B is Sick, I is unwell – BRIC Times
Brazil, the first letter in BRIC nations did see agitations recently, pertaining to the price hike. The Indian story, however, is different. Indian rupee has plunged into a historical dip. This nose dive seems to be unstoppable. The Indian Rupee which has the symbol next to US, UK, Japan and Europe, did see an evident face value loss, this summer. The Indian (National) Rupee called INR in short reached a worse equation , 1 USD = 60 INR. Indian government called it as growing strength of the US dollar and the issue for all emerging markets as a counter effect. ( Yesterday’s report on record high of CAD [Current Accounts Deficit] value fuels the fear.)
India devalued its money during Mrs. Gandhi’s tenure . It was a move by the pro soviet prime minister of India who nationalized 20 private banks of India. Communists of the nation applauded her for nationalization. But the devalued money was termed as pro-US activity.
Since the regime of Mr. P.V. Narashima Rao, India started to march in the path of liberalization. Mr. Manmohan singh – the then finance minister and the now prime minister of the nation is considered as the face of US in India by the red flag parties.
Dr. Manmohan singh who is considered as a reformist and one of the best economists in the country is failing miserably.
Mr. P. Chidambaram, his left and right hand in the cabinet, and the finance minster, is a lighter version of Dr. Singh. Congress as a party and as the ruling government are traveling in two different directions. P.Chidambaram is struggling to deliver what the industrialists want. Manmonhan singh do not want pro-people agenda. But the supremo of congress – Sonia Gandhi, need a pro people budget and agenda. P.Chidambaram, has to balance both and he fails to woo both the camps.
National advisory council which has Sonia Gandhi also as a member acts like a parallel government. India delivered neither pro-reform budget nor pro-people budget in the election year. Indian rupee may reach the 100 mark against dollar sooner if it lacks a clear vision either from the government or from the Reserve Bank of the nation.
Congress’ Hand (Election symbol of Congress) doesn’t seem to be with the people ‘Now’.
A Sad Note indeed : “Petrol price hiked by Rs 1.82 per litre excluding VAT, third such hike in June mainly due to sharp depreciation in rupee.