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The big challenge in front of the finance minister

by endroar

Secondly, about the large-scale capital smuggling from the country to abroad in the form of overinvoicing in imports and underinvoicing in exports, increasing bank loans from the country to abroad in the hundi method, the dangerous deterioration of the problem of defaulted bank loans, the purchase of houses and businesses abroad without bringing the export proceeds back to the country, corruption and capital looting. Continued inaction of the government.

Thirdly, four consecutive years of severe deficits in the current account of the country's balance of payments, dangerous deficits in the financial account of the balance of payments after several days, the near-stopping of foreign direct investment in the fiscal year 2022-23 and signs of a slowdown in export earnings growth in 2023.

Each of these problems should be considered a major problem for any country's finance minister to lose sleep over. Under the leadership of the Prime Minister and under the direct responsibility of the new Finance Minister and the Minister of State, all efforts should be deployed to immediately deal with all the above-mentioned problems. First of all, the focus should be on curbing the severe inflationary problem caused by the 28 percent depreciation of the rupee by halting the appreciation of the dollar. Attention should be paid to arresting the decline in foreign exchange reserves of the country.

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