Amid the ongoing conflict in West Asia, the Indian rupee has experienced significant depreciation, drawing widespread attention. Responding in the Lok Sabha, Finance Minister Nirmala Sitharaman emphasized that India’s economic fundamentals remain strong. She noted that, compared to other developing countries, the rupee is holding up relatively well against the US dollar, and India’s foreign exchange reserves continue to be robust.
Sitharaman further pointed out that the decline in currency value is not unique to India. Since the war began, major Asian currencies such as the Thai baht, South Korean won, and Philippine peso have depreciated even more sharply against the dollar. She highlighted that India’s monetary management is being recognized globally for its resilience in navigating these external pressures.
In a separate development, the Lok Sabha approved amendments to the Insolvency and Bankruptcy Code (IBC) aimed at facilitating out-of-court settlements and cross-border insolvency processes. Sitharaman noted that 12 amendments have been made to the IBC since its enactment in 2016, and said the reforms are expected to enhance stakeholder value and strengthen governance in insolvency proceedings.