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Govt concerned over rising rupee: Jaitley

January 03, 2004 13:18 IST

The Centre was seized of the issue of the continuing appreciation of the rupee against the dollar adversely affecting the exporting community, Union Commerce and Industry Minister Arun Jaitley said on Saturday.

"We are sensitive to the issues being faced by the exporting community, especially in the wake of Indian rupee gaining strength against the dollar," he told an open house on exim policy, organised by the Federation of Indian Export Organisations, in Chennai.

Pointing out that the Indian economy has to be driven by exports, he assured that issues being faced by the exporting community would get their due attention from the government while making policy decisions on exports and imports.

Jaitley said it was heartening that Indian exports were doing well despite the cut-throat competition and the latest challenges, adding the service sector alone had registered an impressive eight to nine per cent growth.

There was a renewed confidence abroad about the potential of Indian business and industry, Jaitley said, adding this was the impression he got during his trips to many countries during the last one year along with the prime minister and business delegations.

Observing that the last one year was a major turning point in Indian economy, he said there was a marked change in the mindset within the country and outside about the country's economy.

He said instead of the "usual song and dance for attracting investments in India," there was now an aggressive interest by Indian business to make foreign forays.

"Abroad also, there is a feeling that India is no more a sleeping elephant and is one of the two fastest growing economies of the world," he said.

Referring to the manufacturing sector, he said it was facing acute challenges arising out of the poor infrastructure and the resultant impact on the costs.

He said infrastructure improvement was being addressed with added interest of late, but there was a long way to go.

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