Rupee's value matters

Dangers of an overvalued currency must not be ignored

Commerce Minister Nirmala Sitharaman has indicated that the government is moving away from seeing the value of the rupee as the crucial determinant of India’s export competitiveness. Instead, a higher rupee is seen as a natural consequence of India’s robust growth numbers. Speaking to the media on Sunday, Ms Sitharaman said, “It may appear as though we do not put so much emphasis on exchange rate anxieties. We may have to look at it in a larger macroeconomic perspective, but the attention of policy planners and state governments should go towards logistics and trade facilitation.” This comes on the back