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.
BJP leader Subramanian Swamy criticised the Aam Aadmi Party for taking support from the Congress. Swamy said that the AAP has committed suicide by opting for an alliance with the Congress.
Date 23-02-14, Duration 1:43, Views 43169
Date 23-02-14 1:43
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