Govt to soon announce import curb on several non-essential items, says economic affairs secretary Subhash Chandra Garg
FirstpostLast week, Finance Minister Arun Jaitley announced the government’s decision to relax norms for raising overseas borrowing and impose restrictions on the non-essential imports as part of efforts to check rising current account deficit and a falling rupee. New Delhi: The government will soon announce import curbs on several non-essential items, a top finance ministry official said Wednesday while terming “the 10 percent depreciation” in the rupee in the last few weeks as a “temporary phenomenon”. “There are always implications of the dollar and rupee exchange rates … this 10 percent depreciation in last few weeks that is a temporary phenomenon,” economic affairs secretary Subhash Chandra Garg said at an event organised by PHD Chamber of Commerce here. The Economic Affairs Secretary also explained that since the dependence of 50 percent of India’s populace is on agriculture, it needs a transition and therefore, required policy steps.