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As Rupee Sinks to All-time Low, Piyush Goyal Says it is Going Through a 'Golden Run'

The senior BJP leader also said the nature of jobs in India is changing and that only government jobs could not provide growth.


Updated:October 5, 2018, 5:29 PM IST
As Rupee Sinks to All-time Low, Piyush Goyal Says it is Going Through a 'Golden Run'
File photo of Union Minister Piyush Goyal. (Image: PTI)
New Delhi: As the Indian rupee dipped further on Friday, Minister of Railways Piyush Goyal said this is the best period for the Indian rupee in the last 15 years.

"Rupee has only depreciated 7 percent in the last 5 years. This is the best period for the Indian rupee. It's a golden run," said Goyal while speaking at the Hindustan Times Leadership Summit.

The rupee has been depreciating since March this year. However, at the end of August, currencies such as Russian Ruble, Japanese Yen, the South Africa's Rand and the Mexican Peso have all had double digit depreciation against the US Dollar.

Rupee slumped to a lifetime low of Rs 74 against the US Dollar on Friday.

The senior BJP leader said that the nature of jobs in India is changing and that only government jobs could not provide growth.

"Nature of jobs in the world is changing. Everybody wanted to join railways, government before but now entrepreneurial ideas are coming up," added Goyal.

"If you are driving an Uber in Delhi, you are providing a service. This government is encouraging entrepreneurship and innovation," said Goyal.

Piyush Goyal added that he wanted to revive the charm of the Railways.

"It’s been 366 days since I took over as Railways minister. I have had one mantra - To bring the charm back to rail travel", said Goyal.

RBI governor Urjit Patel also said on Friday the domestic currency is still better than its emerging market peers and that the apex bank does not have a target for it.

Patel, while addressing the media after the customary post-policy press conference, admitted that the country has not been immune to global spillovers from external factors.

"The rupee fall, in some respect, is moderate in comparison to several other emerging market market peers," he said.

Patel ruled out a target for the currency and said, "Our response to these unsettled conditions has been to ensure that foreign exchange market remains liquid with no undue volatility. There is no target or band around any particular level of exchange rate, which is determined by market forces demand and supply."
(Get detailed and live results of each and every seat in the Lok Sabha elections and state Assembly elections in Andhra Pradesh, Odisha, Arunachal Pradesh and Sikkim to know which candidate/party is leading or trailing and to know who has won and who has lost and by what margin. Our one-of-its-kind Election Analytics Centre lets you don a psephologist’s hat and turn into an election expert. Know interesting facts and trivia about the elections and see our informative graphics. Elections = News18)
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