The Hindu Business Line

Import curbs, other measures will lift rupee to 68-70 level soon, says Garg

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The Centre will “very soon” implement the second set of measures, including curb on imports of non-essential items, to shore up the rupee to 68-70 level against the US dollar, Economic Affairs Secretary Subhash Chandra Garg said, terming the 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’ (FPI) investment in corporate bonds and tax benefits on Masala bonds to shore up the 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, Garg told PTI.

On the rupee continuing to Subhash Chandra Garg 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. Those are still to come.”

“These measures are at the final stage and will be announced very soon,” he 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 the higher-ups, it will be announced...It will happen very early,” he said.

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