NEW DELHI, Dec 30: The fall in rupee value is `not a worrying' factor as it was "necessary to keep indian exports competitive", according to former finance minister Manmohan Singh.``It was correct for the value of the rupee to decline against the dollar to compensate for the higher inflation rate in India ... And because of the fall in the value of the currencies of Southeast Asian countries,'' Singh said in a 1997 year-end programme in the Star News television channel.
He said he would not be worried if the value of the rupee against the dollar fell even further since Asian currencies had devalued much more. He said the biggest worry in the Indian economy today was the slowdown in industry and exports but added that the economy could be put back on a higher growth path because it was in much better shape now than when he inherited in 1991.
Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.
