"The full convertibility of rupee is our ultimate destination and we are taking gradual steps towards this. However, it is felt that it is not time to jump to that destination at one go now," Mukherjee said in a prepared answer to parliament.
"Considering the risks involved in opening the Indian economy fully by allowing complete convertibility of the rupee, the government and the (central bank) have adopted a calibrated approach."
Fuller convertibility is expected to facilitate rapid growth through higher investment and improve efficiency in the financial sector through greater competition.
Issues related to the full convertibility of the rupee was one of the roadblocks in a scuppered deal with Indian telecom Bharti Airtel and
The rupee has been convertible on current account since 1994, meaning it can be changed freely into foreign currency for purposes like trade-related expenses. But it cannot be converted freely for activities like acquiring overseas assets.
"Fiscal consolidation, lower inflation and a stronger financial system were seen as crucial signposts for
Friday, March 12, 2010
India to gradually move to rupee convertibility - finmin
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