Indian Rupee Is Holding Up Well: Finance Minister Nirmala Sitharaman at CNN-News18 Town Hall

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The Indian Rupee is holding up well because of the strength of our macroeconomics fundamentals, said Union Finance Minister Nirmala Sitharaman at the CNN-News18 Town Hall on Monday.

“We are far better than many other countries whose currencies have fallen pathetically against US dollar. The interventions, if at all, the Reserve Bank of India (RBI) makes using the Indian reserve. 75 billion has been used essentially to stop fluctuation. The RBI is not aiming at fixing the rate. The government doesn’t believe in that.”


Responding to the criticism over the goods and services tax, she said: “Prior to the GST council, there was an empowered group of ministers who came up with the framework. The GST council was headed by the FM from an opposition-ruled party. Asim Dasgupta is not a Bharatiya Janata Party man, not right-winger… We still need to do some amendments. The officials discuss it in their own committees and then we take a call. We welcome the ideas.”

She added that institution building takes time. “Politics takes different colours and terms. Even during the pandemic, it was hours of sitting through and it worked out. Revisit will have to happen in the light of the consultations between the Centre and states.”

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When asked about her journey from Madurai to North Block, she said: “I thank my party & PM in particular for giving that kind of an opportunity and laying faith in me. It’s a divine blessing.”

Responding to a question on rising oil prices, she said, “I will have to ask the oil market companies…I need to work it out with them.”

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