Union Commerce and Industry Minister Piyush Goyal on Friday said recent pressure on the Indian rupee was largely driven by global developments, stressing that the currency has begun recovering as geopolitical tensions show signs of easing.
Speaking in Mumbai while highlighting the Narendra Modi government's 12-year journey, Goyal said fluctuations in the rupee were linked to international events rather than government intervention.
Rupee Impacted By Global Uncertainty
Referring to recent market movements, Goyal said, "The recent volatility at the international level, particularly over the last three to four months, has had an impact, which led to some depreciation of the rupee. However, if you look at the last few days, since talks of a ceasefire began, the rupee has started to strengthen again."
According to the minister, improving international conditions have helped restore confidence in financial markets, contributing to the rupee's recent gains.
Highlights Modi Government's Economic Record
During the press conference, Goyal also pointed to India's economic performance under Prime Minister Narendra Modi's leadership.
"12 years under PM Modi's leadership mark remarkable development, trust and public welfare," he said.
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The minister argued that India has remained resilient despite economic challenges faced by many countries in recent years. He noted that while several major economies struggled with slowdowns and recessionary pressures, India continued to record strong growth.
Goyal highlighted that India's economy expanded by 7.7% at constant prices last year, placing it among the fastest-growing major economies globally.
He credited the government's focus on infrastructure development, economic reforms and welfare initiatives for helping sustain growth despite global uncertainty.
The remarks came as the BJP marked 12 years of the Modi government at the Centre. Goyal expressed confidence that India's growth momentum would continue in the coming years, saying the country's development journey remains on a strong path even amid changing global conditions.
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