Economy

Fin Min, RBI to announce reform measures soon

PTI New Delhi | Updated on March 12, 2018

The Union Finance Minister, Mr Pranab Mukherjee. (file photo)

The Finance Minister, Mr Pranab Mukherjee, has said his ministry and the Reserve Bank of India will soon announce certain steps, as investors await the measures that are expected to check rupee slide and improve markets.

“I think notifications are going to be issued. In the morning I discussed (those) with the Secretary, Economic Affaris (R Gopalan). They are going to issue circular...RBI is going to issue the circular,” he told reporters here today.

He said that there were also discussions with the RBI Governor, Dr D. Subbarao, in this regard last week.

The sharp decline in rupee against the US dollar is a cause for concern and there are expectations that steps would be announced to boost the domestic currency.

The rupee, however, recovered 71 paise to 56.44 against the dollar in early trade today on selling of the American currency by banks amid expectations that the RBI may announce steps to boost the local currency.

The economic growth has also fallen to a nine-year low of 6.5 per cent in 2011-12 and industrial output continues to be sluggish with a mere 0.1 per cent growth in April. Inflation too remained at an elevated level of 7.55 per cent in May.

The measures would be announced on a day when global agency Moody’s has retained outlook on India’s rating at stable despite slowdown in GDP growth rate, saying that it is unlikely to be even a medium-term feature.

Published on June 25, 2012

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