Media has raised the issues that new pricing to benefit Reliance Industries.
Rupee, he said, is not in shambles and "we should not be overtly pessimistic".
India's record current account deficit has been a key reason behind why Standard & Poor's and Fitch Ratings cut their outlooks on the country's sovereign rating to 'negative' last year.
Mayaram said the concerns over the pace of implementing economic reforms were "overstated".
Consumer spending in India has taken a hit in the past three quarters as rising food prices, meagre salary increases and the slowest Indian economic growth in a decade hurt buying appetites for clothes, cars and eating out.
Net sales were 12.48 per cent at Rs 6,367.14 crore.
Keeping that much money out of the banking system has created a liquidity deficit that has forced banks to borrow as much as RS 1.6 trillion from the central bank to meet daily funding needs.
His officials are working on a series of steps to attract at least $20 billion in new investment to fund the deficit without depleting India's $300 billion in forex reserves.
The wholesale price index, the main inflation indicator, rose an annual 6.84 per cent in February, higher than the 6.54 per cent rise estimated by analysts.
The FinMin has built up a cash surplus of about Rs 80,000 crore.
High inflation and slower growth continues to worry Indian consumers with more people expecting lower salary increases.
Liquor market in the continent is growing twice as fast as the rest of the world.
Earlier govt said it won't allow it to sell items such as textile products and office supplies.
© 2025 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances