On the day the rupee crashed below the psychological level of Rs 56 against the dollar, the Finance Minister, Mr Pranab Mukherjee, said the Indian economy was resilient enough to overcome challenges.
The steep fall in rupee, which has been one of the worst performing currencies in Asia, is certainly a challenge for policymakers. This is expected to push up the import bill on both oil and gold, which may lead to further pressure on the fisc that is now betting big on capital flows.
“I have full faith in the resilience of the Indian economy and am sure that we will be able to overcome the current economic challenges successfully as we have done in the past, many times,” he said.
Mr Mukherjee was addressing a meeting of the probationary officers of the Indian Economic Service (IES) at his North Block office.