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New Government Plans To Strengthen The Rupee In India

The Finance Minister of India; P. Chidambaram revealed new proposals to shorten the current deficit in a attempt to strengthen the rupee and concerns about the slow growth of the economy continue. In parliament today, Chidambaram said he plans to keep the deficit at $70 billion for the fiscal year ending in March, or a 3.7% of the GDP. 

The 3.7% the minister is proposing would be way below last year's 4.8%. He hopes to meet this goal buy easing regulations on how to get loans abroad and raising deposits from Indians living out of the country. 

His plan should bring in $11 billion for the current fiscal year, raising his capital inflows estimate up to $75 billion for the year.