Commerce and industry minister Anand Sharma said on Thursday that the stage has not come for the Reserve Bank of India (RBI) to intervene in the currency market, after the rupee fell 4.3% against the dollar in May on the back of euro zone debt problems.
Currency fluctuations are a reality. Depreciation is there and it is an impact of what is happening in the world, Sharma told reporters on the sidelines of a business conference here on Thursday.
I don?t see the stage has come for intervention by the central bank, he said, adding he will ask the finance minister to ensure adequate dollar credit availability by banks for companies.
Addressing an event organised by the Confederation of India Industry (CII), the minister has said the government will invest $1.7 trillion in infrastructure projects in the next decade.
We are confident to achieve the 15% growth target in exports this year, he said.
The long-term policy objective is to double the percentage share of this country in global trade by 2020, the commerce and industry minister added.
Sharma said a panel of secretaries will soon look into the complaints of non-availability of credit in foreign currencies to exporters.
??There is going to be a meeting of group of secretaries which will addresses the issue, so that banks can accordingly be advised to ensure availability of dollar credit, particularly at the time of need,?? Sharma told reporters here.
Exporters met Sharma to apprise him about the problems they are facing in getting loans in dollars.
??I would ask the Cabinet secretary, finance secretary, and commerce secretary to sit together and take a view on it,?? the commerce and industry minister said.