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GS PAPER III: Indian Economy and issues relating to planning, mobilization, of resources, growth, development and employment.
Context: Commerce Secretary questioned the rationale behind the U.S. government’s decision to put India in the watchlist for currency manipulators and consider it as an intrusion into the policy space needed by central banks around the world to meet their mandates.
What is the issue?
India’s stand:
Currency manipulator
> Bilateral trade surplus with the US of more than $20 billion
> Current account surplus of at least 3 percent of Gross Domestic Product (GDP)
> Net purchases of foreign currency of 2 percent of GDP over 12 months.
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