What is the basic reason? Import? Today, India comes in those group of countries who depends upon only imports (except vegetables, I guess). And if not then FIIs are there. So, directly or indirectly, development growth ke chakkar mein, economic growth ki lag gai. When Bapu was shouting ‘Bachcho! Band kar do videshi chizo ka istemal!’, then nobody listened to him. Now I believe, everybody will boycott, willingly or unwillingly. Bapu! khush ho jao...lag chuki hai hamari!
The rupee slump impact greets the investors who are investing in the companies and the businessmen who were buying goods from abroad and selling them in Indian market. Yesterday, I went to a gadget shop for an ear-piece. And I was bargaining on that as he was trying to sell it for extra Rs.5. He explained to me that how he is facing the problem, when he order something for import, he has to pay in dollars at the same rate which is running on the receiving day of goods. Now, the problem is that the product which he ordered for say $5 costing him Rs.275 (approx.). But by the day he receives that product, the $ amounts to Rs.340 (approx.). The irony is that he has to sell that product on the same MRP which is on its label. So, Loss! Now, why a businessman will sell foreign goods in here if he can’t even make profit?
Well, that was the point of investors and businessmen who could easily cope up with time and will find better solution to grab their losses. Though, at that moment the customers have to go through price-rise even for underwear. Just like one of my friends who want to buy a galaxy tab by the end of this month. But as the mobile companies have decided to increase the price by 8%, He is in fear as he is having that much of budget only which was the rate of tab before 28th. And now, he is in doubt to either drop his plan or arranging that extra 8%.
India is the most important import country for gold and crude oil. Crude oil! Now this is maybe because either there is no dearth of vehicles or lack of people who know driving. The demand for oil in India is increasing year by year as a result of which is we are facing the present situation. The price of oil is given in dollars. So, increase in demand for it will gradually increase its cost in global market, there also arises a need to pay some more dollars to the supplier. This will create a situation where worth of Indian Rupee decreases and thus appreciation of dollar. So, this will be not pocket-sucking situation for government but us also. Just think that you took Rs.75 from you dad in the morning to fill 1litre petrol in your bike. And by afternoon, when you reached gasoline-station, saw that the rate increased from Rs.75 to Rs.100. Yes! Fluctuation will definitely get added to crude oil’s rate if not get recovered soon. And if the rough situation between America and Syria (the country which is our major oil supplier) will turn into any tough war then oil ka naam bhi bhul jana. Phir government sach mein jaegi tel lene. And we will be running bail-gari and cycle.
Once upon a time, India was a golden bird. Now! India is still that bird but the one who is buying golden feathers from other white birds. Gold is a stuff which is found in every alternate middle-class and in every high-class. And, of course in every temple. But now, the way government is trying to recover the depreciation by buying gold from temples and its citizen. I’m sure one day, gold will become a dream.
One of the major impacts is also on the Indian students who are studying in abroad. Over 5 lakhs students go overseas to study every year from India, especially to U.S, Britain and Australia. Now the students already studying in overseas will be looking for cut costs, depending upon saving or either covering their fees and requirements by finding jobs. And the students, who were willing to study in overseas, will be in doubt whether to go abroad or not. This depreciation in INR becomes very much helpful for the foreign students studying in India who will be praying for more depreciation. Hell to them!
We have to get ready for the price-rise in everything which is related to shiny $. I’m damn sure that if soon we’ll not recover this depreciation then one day will come when we have to buy Levi's shoe on EMI or either bank loan. The time when we’ll get onions in gold shops and by then gold will be found in vegetables’ stall in order of trying to recover the ‘super’ depreciation by government and when Ford will start selling bail-gari and cycles with especial leather couch and seat with extra comfort.
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