The Hindu Business Line : Strong rupee not harming exporters, says Jaswant

THE Union Finance Minister, Mr Jaswant Singh, allayed fears that the rupee growing stronger (against dollar) by the day was any reason for worry even for the exporters. This was so as even the exports were growing, not to mention the benefits to the importers, he said.

"The rupee should not be seen in isolation with the US dollar which had declined in the recent months. One should look at the real worth of the rupee," Mr Singh said. "The inflation trend would continue at 4-4.5 per cent. This is within the forecast levels of the Finance Ministry for 2003-04," he added.

Mr Singh who was here on Monday as part of an election tour of Gujarat told reporters that the interest regime would in essence continue to be a balancing act to suit the requirements of the small investors on the one hand and the industry on the other.

"The commerce and industry was keen on globally competitive rates while the individual investor was keen that he got a decent return on his investment. One needed to strike the right balance," he said. Mr Singh reiterated that the Indian economy was growing at a healthy rate. The growth rate of 10.4 per cent recorded by the economy was the highest quantitative rate ever achieved by any government ever in the country, he said.

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