Financial Daily from THE HINDU group of publications
Wednesday, Dec 24, 2003
Financial Daily from THE HINDU group of publications Wednesday, Dec 24, 2003 |
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Forex Industry & Economy - Economy Full float only after fiscal deficit improves: Jaswant Our Bureau
New Delhi , Dec. 23 THE Finance Minister, Mr Jaswant Singh, has reiterated that full convertibility of the rupee would have to wait till the Government's fiscal position registers fundamental improvement and inflation is under full control. Virtually echoing the Tarapore Committee report's view that full convertibility of the rupee would be contingent not just on high levels of forex reserves, but also on low inflation and fiscal consolidation, Mr Singh told the Rajya Sabha on Tuesday said that capital account convertibility is ruled out "as long as fiscal conditions are under constraint and are brought down at a level that comforts us". The Finance Minister held that the forex reserves crossing the $100-billion mark was a significant development ``economically, psychologically and diplomatically."
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