New Delhi, March 31 -- The fundamentals of the Indian economy remain "strong" despite global currency volatility triggered by geopolitical uncertainty, finance minister Nirmala Sitharaman told the Lok Sabha on Monday, pushing back against concerns over the rupee's slide. Refuting Samajwadi Party leader Dharmendra Yadav's charge that Prime Minister Narendra Modi's credibility is falling with the rupee, she cited a recent global survey that ranked Modi as the world's most popular leader. The issue was raised by Congress member Shyamkumar Daulat Barve during Question Hour, who pointed out that the rupee has depreciated about 49% to Rs.93.80 per dollar from an average of Rs.61.02 in 2014. He also flagged rising retail inflation amid the West Asia conflict. Minister of state for finance Pankaj Chaudhary said the exchange rate is market-determined and depends on prevailing conditions. He added that India's economic fundamentals remain strong, with growth above 7%, driven by domestic demand. "The government and the RBI (Reserve Bank of India) are keeping a close watch on the value of the rupee," he said. In this context, Yadav linked the Prime Minister's "saakh" (credibility) with the rupee's fall, prompting Sitharaman's response citing the survey. A study by US-based data analytics firm Morning Consult showed Modi with a 68% approval rating, the highest among global leaders. Sitharaman said India's adherence to the fiscal deficit glide path has been widely appreciated and that "our foreign exchange reserves are solid," placing the Indian economy in a relatively stronger position. Later, replying to a debate on the Insolvency and Bankruptcy Code (Amendment) Bill, 2025, she said it seeks to strengthen the existing insolvency framework under the IBC, 2016. The House passed the Bill on Monday. She said the amendments address "practical challenges" and incorporate evolving global best practices. "The experience gained since 2016 has been taken on board to maximise value for stakeholders and improve the overall process," she said. The finance minister said the IBC has been a key factor in improving the health of the banking sector. "The IBC has proven effective as a channel for recovering NPAs (non-performing assets) for scheduled commercial banks," she added. Scheduled commercial banks have recovered a total of Rs.1,04,099 crore through various channels, of which the IBC accounted for Rs.54,528 crore, or 52.3%. The Bill, introduced in the Lok Sabha on August 11, 2025, was referred to a Select Committee chaired by MP Baijayant Panda. The panel submitted its report on December 17, 2025, making 11 major recommendations, all of which have been accepted by the government. An additional provision required the Committee of Creditors to record reasons for its decisions, she said....