Ask NRIs to increase remittances: Assocham
"At present, NRI deposits are between $52 and $55 billion, which needs to be pushed up to an ambitious level of $75-80 billion," said Assocham (Associated Chambers of Commerce and Industry of India) President Rajkumar Dhoot.
"We will strongly recommend that high-level teams comprising of senior RBI officials, executive directors of banks and chairpersons and senior officials of the finance ministry do roadshows in areas such as the Middle East, South-East Asia and Europe where there is a concentration of Indian expatriates," he said.
According to a survey conducted by economists and bankers, he said, remittances from NRIs had to be mobilised like never before.
While a handful of banks have increased interest rates on NRI deposits, these seem to be piecemeal efforts, which need to be intensified, the survey said.
The rupee has touched an all-time low of moving closer to Rs.54 per dollar and the pressure on the Indian currency increases each time there is a percentage point drop in the BSE Sensex.
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Date 23-02-14, Duration 1:43, Views 45817
Date 23-02-14 1:43
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