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Business EconomyPosted at: Aug 16 2018 4:56PM


Fall of Rupee no indication of bad times for economy: Niti Aayog Vice chairman

New Delhi, Aug 16 (UNI) Amid much criticism of the government's handling of the economy and fall of rupee to a fresh low of 70.4 to the dollar, Niti Aayog vice chairman Rajiv Kumar on Thursday said such a situation "is no indicative of a bad time" for the Indian economy.
"Lets be clear, the depreciation of the Indian Rupee against the USD is not indicative of a bad time for the Indian economy," Dr Kumar tweeted.
In another missive, he said, "For those who are presenting this as a major fall in rupee value, the following data should clarify. To highlight, the Indian economy today is not counted among the fragile five as it was during the period of May-November 2013".
He also said the the Rupee depreciation against USD was 24.74 per cent between May 2, 2013 to Nov 3, 2013 and 19.96 from April 2, 2009 to April 30, 2014.
During the day while speaking at a function where the NABARD All India Financial Inclusion Survey (NAFIS) report was released, he said, ''Over the past three years, the rupee has been overvalued by approximately 17 per cent and the current depreciation of 9.8 per cent since January is a move towards its natural value".
He also asserted that India has the capability of doubling farm income in the next few years and the falling rupee should not be a cause of worry.
''It is rather coming back to its natural value,” he added.
The Rupee hit record low at 70.18, sliding by 28 paise in opening trade on Thursday following concerns about Turkey’s economic woes spreading to other emerging markets dealers at the Forex Market said.

A major fluctuation was seen during an intra day trade as it registered day high and low at 70.32 and 70.12 respectively, they added.
According to NAFIS, conducted by National Bank for Agriculture and Rural Development (NABARD), farm households register higher income than the families solely dependent on non-farm livelihood activities in rural areas.
The Nafis report was released by Dr Kumar.
The survey, with reference year of 2016-17, which covered 40,327 rural households, highlighted that the average annual income of an agricultural household is Rs 1,07,172 compared to Rs 87,228 for families engaged only in non-agricultural activities.
Apart from assessing the income levels of rural households, the survey mapped aspects like debt, saving, investment, insurance, pension and financial aptitude and behaviour of individuals.
Dr Rajiv Kumar appreciated NABARD for its multifaceted activities and emerging as knowledge partner.
''The farm income will further increase if they are able to develop value chain and provide marketing facilities at farm gate. In view of the survey results the vision of Hon’ble Prime Minister doubling of farmers income is achievable,'' he said.
The fall in the rupee year is said to have led to a surge in local prices of goods with an imported component.
The opposition Congress has blamed the government for the rupee slump. Political observers said urban middle-class voters could be most affected by the rupee depreciation.
Union Minister Arun Jaitley, who handled Finance portfolio since 2014 till he fell sick, has said the recent developments relating to Turkey have generated global risk aversion towards emerging market currencies and the strengthening of the dollar.
However, Mr Jaitley said country's macro fundamentals remain resilient and strong.
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