Team Blitz India
NEW DELHI: Finance Minister Nirmala Sitharaman has emphasised the stability of the Indian rupee against most international currencies. “Indian rupee being mostly stable against most of the international currencies except for the US dollar, where it had volatility” said Sitharaman, in her address at the Pandit Hriday Nath Kunzru Memorial Lectures 2024 on March 1 at the Jawaharlal Nehru University. Sitharaman underscored the significance of rupee trade, acknowledging its potential challenges while highlighting its importance for countries facing dollar shortages.
“We have evolved to a stage where we recognise that the Indian rupee, in some regions at least, is used as an instrument of trading currencies,” she said. Notably, India has initiated rupee trade with neighbouring countries and expanded its reach to nations like Russia and Sri Lanka.
Speaking on India’s economic stability and global recognition, Sitharaman asserted, “India is being taken seriously only because the economy is a lot more stable now.” She attributed this stability to predictable taxation policies, transparent systems, and impressive FDI inflows, surpassing USD 600 billion. Moreover, she emphasised India’s proactive role in global forums like the G20 and the UN, indicating the world’s increasing reliance on India’s solutions for institutional reforms.
The finance minister lauded the government’s responsiveness during the Covid-19 crisis highlighting India’s resilience amidst challenges. She underscored the government’s willingness to listen to various stakeholders and experts to devise effective solutions and relief measures.
Looking ahead, Sitharaman outlined priority sectors for investment, including artificial intelligence, semiconductors, and innovative manufacturing, signalling continued fiscal and policy support in these areas.
In addressing the prevailing uncertainties encapsulated by the ‘VUCA’ principle, Sitharaman emphasised the importance of adaptability in navigating contemporary complexities. “With all these uncertainties, it is the instrument of adaptability that is being infused into the system to prepare us for any eventuality,” she said. Reflecting on her alma mater, she fondly reminisced, “As a central university, JNU provided me with all India exposure that has helped me grow as a student. A nostalgic visit.”
