Union Commerce and Industry Minister Piyush Goyal announced on Thursday that all branches of government are collaborating to address the significant decline of the Indian rupee against the US dollar, indicating that various strategies are being considered to stabilize the currency.
Speaking to reporters during the Annual Leadership Summit of The American Chamber of Commerce, Goyal stated that the government is closely tracking the evolving financial situation. “We are monitoring the situation. All arms of government are working as a team. Several steps are under consideration,” he emphasized. He acknowledged the challenging global environment but expressed optimism about India’s resilience.
“The situation is globally quite challenging, but we have the confidence and the courage of conviction that we will come out winners even in this challenging time,” Goyal added.
The Indian rupee has faced pressure recently due to a combination of factors, including rising crude oil prices, increased global bond yields, foreign capital outflows, and geopolitical tensions that are affecting global markets. The currency recently reached a historic low of ₹96.88 per USD.
Regarding the anticipated visit of a US trade delegation and the potential arrival of the US chief negotiator to India, Goyal mentioned that discussions are expected next month. “I think he’s not coming with them, but there is some plan for them to come next month,” he remarked.
When asked if the government was considering measures to reduce non-essential imports to alleviate pressure on the current account deficit, Goyal confirmed that there are no such plans at this time. “There are no such plans of that sort right now. But we have, of course, made an appeal to all citizens of India to be more conscious about their spending on products which are import-dependent,” he stated.
Goyal noted that citizens have responded positively to Prime Minister Narendra Modi’s appeal for responsible spending and support for the domestic economy. “I think it’s just very natural that every Indian who trusts Prime Minister Modi has taken cognizance of that and is helping the country in every small or big way with their own actions,” he commented.
He expressed pride in the public’s response to the Prime Minister’s appeal, stating, “I’m really proud of every Indian who has taken Prime Minister Modi’s appeal to heart and is contributing to nation-wide efforts.” Goyal concluded by expressing confidence in India’s economic future, despite the current challenges, citing the nation’s strong capabilities and resilience.
Published on May 21, 2026.
