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Mr Modi’s government has promised various proposals to stop the depreciation of the rupee, which has lost about 12 percent against the dollar this year.

The fall has been blamed on economic problems in countries such as Argentina and Turkey, as well as sluggish exports and high imports driving up the country’s currency account deficit.

India’s finance minister Arun Jaitley has been accused by analysts of disappointing investors by failing to give details about which industries would face import curbs.

The government has already announced five steps to stop rupee depreciation and deal with current account deficit, including removal of withholding tax on Masala bonds, relaxation for foreign portfolio investments and curbs on non-essential imports.