Currency plunge comes as energy shock from the Iran war casts a cloud over Southeast Asian economies.
The exercise is aimed at reducing the import bill of the country, as outflows of foreign exchange are impacting the value of the domestic currency against the U.S. dollar
If the country can reduce forex outflows by 10% in a year, we will be saving close to ₹2.5 lakh crore of foreign exchange outflow per year, says Gourav Vallabh, member of the Economic Advisory Council to the Prime Minister; he adds that the Prime Minister’s call for a considered change in consumption pattern was an appeal above all else