hn_ani_delhi_manish_singhal_and_ashok_agarwal_on_15-48-34 - video Dailymotion

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1/13/2025

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00:00currency, in that the best situation is of Rupees. So how do you look at other currencies?

00:11See, other currencies entirely depend on their economy. If they are also import-intensive

00:20economies, like India, 20% of our expenditure is in oil import. So if there are other economies

00:29that import a lot, then their currencies will always be under dollar pressure because dollar

00:35is still the most traded currency in the world. But if there are economies whose trade balance

00:44is positive, they will not be affected so much. So again, it depends on how dependent

00:51their economies are on dollar trade, how much FDI they are getting, which again comes

00:58in dollars. So if their economy is healthy, then their currency will always be strong.

01:05And of course, their local economy should be strong. In India, everything is positive.

01:11FDI is fine, it will go up and down a little bit, but our own economy is very strong.

01:17Manufacturing is also picking up a lot, the schemes of the government in the last 3-4 years.

01:23So I don't see any worry with regard to Rupees or the stock market.

01:29So would Rupees be stronger than dollars?

01:32See, it is not necessary that it should be strong. Rupees can be strong, there are a lot

01:39of predictions, people say that Rupees will reach 50 Rupees or 60 Rupees, but there is

01:46no basis for that. It is all relative strength. When it was 60 Rupees, India was performing

01:53very well 10-15 years ago. Today when it is 80 Rupees, it is still performing. So we should

02:01not focus too much on that, where Rupees has reached. There is a good report for the news,

02:08but it does not make much difference for business.

02:13So what is your message to the finance minister for this budget?

02:20This budget is significant because for Modi 3.0, this will be the first full year budget.

02:28So there are people's expectations. SHM has memberships, SMEs also. So large companies'

02:40expectations are largely taken care of. So we have this year focused more on the expectations

02:48of the smaller companies. We have honourable finance ministers during this year. We have

03:03a concept of MSME unit, which is basically providing MSME clinical training, vocational

03:11training, housing and schooling, plus availability of labour in those areas and other common

03:28logistics and supply chain facilities. So that has been one pitch. Number two for MSMEs,

03:34I have suggested to honourable finance minister that if we can look at a reduced rate of tax

03:41say at 15%, in a way that the tax saving done by these companies are used towards sustainability

03:48initiatives. Because usually MSMEs are not able to spare enough funds to focus on sustainability

03:55and that will give them some leeway to focus on all the ESG aspects of their business.

04:03How is the stock market? Stock market depends on two things. One is performance of the companies

04:11and second is lot of sentiment. So performance of Indian companies I think is on track. Yes,

04:20in quarter two there was a bit of a slowdown, which is what led to the sentiment part. But

04:26if you see financially by the end of this year the companies would have only grown vis-à-vis

04:32the previous two, three years. Growth rate will obviously go down because after COVID

04:37there was a sudden spike, so you cannot expect that to continue. But it is pure sentiment

04:44and I do not see any concern. A few thousand up and down in the Sensex really does not

04:50reflect on sudden weakening or strengthening of the economy.

04:54Sensex rupee is on record level against the dollar. How do you see that?

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