Chennai:
The Confederation of Indian Industry (CII) will soon be
taking up the issue of the rising rupee with the Indian
government and the Reserve Bank of India, according to
CII president Anand Mahindra.
Talking
to the press after the meeting of the CII's national council,
he said the increase in the value of the rupee was among
the various issues addressed at the council meeting. "Though
this renders imports cheaper, there is cause for concern."
If
the movement is in tandem with similar appreciation by
currencies of other countries, particularly those of Indian
industries' competitors, it would be good news, he said.
"However, it is apparent that the countries in the
Southeast, including China, are not planning to let their
currencies appreciate."
Though
it is early days, the industry will focus on sensitising
the government
to this issue, he said. "Further appreciation would
mean that even increases in productivity would not help
to offset the effect of appreciating rupee value."
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