Government urged to take steps against fall of rupee

Kolkata, Oct 21 (IANS) The central government should not allow the rupee to fall further and go below the level it has reached now, a top official of a Delhi-based economic think-tank, said here Tuesday.

'The government should take indirect measures to arrest further fall (of rupee),' Rajiv Kumar, director and chief executive of the Indian Council of Research in International Economic Relations (Icrier) said.

Speaking at a panel discussion on 'Global meltdown-Implications and Future of Indian Economy', organised by the Indian Chamber of Commerce, he said India would maintain a seven percent gross domestic product (GDP) growth this fiscal, but the figure could go down in the next fiscal.

Stressing on banking sector reforms, he said: 'The regulator (Reserve Bank of India) should adopt much more sophistication.'

A further improvement in the investment environment would be needed for bettering the Indian economy, Kumar added.