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Commerce Min had suggested for fair valuation of rupee:Nirmala

Press Trust of India  |  New Delhi 

The Commerce Ministry wants there should be "fair valuation" of rupee keeping in view the global environment as it has a bearing on exports, was informed today.

Commerce and Industry Minister said that there are many factors that influence including demand intensity, market share, price elasticity, valuation of other currencies.

"Department of Commerce had suggested a fair valuation of rupee keeping in view of the global market situation. The and the RBI are closely monitoring the situation including exchange rate of rupee in nominal and real terms and macroeconomic policies," she said in a written reply to the

She was replying to a question as to what extent strengthening of rupee will impact and whether the ministry has asked to devalue rupee to boost and reasons behind RBI's refusal to do so.

During the April-October period of current fiscal, exports dipped by 0.17 per cent to USD 154.91 billion.

Replying to a separate question, she said it is "true" that India's pharmaceutical exports to Japan are not significant. It was only USD 143.83 million in 2015-16.

She said Japan is a "highly regulated market and product registrations in Japan are time consuming and tedious".

Keeping in view of getting access to Japanese market, the minister said top regulators from India have been visiting there and putting all out efforts to promote generics in that market.

Replying to a separate question, Sitharaman said that India has been taking up the visa issue consistently with the UK.

India has urged the UK to address concerns of the domestic industry in the interest of bilateral trade in services between the two countries.

Changes in visa regime in the UK "are expected to adversely impact the ease of entry and competitiveness of Indian IT companies in the UK thereby negatively impacting bilateral trade relations," she added.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, November 30 2016. 15:13 IST