By IANS
New Delhi : Prime Minister Manmohan Singh Tuesday chaired a meeting on the impact of the rising rupee on the Indian economy, especially exports, and directed concerned officials to come up with concrete solutions on the matter.
Commerce and Industry Minister Kamal Nath, who was among those who participated at the meeting, said effective steps would be taken soon to address the problem of the rising rupee without impacting inflation and interest rates.
Planning Commission Deputy Chairman Montek Singh Ahluwalia and top industrialists like Ratan Tata, Rahul Bajaj and Mukesh Ambani were among those who attended the meeting of the Prime Minister’s Council on Trade and Industry.
The participants at the meeting drew comfort from the fact that the Indian economy was growing at an impressive rate of above nine percent but also felt that some challenges remained in the form of rupee appreciation.
Kamal Nath said while the currency appreciation had affected exports and raised the prices of some commodities, the country’s merchandise export target for the current fiscal at $160 billion would be reached.