The Hindu : National : Ensuring rupee’s stability vital: Yechury

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Ensuring rupee’s stability vital: Yechury

Special Correspondent

BHUBANESWAR: Senior Communist Party of India (Marxist) leader Sitaram Yechury on Saturday said that all projections made by Finance Minister P. Chidambaram would become uncertain if the Centre did not take corrective measures to ensure the stability of rupee.

Ensuring rupee stability was necessary as the recession in the U.S. economy would have an impact on India, Mr. Yechury said at a press conference here.

“India cannot remain complacent, but must initiate corrective measures to cope with the situation.

“By the time the Finance Bill is adopted in May, the government must come up with some corrective measures to meet the situation,” Mr. Yechury said. He also expressed concern over the increase in the interest rates.

Observing that the country’s exports in respect of IT and textiles had already started decreasing, Mr. Yechury said export reduction would lead to loss of lakhs of jobs.

He also expressed concern over the problem of inflation facing the country due to price rise, which was primarily an outcome of futures trading in various essential commodities. Commodities such as pulses, wheat and rice should be kept out of forward trading, he said. About the U.S. State Department’s observations on Nandigram, Mr. Yechury said it amounted to gross interference in India’s internal matters.

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