This is an important and MUST READ article from Reuters. Check it out!
Indian rupee sags to record low despite government steps | Reuters.
With the Indian Rupee in free fall against the US Dollar, it’s good news for American holiday makers, but increasingly alarming for Indian consumers and businesses.
A few years ago, India was one of the proud members of the BRICS community, and foreign educated Indians were leaving their jobs in the US to return to India and their roots. Now surely many wealthy and educated Indians are worried?
My wife and I are planning an extended trip to India next year, and it will be nice to catch up with old friends and get a first hand viewpoint.
From my own vantage, I worry with India approaching a financial crisis whether Raghuram Rajan the new Governor of the Reserve Bank of India has the stamina and tenacity for the emerging crisis?
See two of my earlier blogs:
- India’s new Raj (an) | Gavyn Davies – FT
- The Paranoid Style in Economics by Raghuram Rajan – Project Syndicate
Let me turn it to an open question:
Will Raghuram_Rajan have the stamina and tenacity to apply IMF discipline on Indian financial regulation?