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US currency list move an intrusion in RBI policy space: Commerce secretary

The commerce secretary said he expects robust growth in exports in the current fiscal year

Crony capitalism has built up slowly in India, emerging as a Frankenstein’s monster a decade and a half after politicians began to unchain the private sector in the early 1990s
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Shreya Nandi New Delhi
Commerce Secretary Anup Wadhawan on Tuesday said the United States’ move to keep India on its currency manipulator watchlist is an intrusion into the policy space of the Rese­r­ve Bank of India (RBI).
 
“I personally don’t understand its rationale or economic logic,” he said.
 
“It is the mandate of the central bank to provide stability in the currency, as a result of which central banks buy and sell foreign currency. Our overall reserves have been fairly steady at $500-600 billion. We are not accumulating reserves. We have a steady pattern of reserves that fluctuates, based on market based

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