New Delhi - India plans to unveil new measures on Monday to boost
the economy, Finance Minister Pranab Mukherjee said Saturday, a day
after the rupee touched a new record low against the US dollar.
The rupee fell to a record low of 57.32 against the
dollar for the first time Friday, as global uncertainty pushed investors
to the safe-haven US currency.
"These are no doubts of signs of weakness in the Indian
economy. I am concerned but not depressed," Mukherjee told reporters in
eastern city of Kolkata.
"We will be able to take certain measures, which will be announced on Monday, which will improve the market condition."
Mukherjee said the government had discussed the economic situation with the central bank governor on Friday.
He said at a time when the global economy is in
turmoil, then no country can expect that there will be pocket of
development and particularly in a large economy like India.
Foreign corporate confidence in Asia's third largest
economy is low, due to new restrictive tax policies and a perception of
government paralysis in enacting further reforms.
The rupee has been one of the hardest-hit currencies in
Asia, reflecting investor concerns about India's economy, which is
being buffeted by high inflation and slow growth.
The economy grew just 5.3% in January to March, its slowest quarterly expansion in nine years.