Talking to the press after the meeting of the CII's national council, he said the increase in the value of the rupee was among the various issues addressed at the council meeting. "Though this renders imports cheaper, there is cause for concern."

If the movement is in tandem with similar appreciation by currencies of other countries, particularly those of Indian industries' competitors, it would be good news, he said. "However, it is apparent that the countries in the Southeast, including China, are not planning to let their currencies appreciate."

Though it is early days, the industry will focus on sensitising the government to this issue, he said. "Further appreciation would mean that even increases in productivity would not help to offset the effect of appreciating rupee value."