1.   Analysts say the government needed to take more painful steps, including devaluing the rupee further, broadening its tax base and hiking utility charges.

2.   Devaluing the rupee is a distinct possibility, in an effort to reverse a drop in exports.

3.   The IMF has been encouraging Seychelles to devalue the rupee in order to permit resumption of development bank from the World Bank and other lending institutions.

4.   The Sri Lankan government is under pressure to devalue the rupee to help domestic exports remain competitive with other Asians countries like Indonesia and Thailand whose currencies have tumbled.

5.   The State Bank also was propelled to devalue the rupee to try to hold the line on inflation.

6.   Goyal said Indian exports boomed in the last three years because the government devalued the rupee against the dollar.