As Rupee Sinks to All-time Low, Piyush Goyal Says it is Going Through a 'Golden Run'
New Delhi, Oct 05: As the Indian rupee dipped further on Friday, Minister of Railways Piyush Goyal said this is the best period for the Indian rupee in the last 15 years.
"Rupee has only depreciated 7 percent in the last 5 years. This is the best period for the Indian rupee. It's a golden run," said Goyal while speaking at the Hindustan Times Leadership Summit.
The rupee has been depreciating since March this year. However, at the end of August, currencies such as Russian Ruble, Japanese Yen, the South Africa's Rand and the Mexican Peso have all had double digit depreciation against the US Dollar.
Rupee slumped to a lifetime low of Rs 74 against the US Dollar on Friday.
The senior BJP leader said that the nature of jobs in India is changing and that only government jobs could not provide growth.
"Nature of jobs in the world is changing. Everybody wanted to join railways, government before but now entrepreneurial ideas are coming up," added Goyal.
"If you are driving an Uber in Delhi, you are providing a service. This government is encouraging entrepreneurship and innovation," said Goyal.
Piyush Goyal added that he wanted to revive the charm of the Railways.
"It’s been 366 days since I took over as Railways minister. I have had one mantra - To bring the charm back to rail travel", said Goyal.
RBI governor Urjit Patel also said on Friday the domestic currency is still better than its emerging market peers and that the apex bank does not have a target for it.
Patel, while addressing the media after the customary post-policy press conference, admitted that the country has not been immune to global spillovers from external factors.
"The rupee fall, in some respect, is moderate in comparison to several other emerging market market peers," he said.
Patel ruled out a target for the currency and said, "Our response to these unsettled conditions has been to ensure that foreign exchange market remains liquid with no undue volatility. There is no target or band around any particular level of exchange rate, which is determined by market forces demand and supply."
Courtesy: www.news18.com
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KSCA expresses disappointment over missing IPL playoffs, says it was ready to host matches in B’luru
Bengaluru: The Karnataka State Cricket Association (KSCA) has issued a clarification stating that it was fully prepared to host the IPL playoffs and final matches in Bengaluru but the fixtures were allotted to other venues.
In a media note, KSCA said it was disappointed with the decision. The association stated that its president, former India cricketer Venkatesh Prasad, had been in touch with the Board of Control for Cricket in India (BCCI) and had formally conveyed the association’s readiness and interest in hosting the matches at the M. Chinnaswamy Stadium.
KSCA said the IPL matches held in Bengaluru this season were appreciated for smooth conduct, crowd management and overall experience for spectators. It said this reflected its ability to handle high-profile matches.
The association also stated that it had sent a detailed communication to the BCCI explaining its preparedness and the operational arrangements followed during the current IPL season. According to KSCA, these systems have been in place since the start of the Indian Premier League in 2008 and were followed consistently, including during previous playoff matches hosted in Bengaluru.
The clarification added that the communication sent to the BCCI was only meant to provide factual and operational details and to bring clarity on logistical and stakeholder-related requirements involved in hosting such matches.
KSCA said that although it had shown willingness and preparedness, the BCCI has decided to allocate the playoff matches to other venues. It added that the reasons for this decision have not been formally shared with the association, but it respects the authority of the board in taking such decisions.
The association further said it remains ready to host matches of national and international importance and will continue to cooperate with the BCCI, franchises, government authorities and other stakeholders for conducting cricket events.
The statement was issued by KSCA official spokesperson Vinay Mruthyunjaya, who also thanked the media and cricket fans for their continued support.
