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Reduce gold appetite, economise use of petroleum products:Manmohan Singh

New Delhi, August 30: Prime Minister Manomohan Singh expressed his concerns about the falling value of Indian Rupee and said that this was an outcome mainly due to external factors and will take measures internally to address the situation. The PM also assured that there will be no measures on capital controls to lift sentiments on falling Indian currency in the currency market.  


"The depreciation in the value of the rupee since end of May is a matter of concern," the Prime Minister told the Lok Sabha. "What triggered the sharp depreciation in rupee was the market's reaction to unexpected external developments," he said. PM Manmohan also said that global tensions over Syria affects the falling of almost all currencies of developing countries like Brazil, Indonesia, South Africa etc.


"Global factors such as tension over Syria and the prospect of Fed tapering have caused general weakness in EM currency... a reversal of capital flows in emerging markets are not pulling down not just the rupee, but also the Brazilian real, the Turkish lira, and the Indonesian rupiah, and the South African rand," the PM said.


PM also said that "we need to reduce the gold appetite, economise the use of petroleum products. Clearly, we need to reduce our appetite for gold, economise the use of petroleum products and take steps to increase our exports," he said. At the same time, the fall in rupee's value was also good to some extent as it makes exports competitive.


PM Manmohan assured that, the growth that slipped will pick up and also fiscal deficit will be at 4.8 percent of the gross domestic product (GDP). 


Posted by Robin

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