The Union Commerce and Industry Minister Piyush Goyal has confidently said the rate of rupee depreciation has come down. In the same vein, he cleared that the rupee has stabilised presently, otherwise, it used to be depreciating at an incredible rate of 3-3.5 per cent annually, he sounded off.
Just after the great year of 2014, the rupee depreciation rate has thoughtfully come down to about 1.5 per cent. It was indeed a historic threshold, for which we modelled a well-balanced system by our country’s wise economists with a fiscal policy that gave the procedure a little flair, too. Even of note? The colourless cincture thrown out over our not-wider shoulders at that point appears to have gone to the oblivion of the past on the exquisiteness of considerable fiscal forms.
”In the next 10 years, this will reduce further to about 0.5-0.75 per cent. He furthermore believes that after 8 to 10 years, the rupee will start appreciating and with that rosy impression the Indian economy will develop further at a faster rate,” he summed up.
He again looked relatively optimistic that our currency would start appreciating against the almighty US dollar, thereby supporting the country’s economy to grow at a faster pace after an interval of 8 to 10 long years. Will it be reckoned with presenting a rosy picture as well?
The Reserve Bank of India and the Finance Ministry are working concurrently to push the development of the country. A series of steps to boost economic growth have been carried out. Therefore, our great country has been evolving into the fifth-largest economy in the whole wide world.