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"It may be a good idea to send out a message that this is the new benchmark for the rupee. If its 60, let it be 60. Allow a band or allow at least in people's mind, a band within which you will operate. That will bring some stability in how you plan your business. Volatility is not good regardless of what the rates are. It has a negative affect on both exporters and the importers. Interest rates are a big concern for industry because they are affecting the mood more than anything else, said Sunil Munjal, joint MD, Hero MotoCorp.
On whether he was bracing for an interest rate hike, CII president and Infosys executive VC, Kris Gopalakrishnan said, "I hope not, because that will actually make the situation worse." Regarding the government's tolerance on the level of rupee, Gopalakrishnan added, "In the medium to long term we need to focus on volatility rather than where the rupee is going to settle because that will depend on the dynamics. What we need to look at is how volatility can be contained in the way in which investors will gain confidence in the economy."
Rahul Bajaj, chairman, Bajaj Auto complained of the inertia, lethargy and delay in announcing policy decisions by the government. On reports that industry has talked itself into a recession, Bajaj added, "We will then talk ourselves out of reality and indulge in wishful thinking." Bajaj concluded that government had to focus on increasing exports. "Don't subsidise if at all you have to somehow give vouchers and help the real poor."
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