Union Finance Minister Nirmala Sitharaman today said the Reserve Bank of India (RBI) was taking measures to prevent sudden fluctuations in the value of the rupee, while clarifying that the central bank does not determine the currency’s value.
Speaking to reporters in Tiruchirappalli, Tamil Nadu, Sitharaman said the RBI’s efforts were aimed at preventing abrupt movements in the rupee rather than fixing its exchange rate. Her remarks come amid concerns over currency volatility and its implications for India’s economy, particularly import costs and inflation.
On the country’s fiscal position, Sitharaman said India’s fiscal deficit had been declining year after year, with the government working towards reducing the debt-to-GDP ratio to 50 per cent by 2030. On inflation, Sitharaman said the government was taking several measures to increase per capita income. However, she pointed out that external factors, including the COVID-19 pandemic, geopolitical conflicts and rising crude oil prices, had contributed to inflationary pressures. She said the Centre was continuously taking measures to ensure that these developments did not adversely affect the public.
Regarding rising prices of essentials such as rice, Ms Sitharaman stated that a dedicated Group of Ministers has been actively monitoring price stability since 2014 through effective supply management. She noted that export restrictions are calibrated to protect domestic consumers while ensuring farmers receive the Minimum Support Price (MSP).
Ms. Sitharaman detailed continuous efforts to boost per capita income while absorbing external shocks-including global market disruptions, geopolitical conflicts, and high crude oil prices-to prevent placing excessive burdens on citizens.
Earlier, addressing students at her alma mater, the Finance Minister highlighted that financial literacy is vital for women in today’s digital era. She urged women to understand banking, fixed deposits, and stock market investments, while warning against deceptive schemes and digital financial frauds.
Encouraging young women to remain ambitious, Ms. Sitharaman shared the inspiring story of a woman who rose from a bank attendant to a General Manager through determination. She urged students to treat challenges as valuable learning experiences and called on every woman to mentor and support two to three other women.
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