IMPORT CURBS TO HELP RUPEE NEAR 70/$

New Delhi, Sept. 23: The government will “very soon” implement the second set of measures including curb on imports of non-essential items to shore up rupee to 68-70 level against the US dollar, economic affairs secretary Subhash Chandra Garg said, terming the about 12 per cent slide in the currency as a temporary phenomenon.

The government had earlier this month announced easing of overseas borrowing norms for manufacturing companies, removal of restrictions on foreign portfolio investors (FPIs) investment in corporate bonds and tax benefits on Masala bonds to shore up rupee and check widening of current account deficit.

Now, the Centre has prepared a list of non-essential items whose imports can be curbed and also drawn up a separate list of goods whose exports can be boosted with a little policy intervention, Mr Garg told PTI in an interview here.

On the rupee continuing to fall despite the first set of measures, he said “full components of the steps have not been implemented as yet, especially curb on import of non-essential items and boosting some of the exports etc. Those are still to come.” “These measures are at the final stage. Very soon, these should be announced,” Mr Garg said.

A group headed by the commerce secretary has “more or less” completed its task on finalising the list, the DEA secretary said. “Once it gets the nod from higher-ups, it will be announced...It will happen very early,” he said.