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Vajpayee says India won't indulge in competitive devaluation

Prime Minister Atal Bihari Vajpayee has declared that his government will not indulge in competitive devaluation of the Indian currency and called for effective dialogue with the Association of South East Asian Nations nations to effectively overcome economic difficulties.

"We have never triggered competitive devaluation in the past nor indulged in it despite pressures, Vajpayee said in an interview with the Thai English daily, The Nation.

He urged the ASEAN nations against competitive devaluation in future, adding that India and the ASEAN nations should be consulting each other continually, looking at strategies to prevent further falls in the value of currency.

He said India would never shy away from playing an active economic and political roles in Asia.

"We have faced many challenges in fulfilling our rightful role with the issues of nation-building and South Asian co-operation.'' he said.