The vulnerability of Indian currency is evident from the
day by day deterioration of its value with US dollar. The plunging of rupee to
a record low of 63.75 against the US dollar points to the very fragile financial
scenario of the country. If this trend continues the rupee will become another Zimbavian
dollar, a million of which is inadequate to buy a few eggs.
It is awful to see that measures taken by the government
and the RBI have failed to check volatility of the rupee. The ever dipping BSE
benchmark Sensex and poor performance of all mutual funds in the country are
also indications of our poor financial management.
An alternate therapy other than that practised by Manmohan-Chidambaram duo is, therefore,
imperative to save the rupee and thereby
to check the spiralling price rise in the country.
K A Solaman
The Deccan Chronicle Published on 21 Aug 2013
The Deccan Chronicle Published on 21 Aug 2013
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