GOVERNMENT POLICIES HAVE POTENTIAL TO BOOST RUPEE AGAINST US DOLLAR SAY PIYUSH GOYAL

Published on Aug 02, 2024 14:21

Union Minister of Commerce & Industry, Piyush Goyal has expressed hope that government efforts to boost semiconductor manufacturing, domestic shipping and a reduction in imports of oilseeds, rubber and pulses will help the rupee appreciate against the dollar. The Union Minister was speaking at the ASSOCHAM’s launch event of the book titled “Bharat@100: Envisioning Tomorrow’s Economic Powerhouse” written by former Chief Economic Advisor Shri KV Subramanian. Subramanian in the book predicts India can achieve a $55 trillion economy by 2047 if the nation sustains an 8% annual growth rate.

Goyal said that a stable economy will push India to be among the top 3 world economies. The Centre will ensure a better quality of life to the last man at the bottom of the pyramid in the next five years, he said, adding that the government is also focussed on efforts to replace the oil economy with electric mobility and making quality the fulcrum in manufacturing. He noted that steps undertaken by the Government such as self-sufficiency in defence, transparency and technology, stronger currency and macroeconomic fundamentals will spur India to become a developed nation.