Rate of rupee depreciation coming down: Goyal

The government has taken a series of measures to boost economic growth and now India has become the fifth-largest economy in the world.

Commerce and Industry Minister Piyush Goyal on Saturday said the rate of rupee depreciation has come down and expressed hope that after 8-10 years, it will start appreciating against US dollar, helping the Indian economy to grow at faster pace. Unlike in the past, Goyal said, the Reserve Bank of India and the finance ministry are working together to push the growth of the country.

The government has taken a series of measures to boost economic growth and now India has become the fifth-largest economy in the world. The rupee has stabilised now, otherwise it used to depreciate at a rate of 3-3.5 per cent annually, he said. After the Modi government came to power in 2014, the rate of depreciation has come down to about 1.5 per cent. "In the next 10 years, this will reduce further to about 0.5-0.75 per cent. My personal belief is that after 8-10 years, the rupee will start appreciating and with that, the Indian economy will grow further at a faster rate," he added. The minister was speaking at the India Banking Conclave here.