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India will not be impacted US Fed's likely tapering: CEA
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SME Times News Bureau | 31 Aug, 2021
Chief Economic Adviser (CEA) K.V. Subramanian on Tuesday said that India
will not be affected by the possible tapering of the easy monetary
policy by the US Federal Reserve by the end of this year.
Citing the "strong" macroeconomic fundamentals, he said that there should not be much concern.
"The
fact that our macroeconomic fundamentals whether it's inflation,
whether it's the current account deficit, whether it's our forex
reserves, you know, and and all the others, metrics that I showed you,
they clearly indicate that our macroeconomic fundamentals are very, very
strong. I absolutely do not think that there should be that much of a
concern," he told the media.
The statement by the CEA comes
against the backdrop of the recent speech of the Fed Chairman Jerome
Powell, wherein, he had hinted that the Fed may start rolling back its
ultra-low rate monetary policy by the end of this year.
On the
GDP data released for the first quarter of FY22, Subramanian said that
the data reaffirms the government's prediction of an imminent V-shaped
recovery made last year.
The GDP for the April-June quarter witnessed a growth of 20.1 per cent.
He
noted that India poised for stronger growth from structural reforms,
government's capex push, financial sector clean-up and reforms, and
rapid inoculation.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
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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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