June 20, 2013 Leave a comment
Indian rupee has hit an all time low today to Rs.60 per dollar. Are we heading towards total doomsday of Indian economy? Few years back, it was reaching 42/43 and I was told by my Bank Manager that Indian rupees is becoming stronger and you should not keep dollars in bank. At that time, I converted all my dollars into Indian rupees. Now I am just thinking, how foolish I was at that time to blindly follow Bank Manager’s instruction.
There is high inflation in India now. Every serious citizen who understands economy is concerned about their future generation. What will happen to them? This Government ruling for the last 10 years have made our economy from bad to worse. Government is unable to formulate a pro-economy policy. At least, we are not able to see from the falling rupee.
What a common man understands from the term ‘economy’. At least from his point of view, he understands that inflation increases due to high demand of commodities and its low availability. And also due to impact of high purchasing power among certain section of society. Our economy is surviving against many odds. There are large number of Government subsidy schemes for the poor, but the benefits not reaching to the poor. Large scale corruption is rampant in public life. Bureaucrats, Public leaders are making money and sending them outside India. I have been told that there is a large current account deficit and this can affect our balance of payment also.
The other day, I went to a service centre. The owner of the centre was complaining about fake currencies. He said that, almost every week, he receives some fake currencies notes from customers, which he fails to recognize. Remember, how much fake Indian currencies are in circulation today. These are putting pressure on Indian rupee. One solution for this is compulsory Epayments for all transaction above a certain amount.
This UPA Government is not working. They do not have idea how to control inflation. In this situation, I can only pray to the God to have mercy on our country and bring a Government, which can make Indian economy strong.