Rupee Strong Due to Forex Reserves: Goyal - Business News

Chhatrapati Sambhajinagar Feb 20 (PTI) Union Commerce Minister Piyush Goyal on Thursday said the Indian rupee has performed well compared to other global currencies due to the country's strong foreign currency reserves.

He also said that a skill development centre and a startup incubation centre will come up at AURIC (the industrial node of Shendra and Bidkin) in the near term.

Goyal held a meeting with representatives of the industrial association at the AURIC hall on Wednesday to discuss issues related to industrial zones.

He addressed the press on Thursday regarding the issues raised in the meeting.

While talking about the downfall of the Indian rupee, he said, "The Indian rupee has strengthened in comparison to the emerging economies of the country. After US elections almost all the currencies across the globe have come down. But India had good reserves of foreign exchange so the Indian rupee performed better than that of other currencies".

Goyal said, "We had a conversation with the industrial representatives on the issues related to the industry here and also resolved them. We have decided to start a skill development centre spread over 20 thousand square feet here. Along with that, a startup incubation hub will come up in an area of 10 thousand square feet. This will help to give employment and do research".

"The centre has decided to start 100 plus industrial hubs in different parts of the country with plug-and-play infrastructure. Which will be a hotspot of industrial growth," he said.

Asked about the undeveloped industrial plots, Goyal said, "Proposals come when someone demands lands for industrial purposes. We have given instruction to study these proposals and see why the units are not established even after a long period of buying the plot".

Asked about the lack of land at AURIC (Shendra and Bidkin industrial nodes) as the land in possession of Maharashtra Industrial Township Limited (MITL) he said, "The land is already notified here and I will talk to CM Devendra Fadnavis over it. I have also spoken to CEO, MIDC (Maharashtra Industrial Development Corporation) about it".

He also discussed providing cheaper electricity at AURIC. Further, he said that AURIC has obtained an electricity distribution license, allowing it to purchase power from the market and sell it accordingly.