• search
For Quick Alerts
For Daily Alerts

Falling Rupee value: Govt to cut down non-essential imports


New Delhi, Sep 14: In the wake of falling value of Rupee against Dollar, the Central Government on Friday announced a series of steps it would take shield the Indian Economy from external factors.

Union Finance Minister Arun Jaitley

"Prime Minister held a meeting today in which RBI's Governor and deputy governor, officials of the finance ministry and PMO officials were present. In the meeting RBI Governor gave a detailed presentation about the condition of world's economy and external factors which can affect Indian economy," Union Finance Minister Arun Jaitley told the media.

Jaitley said that India's growth rate as compared to other countries of the world is quite high, adding that the Inflation of the country stays in a range.

"To address the issue of expanding CAD (Current Account Deficit) the govt will take necessary steps to cut down non-essential imports and also increase export," he said.

India's CAD widened to a four-quarter high at 2.4 per cent of gross domestic product (GDP) in the April-June period from 1.9 per cent in the January-March quarter of 2017-18.

The rupee has depreciated more than 12 per cent so far this year on a widening CAD and higher oil prices.

"Mandatory hedging conditions for infrastructure loans will be reviewed to permit manufacturing sector entities to avail external commercial borrowing upto 50 million with minimum maturity of 1 year," he added.

For Daily Alerts

For Breaking News from Oneindia
Get instant news updates throughout the day.

Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Oneindia sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Oneindia website. However, you can change your cookie settings at any time. Learn more