The ongoing strengthening trend in the domestic currency is one of the major challenges ahead for manufacturing as well as the service sector in India.
Addressing the inaugural session of ‘Global Business Leaders Forum 2008’ in Mumbai on Monday, ICICI Bank MD and CEO KV Kamath stated, “The current double digit growth in India is expected to continue and the process of reverse globalisation is also expected to push the rupee further.?
Not to forget the role of the sovereign wealth funds that would add further strength to the rupee as they play a vital role in the economies of developing countries like India and China. Kamath also stated that around 10 years down the line, the African sovereign balance is on a constant rise, India now has an opportunity to encash on the anticipated boom,” he said. Bank of Baroda CMD Anil Khandelwal said, “The global GDP is expected to moderate in the next fiscal and India may see unforeseen volatilities in the near future.”