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Economy stabilising in uncertain global context: FM
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SME Times News Bureau | 19 Dec, 2015
Finance Minister Arun Jaitley on Friday said the Indian economy has seen
significant improvement in macro-economic stability despite the
uncertain global economic situation, on a day when his ministry's
mid-year review sharply lowered the fiscal's GDP growth rate estimate to
7-7.5 percent.
"The economy has witnessed significant
improvement in the macroeconomic stability in terms of low levels of
inflation, fiscal deficit and current account deficit," a finance
ministry statement quoted him as saying at a meeting here of the
Parliamentary Consultative Committee.
He said India's
achievement of being among the fastest growing economies of the world is
"creditable considering that the global economic situation continues to
be uncertain transmitting negative spill-overs, because of which
emerging markets and developing economies have, in general, become more
vulnerable and fragile".
A slew of policy measures and
structural reforms have been effected in the last 19 months, Jaitley
said, adding that reforms have addressed the critical problems of
stimulating and stabilising the economy.
India recorded 7.3
percent growth rate in 2014-15, which was higher than 6.9 percent growth
achieved in 2013-14 and 5.1 percent in 2012-13, he said, adding the
growth rate compares to the 3.4 percent expansion in the global economy
and 4.6 percent in emerging markets and developing economies.
GDP
growth was 7.2 percent in the first half of current fiscal as against 7
percent in the second half of last year. Growth has improved from 7
percent in the first quarter of 2015-16 to 7.4 percent in the second
quarter of the current fiscal.
Meanwhile, Minister of State for
Finance Jayant Sinha told the Lok Sabha on Friday that the government
said it is taking steps to promote the rupee in global markets and
increase its competitiveness in respect of other currencies.
He
said that there is "no definitive roadmap set for internationalisation
of the rupee since it would require full capital account
convertibility."
There are restrictions on the rupee being used for international transactions, he added.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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