Industry head says remittances from NRIs need to be mobilised like never before
At 3.10am UAE time on May 16, 2012, the Indian rupee touched an all-time low of Rs14.83 against the UAE dirham (Rs54.50 vs. $1), giving in to constant pressure from oil importers, a weak economic forecast, and an uncertain investment climate.
With the Reserve Bank of India all but giving up efforts to contain the decline in the currency, India’s Finance Minister yesterday said that the country will soon unveil austerity measures to aid the fiscal consolidation process.
However, instead of addressing the policy stalemate that has made foreign investors flee the country, the honourable minister blamed the situation on a ‘foreign’ hand.
While speaking in the Upper House of Parliament, Pranab Mukherjee said that the country’s growth story was intact and that it was the eurozone crisis that was affecting the Asian markets.






Recent Comments