85 breached
The Indian rupee has breached the significant psychological barrier of 85 against the US dollar, marking an all-time low amid a confluence of domestic and global pressures.
There are many collaboration opportunities between India and Japan in semiconductors and resilient supply chains, rare-earths extraction, space technology, artificial intelligence, quantum computing, said RBI Governor Shaktikanta Das in Tokyo on Thursday.
“Our partnership could also be potentially strengthened in the sphere of human resources. I am sure the future offers limitless possibilities to deepen our engagements for the benefit of our people and the entire world,” Das said in his address at the Tokyo chamber of commerce and industry.
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India has become the new engine of global growth with its young demography1, improving physical and digital infrastructure and above all, an enabling policy environment. In this context, Japan and India continue to be natural partners, he added.
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“We look up to the Japanese ‘Economic Miracle’ as a learning opportunity as we prepare the ground to uplift India’s growth trajectory. Japan has played a critical role in infrastructure building in India through several public and private sector partnerships,” Das said.
“To seize the moment, India looks at Japan as a close partner to usher in a new era of growth and prosperity, for both our countries,” he added.
Highlighting the strengths of the Indian economy, the RBI Governor said while the country’s growth remains on track, inflation is on a path of moderation, though it is still above the target. The balance sheets of banks and corporates are healthiest in a long time and with the public investment push by the government, they create favourable conditions for a sustained revival in investment.
“Consumer confidence, as evident from our surveys, is on a rising trajectory since the pandemic lows. Our external sector inspires confidence as we are reaping export opportunities in the services sector; our current account deficit remains eminently manageable; and we have bolstered our forex reserves to deal with potential eventualities,” he added.
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