupee, Sitharaman said that we are keeping an eye on it. The decline in domestic currency is only in terms of dollars. This is not only a matter of rupee and the currency of other countries are also affected. When asked about the impact of US duty on exporters and assistance measures for them, he said that work on this is going on in the government. The concerned ministries and departments are working on it. Work is going on to assist the exporters which have been affected by the 50 percent fee.
He said that the 50 percent fee has come into effect from August 27. The industry has not even told how much the fee will have an impact…. Every concerned ministries and departments are asking them what will be the effect. We will consider on that basis. It is noteworthy that the US has imposed an additional 25 percent fee on India for purchasing crude oil from Russia. Overall, the total fee has increased to 50 percent. Due to this, shrimp, gems and jewelery, cloth and other areas are expected to be adversely affected.
More than 4 percent broken rupee
The Interbank Foreign Currency Exchange Market on Friday rose by three paise to close at 88.09 per dollar. A day earlier, it closed at 88.12 against the US dollar. The rupee closed on September 2 at the lowest level at 88.15. The special thing is that in the current year, the rupee has seen a decline of about 3.50 rupees in the current year. Last year, the rupee was at the level of 84.60 in the last trading day, which came to the level of 88.09 on Friday. This means that the rupee has seen a decline of 4.12 percent in the dollar.
Attempt to reach the Chinese market
Regarding the growing relations with China, Sitharaman said that India is constantly trying to reach the Chinese market, negotiations are being held. We are already working on it. It needs to be carried forward. This is a complete business talks. Its press note has nothing to do with three. Under Press Note three, India amended its FDI policy in April 2020 and made government approval compulsory for investment from countries sharing land borders including China, so that the forced acquisition of Indian companies could be avoided.