The depreciation rate of the rupee is declining: Goyal

The depreciation rate of the rupee is declining: Goyal

The depreciation rate of the rupee is declining: Goyal

The devaluation rate dropped to around 1.5% when the Modi administration took office in 2014.

As a result of many measures the government has taken to encourage economic development, India's economy is now the fifth biggest in the world.

The rupee's rate of depreciation has slowed, according to Commerce and Industry Minister Piyush Goyal, who also voiced optimism that, in eight to ten years, the rupee's value would begin to rise against the US dollar, accelerating the growth of the Indian economy. According to Goyal, the Finance Ministry and the Reserve Bank of India are collaborating to propel the nation's economy, unlike in the past.

As a result of many measures the government has taken to encourage economic development, India's economy is now the fifth biggest in the world. He said that the rupee would have declined by 3-3.5 percent a year had it not remained steady. The devaluation rate dropped to around 1.5% when the Modi administration took office in 2014. "It will drop much further in the next ten years, to around 0.5-0.75 percent. In my opinion, the Indian economy will expand more quickly after eight to ten years when the currency begins to strengthen," he said. Here at the India Banking Conclave, the minister was giving a speech.