New York, September 24
The government today asked companies to increase efficiency and cut costs to remain export competitive in the wake of strengthening of the rupee against other currencies.

“China calibrates exchange rates, but we’ve left it to be market determined. I really don’t think government should be intervening... We did away with (this practice) as part of reforms,” Commerce and Industry Minister Kamal Nath said here.

“I know the industry will be pained, but it needs to look for increasing efficiency and cost effectiveness,” he said replying to a question by an Indian American on what the government was doing to protect IT firms from rupee rise shock. The Indian currency on Monday appreciated to 39.83/84 against the US currency in late morning deals. — PTI