Raghuram Rajan is an intelligent man who correctly predicted global financial crisis.
It is not rocket science to understand that he knew exactly what is going to happen Indian Economy. What I don't understand is why he is putting his reputation at stake by supporting Indian Government. Indian Government is playing a losing game. The value of Rupee is crashing day by day. Today it touched 56 Rs against dollar. It is expected to cross 60 very soon.
But under what compulsion Raghuram Rajan is saying Rupee is not under pressure?
Dear Raghuram Rajan, we respect you.. but please....
The value of Rupee for one Dollar
ReplyDelete1965 – 4.76
1970 – 7.50
1980 – 7.89
1990 – 17.50
1995 – 32.42
2000 – 45.00
2010 – 46.21
2011 – 52.44
2013 – 54.00
Is it good for our country to lose the value of our Rupee? – No, any country in this world is considered to be strong if their currency is strong. In this case, we have to accept the fact that our country is very very weak.
Since 1965, the decrease in the value of Rupee is 1034%. Reducing the value of currency of any country means that it is an open invitation to the whole world that the people of that country are ready to work in sweat shops for long hours and accept less salaries. People have no choice but to work even in polluted industries.
A written test was conducted in a Medical College near Guntur to the merit students of a Western country who have been studying medicine there and the Indian medical students. In this examination, the Indian students scored well. But, after completion of their education, a Western doctor may get an income of $ 10,000 per month and an Indian doctor may get $ 1,000 or Rs: 50,000/- per month. On one hand, those whose standard of knowledge is less are enjoying one of the highest standards of living and on the other hand those whose standard of knowledge is highest are enjoying very less standards of living. Why? Because keeping the value of any currency low is like an open invitation to the world that the people of that country are ready to work for less remuneration. If one Indian doctor loses Rs: 60,00,000/- per year, then calculate the total loss to 120 Crores of people of India in their various capacities. The figure is mind boggling. This is the penalty for the people of India for keeping their currency at lower rate.
If Indian people go on offering their services to the world at low remuneration, then how can they improve their standards of living? With constant reduction in the value of Rupee, people are afraid of the future and are trying to earn more money by hook or by crook. Whom shall we blame for this corruption?