Chennai, Sep 24 (ANI): The Chairman of the Prime Minister's Economic Advisory Council, C. Rangarajan, has said that the global economic crisis would improve in about a month's time.
Talking to mediapersons here, Rangarajan said the global economic crisis was poised to improve in a month's time as western nations are making efforts to revive their economies.
"Well I think there are efforts being made in the US to revive the economy. They've had made some recent efforts to revive the economy. Perhaps the European debt crisis will also be resolved in someway. Therefore we have to wait for it. But it may take a month or so before the clogs clear," he added.
Rangarajan also stated that there may be a further depreciation of the rupee as many other countries have noted a fall in the ratings of their currencies.
"The rupee has fallen. But you must also know that it has fallen at a time when currencies in many other emerging economies have also fallen. This is reflection not so much of what is happening in India, but of what is happening in the rest of the world," he said.
"There is some panic regarding the direction in which the advanced economies will move. And therefore all of these are contributing to the situation in which the currencies are taking some beating. But it must also be noted that the rupee had stayed very strong for quite a number of years. Therefore some decline in the rupee value was also expected," he added.
The rupee this year has declined nearly 10 per cent against the dollar. In the latest trade reports, the Indian currency tumbled by Rs. 0.34 to nearly 28-month low levels of Rs 49.82 against the US dollar. (ANI)
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