Tamil Nadu Chief Minister J Jayalalitha on Tuesday opposed the Centre’s decision to raise foreign direct investment (FDI) cap in certain sectors and said such “short-sighted policies will not help the rupee” to strengthen against the dollar.
She said in a statement that concerted policy action to promote exports, curb imports of non-essential items and elimination speculative trading in the forex market were essential for the rupee to remain strong.
Jayalalitha described the government announcement as a knee-jerk reaction to the problem of the depreciating rupee.
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