Minister of State (MoS) for Finance Pankaj Chaudhary has said that sovereign Green Bonds are likely to be issued during the January-March period of the current fiscal (Q4FY23). He said the objective of Sovereign Green Bonds is to mobilize resources for green infrastructure as part of the government's overall market borrowings in 2022-23.
Chaudhary said the framework for these bonds has been brought out. The bonds are likely to be issued from January to March 2023. The proceeds will be deployed in public sector projects which help in reducing carbon intensity of the economy. As global spillovers from geo-political tensions and aggressive monetary policy tightening across the world intensified alongside a surge in crude oil prices, the US dollar strengthened by 7.8 per cent in the financial year (till November 30).
While the rupee has witnessed a depreciation of 6.9 per cent in the current financial year till November 30, 2022, the minister said, it has performed better than most Asian peer currencies, including the Chinese Renminbi (10.6 per cent), Indonesian Rupiah (8.7 per cent), Philippine Peso (8.5 per cent ), South Korean Won (8.1 per cent), Taiwanese Dollar (7.3 per cent) etc during the financial year. The Reserve Bank of India (RBI) closely monitors the foreign exchange markets and intervenes only to maintain orderly market conditions by containing excessive volatility in the exchange rate, without reference to any pre-determined target level or band.
