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No need to change approach to currency management: Sanyal

Published

7 years ago

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Mumbai, Sep 7 (IANS) Principal Economic Adviser in the Finance Ministry Sanjeev Sanyal on Thursday said any particular change in approach was not needed in managing currency after concern over the impact of rising foreign exchange inflows on rupee.

The foreign exchange inflows have sparked appreciation in rupee against dollar this year, raising concerns about the impact on export competitiveness at a time of slowing economic growth.

According to BTVi, Securities and Exchange Board of India (SEBI) Whole-time Member G. Mahalingam was of the strong view that foreign inflows must be allowed in a calibrated manner and he made these remarks in the context of allowing foreign investors in commodities trading and masala bonds.

“The RBI has well-established record of managing the rupee… over the last many months, the Reserve Bank of India has been accumulating a sizeable amount of (foreign exchange) reserves and that particular approach will continue. We do not, however, target any level as such. The Reserve Bank is competently doing it for many years and will continue to do so in future. I don’t think any particular change in that approach is needed,” Sanyal told BTVi in an interview.

Speaking on the latest Gross Domestic Product numbers of the first quarter of the current fiscal, he said the slowdown in the economy as shown in the published data was not a surprise as the scenario was clear as per the Economic Survey.

The GDP slowed to 5.7 per cent in the April-June period from 6.1 per cent in the preceding quarter.

According to Sanyal, destocking before the implementation of Goods and Services Tax was one of the factors of economic slowdown. NPA clean-up from the banking system was also responsible for slowing the economy as the clean-up has constrained the ability of financial systems to expand.

“The clean-up is gaining apace and I am confident that by the end of this year or early next year, the banking system will be in a position to start expanding again,” he added.

–IANS
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Foodman Vishal Singh Honored for Hunger Free World Mission in Bangkok

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2 months ago

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September 19, 2024

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Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.

The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.

Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.

Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.

For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.

During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.

Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.

Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .

Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.

In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.

During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.

In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.

He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.

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