Finance Minister Nirmala Sitharaman clarified that the RBI works to curb sudden rupee volatility. She also discussed India's improving fiscal position and highlighted new government initiatives aimed at empowering women and boosting education.
RBI's Role in Currency Stability
Union Finance Minister Nirmala Sitharaman on Monday said the Reserve Bank of India (RBI) was taking measures to prevent sudden fluctuations in the value of the rupee, while clarifying that the central bank does not determine the currency's value. Speaking to reporters in Tiruchirappalli, Sitharaman said the RBI's efforts were aimed at preventing abrupt movements in the rupee rather than fixing its exchange rate. Her remarks come amid concerns over currency volatility and its implications for India's economy, particularly import costs and inflation.
Economic Outlook and Fiscal Policy
On the country's fiscal position, Sitharaman said India's fiscal deficit had been declining year after year, with the government working towards reducing the debt-to-GDP ratio to 50 per cent by 2030. Acknowledging concerns over the country's debt levels, the Finance Minister said such concerns were justified but maintained that the debt burden had been steadily declining.
Addressing Inflation and Growth
On inflation, Sitharaman said the government was taking several measures to increase per capita income. However, she pointed out that external factors, including the COVID-19 pandemic, geopolitical conflicts and rising crude oil prices, had contributed to inflationary pressures. She said the Centre was continuously taking measures to ensure that these developments did not adversely affect the public.
Empowering Women and Future Skills
Earlier, addressing the Platinum Jubilee celebrations of Seethalakshmi Ramaswami College (SRC), her alma mater, Sitharaman emphasised the need to translate women's educational achievements into greater economic opportunities. "Our responsibility now, therefore, is to ensure that progress in education opens greater opportunities for employment, for enterprise, and also for leadership," she said. Highlighting women's growing participation in entrepreneurship, Sitharaman said, "About two thirds of Mudra loans have gone to women helping them establish and expand small businesses."
Industry Partnerships and Technology
She also urged educational institutions to strengthen research and industry partnerships and make full use of government initiatives supporting skill development. Referring to the government's ITI upgradation programme, she said the scheme was "upgrading 1000 government ITIs with Rs 60,000 crores and industry as co-manager." Sitharaman also called for greater international collaboration in emerging technologies, including artificial intelligence, semiconductors, biotechnology and climate science, to prepare students for future opportunities. (ANI)
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