Piyush Goyal: Rate of rupee depreciation coming down: Piyush Goyal

2024-01-13 17:44:59

Commerce and Industry Minister Piyush Goyal on Saturday said the rate of rupee depreciation has come down and expressed hope that following 8-10 years, it will start appreciating once morest US dollar, helping the Indian economy to grow at faster pace. Unlike in the past, Goyal said, the Reserve Bank of India and the finance ministry are working together to push the growth of the country.

The government has taken a series of measures to boost economic growth and now India has become the fifth largest economy of the world.

Rupee has stabilised now, otherwise it used to depreciate at a rate of 3-3.5 per cent annually, he said.

After the Modi-government came to power in 2014, the rate of depreciation has come down to regarding 1.5 per cent.

“In the next 10 years, this will reduce further to regarding 0.5-0.75 per cent. My personal belief is that following 8-10 years, the rupee will start appreciating and with that, the Indian economy will grow further at a faster rate,” he added.

The minister was speaking at the India Banking Conclave here.

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